As it is right now, Bitcoin is a highly valued property. Even owning a single “piece” of it means good fortune for a lot of people. But as high as its value is right now, is there any chance that it could double its worth by 2021?
To better answer this question, one should have a basic understanding of how the economy of Bitcoin works, how it is used as an easy deposit in India, how it all started, and how it is projected to be in the future.
Aa of the time of this writing, a single Bitcoin is valued at more than $19,000. Aside from being an online payment system, the cryptocurrency also now managed to find its place in a lot more sectors of the world of technology.
With its high value, although highly volatile, people are now trading with BTC as if they would on the stock market. Since all the hustle and bustle of trading is not for everyone, some people go for the slow and steady way of owning and growing Bitcoin–by just letting it sit.
For some, BTC is an investment. What they do is buy a certain amount whenever they feel it is a good time to do so, and just let their stash sit and gain more value as BTC gains more edge over the dollar.
Bitcoin was “invented” more than a decade ago, by someone who went by the pseudonym, Satoshi Nakamoto. It was based on an online technology called “blockchain.” It was also the source for the data for each BTC used and in circulation.
Back then, only selected enthusiasts sued BTC and it was only used as a peer-to-peer payment system for dummy transactions and for deals that were done just for the fun of it. The main idea of inventing Bitcoin was to create a system of money that is free and unregulated.
Fast forward to a few years later, BTC started to gain more popularity and it started to have a real-world money value, although just barely. At one point, someone auctions a total of 10,000 BTC online for $60 US, but a deal was never made. Right now, that same amount of coins can make its owner a multi-millionaire.
Earlier this year, in May, Bitcoin went through what is called the “halving.” From the word “half,” this process had Bitcoin be reduced–but not in value.
Halving in Bitcoin is a complex process and one that might be confusing for most people even with the most detailed and most visual of explanations. However, to make things as simple as possible, halving simply refers to the reductions in the number of coins mined by the miners per minute. Many factors affect this halving process, but one of them is the increasing number of coin miners.
With the next possible halving to occur in 2024, people can only how it will affect the entire trade of BTC and all cryptocurrency. While it is expected to increase the value of the coin, no one can say for sure. It is worth noting, however, that past halvings have significantly brought the value of the currency to an all-time high, so you would understand if people expect the same to happen again on the next halving.
So, will Bitcoin double in value this coming 2021? It is very unlikely, although the possibility is always there. If one would place more realistic expectations for a surge in its value, it would be on the next halving.
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