Since Bitcoin was first launched by Satoshi in 2009 its value had steadily been increasing. Now at 10 years of age the digital coin is nearly worth $10,000 down from a peak of nearly $20,000 over a year ago.
It would seem the concept for Bitcoin was for it to be used as a digital currency. Like all good currencies its value should remain stable so it can be used for buying things. If its value fluctuates wildly it will be hard to spend in a stable fashion.
Despite this seeming intent the world has evolved to see bitcoin instead as a store of value, and asset to invest in much like gold. This is partly due to its difficulty to use as currency, slowness of processing and inherent and intentional lack of regulation.
As such we see the coin continue to skyrocket. Since there will only every be 21 million Bitcoins, the value of the coin will be fueled by global demand.
As of this writing the market cap is about $160 billion. Pundits speculate wildly on what the eventual potential of the coin will be.
Surely there are those who insist the coin will be worthless, but they are no fun.
One common theory is that Bitcoin could become worth the same total value of the worlds store of gold, or ~ $7 trillion. That would equate to $333,333 per coin.
Then of course there is the so-called Reddit time-traveler from 2014 who estimates Bitcoin will reach $1,000,000:
Now most recently we here from the co-called crypto-genius James Altucher who pins the eventual value of bitcoin at $8,000,000 equating it to the total store if value in all the globe’s currencies:
How much paper currency is out there…it’s about $200 hundred trillion dollars out in the world, and there is only about $200 billion dollars of crypto currency, so that is 100,000 percent from here. So that could give bitcoin a price of $8 million dollars, so $1 million dollars is even a discount to where bitcoin could eventually go. When it gets there, who knows