What Key Factors Will Lead To Bitcoin Reaching its All-Time High?
Traders around the world were taken aback when Bitcoin(BTC) rose from $0.0008 to $0.08 in July 2010. A 100x value increase, an absolute impossible thing in the stock market back then. Today, a single BTC is worth ~$18,500. Crazy Right? From rags to riches without lifting a finger. This may be impossible for other sectors, but for the cryptocurrency world, this may be more than just a lofty dream. However, the current crypto market is being limited. With many issues regarding blockchain and online transactions, the full potential of crypto is still being hidden far away from sight.
Experts say crypto is still in its initial stages. The issue is: Can it develop further? The current limitations of crypto lies in firstly its security, and secondly its popularity. Many small cryptocurrencies today are used as money-making “scams”. By buying a huge amount of small, unnoticed coins, people can potentially manipulate the market to their will. This drags rookie investors along with their whims and fancies. Most of the time, people suffer from huge losses due to these actions, destroying their hope and trust in cryptocurrency. Cryptocurrency is not a stable currency, it fluctuates pretty much every single second. Key thing is that these coins right now are not stable at all, with no fixed correlation to the hard dollar minus Tether(USDT). This is indeed problematic for the market.
Furthermore, with everything crypto being online or digital, it proves to be a threat for security. Many exchanges are non-authentic, and may be a cause for open theft in the future. Fraud is commonplace for many of these exchanges, with past reports of hundreds of thousands of BTC going missing. Since crypto is accessed through digital platforms, this is also a great opportunity for hackers. You wouldn’t want to put your money into crypto, only to find it missing the next day right? The crash back in 2017 was also partially caused by this. With many hackers cashing in on this life-turning opportunity, many lost their money instantly, causing others to feel fear and draw out of crypto as soon as possible. With many easy passwords set by users, this is an unavoidable fate, and I personally think it would not change anytime soon so long as society doesn’t change these habits.
What then can spur cryptocurrency into a new age? Only by addressing these issues at hand and further advocating digital awareness, can crypto rise up to stardom. Around a month ago, Paypal announced it would allow for crypto transactions. Following that, Mastercard and other organizations had also started to make similar moves. Yes, Crypto Integration is coming! Even JP Morgan acknowledges it, saying it is a huge step toward crypto transactions(Throwback: They named crypto a FARCE just 2 years ago). Along with Paypal’s approval came bitcoin’s rise yet again, with it rising from $15,000 to $18,000 within weeks. This is huge. If crypto integration really comes into the framework of society, we can expect an exponential climb from Bitcoin!
Crypto Integration comes at a cost. A main event to note for an uptrend: Fixed exchanges. Exchanges must be governed by an unbiased committee, with rules set up to prevent fraudulent activities. With the multiple exchanges right now, it would be impossible for full integration, especially with small exchanges that may take your money and run at any moment! Security still remains a key factor to the success of Bitcoin. Besides security issues with the exchanges, there is also proper account management and authentication needed.
With technological advancements, authentication has been made better and easier. To avoid the issues with hackers, a widespread digital movement is needed. Face authentication, Thumbprint recognition, all these will further secure crypto platforms. But how? World leading crypto Trading Platform, Binance, already has a face ID set up to better allow users to access exchanges. However, this is not enough. Only by creating password-less accounts can crypto be truly secure. This will also be a key thing to take note of in the face of crypto integration to society.
Security is not the only thing hindering Bitcoin’s further development. In the current era, we are surrounded by digital devices all the time, yet awareness of cryptocurrency still remains at a minimum. Cryptocurrency values fluctuate like crazy, causing people to feel skeptical about it. Furthermore, the general public doesn’t even KNOW what crypto is! With so little people understanding crypto, how can we ever have full crypto transactions over the hard dollar? A plus in this is that we are currently moving towards a smart cities goal worldwide, with more countries improving their technology at a rapid pace. If this keeps up, along with more and more opening up to cryptocurrencies, we might really see a cashless, full crypto society!
To achieve this goal, solutions must address the general population. Crypto must meld into our way of life. Our busy schedules, our education, our healthcare, must all utilize crypto payments one way or another. This would prove to be a difficulty. With the growing ageing population, our world is not yet ready for change. A full crypto integration may not be seen in our generation, but rather the next. With more and more teenagers being accustomed to life with technology, the world can better embrace crypto in the next era.
So, back to the question. When and how will Bitcoin reach its all-time high? Though full crypto integration may be impossible in the short run, crypto can definitely work its way into our life in the current era. Experts believe crypto transactions will be utilized by a portion of the society by 2025. With so many positive reviews about Bitcoin, I believe the next all-time high is not far away. Predictions say Bitcoin will reach 1 million in value by 2025. Wait, 1 Million? That is a 5000% increase from the current price! In such a short span of 5 years, how can this be possible?
Many miss another key factor, or should I say the key player in this crypto race. Technological advancements are not only limited to security. Yes, Artificial Intelligence! One main reason that everyone missed was the advancement of AI! Why? AI is able to predict market trends accurately most of the time. With more and more AI on the market trading, Recessions and breakouts will occur at a much larger margin than before!
Companies today use AI programs to trade. Since AI is highly accurate, they think the same thing simultaneously! That is why when recessions and breakouts occur, huge price fluctuations occur in the shortest span of time. To keep up with the crypto race and prepare to maximize Bitcoin’s all-time high, I’d recommend getting AI for yourself. Personally, I use Snapbots AI trading bots. Their bots can inform me of real time news that may cause price fluctuations, and execute auto trading even when I am not there. By doing so, I can cash in on opportunities and minimize losses, earning up to 3.9% profit a week!
Though many are still not ready to accept AI, I believe this is still an unavoidable future. Though relying on bots is not my cup of tea, I believe it is an absolute necessity when facing such a high volatility market.
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About Snapbots (by Snap Innovations)
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