Can Bitcoin go to $100,000?

Here at easycryptocurrency.com we always get questions, so to help the new users out, we are going to post some of those questions and our answers here.

 

In December 2019, Bitcoin was trading at lows around, $6600, and we were getting the question “will Bitcoin go back up” now looking back a few months we can see that Bitcoin did in fact rise and it did go back up. Bitcoin can have huge dramatic swings in price both up and down. As of this article it is trading at roughly $9000 a Bitcoin, up $5200 for a year over year increase!

 

This leads us to one of the most popular questions we get, is on the price of Bitcoin. Such as “Can Bitcoin reach $100,000?”, or why Bitcoin is going up?

 

To put it quite simply there is way more demand for Bitcoins than supply. Whether or not Bitcoin goes to $100,000 is a matter of time. From the supply side the amount of Bitcoins will be limited to 21 million Bitcoins, as it is hard coded into the software it runs, which nobody (no government or otherwise can change), so if the demand for Bitcoin continues to rise, one could probably expect the Bitcoin price to continue to climb and eventually reach $100,000.**

 

Now some Bitcoin experts such as “Plan B” are calling for a $100,000 price as early as the end of the year in 2021.

 

So if Bitcoin rises to $100,000 a Bitcoin, you may want to think about cashing out of your Bitcoins and converted back into real money we all use. (Even though I disagree with this strategy, I would rather see you hold, you’re Bitcoins,
{ what we call hodling,} as in the past if you had held your Bitcoins for more than 4 years you have remained profitable* as Bitcoins has had huge increases in price over a 4 year cycle).  Cashing out of your Bitcoins can lead to some tax implications which you may want to think about.

 

 

*Past performance should not be used as a reference for future performance.

**Nothing herein should be considered financial advice, all information presented is for educational purposes only and should you seek financial advice you should consult a financial expert regarding these matters.