How the Bitcoin Price will reach $10,000 This Year
January 13, 2014
Last week we reported that 56% of the asked Bitcoiners think that the crypto currency will reach a price of $10,000 this year. We got a lot of responses asking us how we believed that this could happen. We gave a small explanaition that the recent publicity will do good for Bitcoin this year, but in this post, we will explain exactly how we think the Bitcoin price will reach $10,000 in 2014.
The first thing will be massive publicity for the crypto currency. Last week, Online retailer Overstock.com started Accepting Bitcoins, and today, their CEO said that “Amazon will be forced to start accepting Bitcoin“. Overstock and Amazon are both multi billion dollar company’s with millions of customers per year. Chance is, that only 2% of those customers know about Bitcoin and its advantages. Because these big companies will be actively pushing Bitcoin payments, which they will (no fraudulent payments, no chargebacks, no fee’s), millions of people will be educated about the digital currency and its advantages over the dollar. Acceptance of Bitcoin is not only limited to online retailers, also offline stores can and will accept the currency.
We also believe more payment processors like Paypal, will integrate BTC into their website. They obviously know by now that Bitcoin isn’t going away, so they better play with it then against it, as BTC will takeover their market share. If they would allow you to link your Coinbase account to your Paypal, or better yet fund it yourself with BTC’s, they would get a huge support as everyone who accepts Paypal would be able to accept Bitcoin. They could profit from this by charging a small 1% fee or something like that, although we expect that the fee if used will be much higher.
An other thing happening this year is the major investments in Bitcoin coming from Wall Street. Most investors however invest more in the infrastructure of the currency, then the currency itself. This will not affect the price in the short term, but it will in the long term. A better infrastructure for the currency equals more users in the end. When we talk about “Investing in infrastructure” we mean investing in Bitcoin payment processors, ATM’s, Advertising, Payment cards like the Coinkite debit card, and pretty much everything that makes using Bitcoins for the average joe easier.
The last thing on this list that will make the price of Bitcoin soar into all new heights is the embracement of the currency by many country’s. The US Government has already told that they will not ban Bitcoins, and other 3rd world country’s like India are actually embracing the currency at this moment. When Bitcoin gains more momentum, more country’s are going to step on board instead of going against it. And even if some country’s did ban it, people are still going to use it, China is a prime example of that. Peer-to-peer can’t be banned, but it can be regulated.
All these things combined will take the price to an all time high of $10,000 this year. This can take 10 months, but it can also go as fast as 3 months.
Theres sometimes a fine line between goals & greed...
