The value of Bitcoin has soared over the years. As more and more trade is being taken up by using Bitcoin as the transaction medium, the value of bitcoin is expected to rise. According to the software engineer of BitGo, if the seven-year trend of the currency continued, Bitcoin is expected to be valued at $250,000 by the year 2020. This trend has been calculated on the daily value change of the currency except 2014. The currency has been recorded to have a positive daily value change since the year 2010.
Bitcoin average DAILY value change:
— Jameson Lopp (@lopp) June 5, 2017
Also See: Bitcoin is Better Money, Ethereum isn’t
The miracle of compound interest makes the $250,000 calculation nonlinear by the year 2020. According to Lopp, it is not linear because of the miracle of compound interest. 0.42% of tomorrow’s value is 0.42% of today’s value.
According to reports, a majority of the analysts and media outlets have started comparing Bitcoin and its growth with that of the reserve currencies and gold. The extensive coverage is being offered by The Wall Street Journal on Bitcoin Price by comparing it to the performance of U.S. dollar, Japanese yen, Euro and British Pound.
Henry Blodget, CEO Business Insider;
Bitcoin could go to $1 million
The growth chart of gold and Bitcoin has been demonstrated by the Wall Street Journal on its front pages as interest and demand for the currency has been on the rise. Bitcoin is expected to increase to the predicted rate if the scaling issues of the currency get resolved and a larger number of investors start purchasing Bitcoin as a digital currency as well as digital gold.