Some thought the "hard fork" would cause volatile price swings for Bitcoin currency, but the price of the digital currency has climbed from $2,332.19 on July 11 to $3,569.45 today (Aug. 11).
However, that 53.05% gain is just the start of how high the price of Bitcoin can climb...
By 2027, the Bitcoin price could reach $1 million - and it's actually not as far-fetched as you may think...
Why Bitcoin Currency Prices Could Reach $1 Million in the Next 10 Years
In May, Jeremy Liew, the first investor in Snap Inc. (NYSE: SNAP), and Peter Smith, the CEO of Blockchain, predicted Bitcoin would trade for $500,000 by 2030.
They believe Bitcoin could account for as much as 50% of the world's non-cash transactions by 2030. The duo calculated that would mean that by 2030 the average Bitcoin trader would hold $25,000 worth of the digital currency.
They also project the number of Bitcoin users will climb from 6.5 million to 400 million during the same time.
What Is Bitcoin?
Multiplying the average Bitcoin account value ($25,000) by the amount of account holders (400 million) places Bitcoin's potential market cap at $10 trillion.
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Dividing the market cap by the amount of Bitcoin being held places Bitcoin prices at $500,000.
From today's price of $3,569.45, that's a potential profit of 27,915%.
But that number may be too conservative...
In this free and exclusive report, Money Morning Cryptocurrency Expert David Zeiler details why Bitcoin prices could reach $1 million. And once you read this report, you'll see why a $1 million Bitcoin price prediction isn't as crazy as it may seem.
You can access this free and exclusive cryptocurrency report right here.
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