The Practice of Predicting the Price of Bitcoin

“The hereditary gift of prophecy will go to the grave with me,” the infamous ‘super forecaster,’ Nostradamus, said in the year 1555. Indeed, there have been many investors and economists who tried to predict bitcoin’s price value over the years. Some of them have been significantly on point with their predictions, while others have been way off target.

For instance, Yves Lamoureux, president and chief behavioral strategist of macroeconomic research firm Lamoureux & Co., recently predicted that bitcoin will “eventually catapult” to at least US$25,000 or more.

Also read: An Alliance Forms Under China’s New Bitcoin Regulations

Macroeconomic Researcher Thinks Bitcoin Price Will Hit $25K  

According to economist Yves Lamoureux, bitcoin is on a course to blast off into bubble territory. Lamoureux states that he predicts an “end target of $25,000 or more” in regards to bitcoin’s price value. The president of Lamoureux & Co thinks that people are starting to look at cryptocurrency for the same reasons people buy gold.

“One of the reasons people buy gold is to avoid the dilution of fiat money,” explains Lamoureux. “This is why we are convinced that digital money or cryptocurrencies will eventually find its appeal with hard asset investors.”

Lamoureux details that, back when gold was trading at $300, proponents “fought tooth and nail” to get media coverage. He says that the gold market played out across many decades, in many cycles.

“And as blockchain becomes more ubiquitous, it lends credibility to the technology behind bitcoin. We feel that digital currencies, such as bitcoin, have now entered a similar cycle,” Lamoureux adds.

Other Predictions in the Past

Many others have tried to forecast bitcoin’s value. Just last week the firm Emerita Capital suggested bitcoin’s price may rise to over $3,600 if a bitcoin ETF is approved by the SEC.

Back in December, the South African entrepreneur Vinny Lingham predicted that the price of bitcoin would blow by the $800s and enter the $900s rather quickly. Lingham’s prediction came true, as many of his forecasts have.

Another notable past prediction was Tim Draper’s 2018 price forecast. A venture capitalist and strong bitcoin supporter, Draper said in a 2014 interview that bitcoin would hit $10,000 by 2018.

Many bitcoin experts tried to predict the cryptocurrency’s price in February 2014, and many of them were way off the radar. For instance, Alan Silbert, the CEO of Bitpremier, said, “It should be a year of big name business adoption. $2,000.” Even Ethereum’s inventor Vitalik Buterin revealed his bitcoin price prediction, stating:

Low thousands seems reasonable. It will never again grow as fast as it did in 2013, but I think there is still quite a bit of progress to go.

According to the Harvard Business Review, forecasting takes practice. “The top-performing ‘super forecasters’ were consistently more accurate, and only became more so over time,” explains the Review. “A big part of that seems to be that they practiced more, making more predictions.”

Predictions will always be a favorite pastime for humans to enjoy. It is no different when discussing the value of bitcoin in the years to come. Many will also try to forecast bitcoin’s death, as they have in the past…over and over again.

What do you think bitcoin’s price will be in 2018? Let us know in the comments below.

Images courtesy of Shutterstock, Pixabay, Yahoo Finance, and Twitter. 

What’s the quickest way to see the current bitcoin price in your local currency? Click here for an instant quote.

The post The Practice of Predicting the Price of Bitcoin appeared first on Bitcoin News.