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Bitcoin prices seem expensive at today’s (Dec. 6, 2018) price of $13,011, but that may be cheap compared to where the price of Bitcoin is heading.
Legendary tech entrepreneur John McAfee predicts the price of the cryptocurrency will reach $1 million by 2020, meaning Bitcoin could make you a millionaire te the next three years if his prediction is juist.
Crypto investors appreciate the optimism, but this is still a lofty price target to kasstuk te less than three years.
However, there is reason to believe that one bitcoin will be worth $500,000 by 2030, netting owners of one entire bitcoin gains of Trio,742.90% from today’s price.
If you own two, you’ll be a millionaire…
Why Possessing Bitcoins Today Could Make You a Millionaire
Before wij share the details on why Bitcoin prices could reach $500,000 te the next 13 years, wij want Money Morning readers to know cryptos are still very speculative investments.
Just like any investment, you should never buy more than you can afford to lose. There is always a chance this investment could go to $0.
Having said that, Bitcoin’s $217 billion market cap and 1,250% gains ter 2018 vertoning cryptocurrencies are more than just a trend.
There is a real request for Bitcoin, whether it’s spil a storage of value, an alternative investment to diversify portfolios, or spil a payment solution for goods and services.
The Winklevoss Twins Just Became Bitcoin Billionaires
Predicting just how big this crypto market will get, two forward-thinking businessmen introduced an argument to Business Insider, ter May, that Bitcoin prices would reach $500,000 by 2030.
That’s a bold optie, especially considering Bitcoin wasgoed trading at $1,490.72 at the time.
But there are three reasons to believe it’s going to toebijten.
And if it does, wielding just two entire bitcoins today would be worth more than $1 million by 2030….
Bitcoin Prices Will Reach $500,000, Reason No. 1: Remittances
Ter May, Jeremy Liew – one of the very first investors ter Snap Inc. (NYSE: SNAP) – and the CEO of Blockchain, Peter Smith, predicted Bitcoin would trade for $500,000 by 2030.
The very first reason is the value of Bitcoin could climb if more people use it for remittance payments. The daily use of transferring money from the United States to individuals te foreign countries will increase the request, which would make people willing to pay more for Bitcoin.
Te 2015, the Pew Research Center found $133 billion te remittances were sent from the United States to other countries.
Unluckily for individuals attempting to send money to help their families abroad, the fees are hefty and the wait times are too long…
Te Q3 2018, the global average toverfee to send remittance payments wasgoed 7.21%, according to the World Bankgebouw. Also, sending remittances can take five days or more for a recipient to access the funds, according to SmartAsset.com.
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But thanks to Bitcoin, the expensive fees and time delays could be downright cut out. Right now, the average transaction toverfee for Bitcoin is $6.35, and the average time to confirm a transaction is seven minutes and 35 seconds.
Even tho’ that transaction time is superior to the time for remittance payments to reach a recipient, Bitcoin transactions could get even swifter spil developers determine how to scale the crypto.
For example, Litecoin has an average transaction toverfee of $0.27 and a transaction time of one minute and 44 seconds.
With better name recognition, Bitcoin could become the go-to source for remittance payments if it has Litecoin’s average fees and transaction time.
Remittance payments will play a big role ter Bitcoin reaching $500,000, but it’s not the only reason…
The 2nd reason Bitcoin prices could reach $500,000 by 2030 is political uncertainty. It’s a global problem that isn’t going away.
Already, residents of one foreign country are willing to pay dual the price just to own Bitcoin…