With Bitcoin's erratic price movements plaguing crypto markets, many investors are asking: Should I buy Bitcoin in 2018?
The truth is that even with Bitcoin trading 64% higher from this time last year, it's still a bargain price.
You see, Bitcoin is still undervalued as a method of storing value and making payments.
The underlying technology for Bitcoin, called blockchain, is considered revolutionary and is already being adopted by some of the biggest firms in the world. It will eventually disrupt everything from banking to the medical industry to music sales.
In fact, it's just getting started...
According to industry experts, Bitcoin has tremendous potential as a secure method of payment for a wide range of transactions.
For example, using Bitcoin, a music artist could sell his or her latest hits directly to fans using Bitcoin's secure blockchain technology.
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This provides artists with more control over their work and gives fans more incentive to directly compensate a favorite artist for their work.
That's a huge advantage over contemporary fiat currency, which largely requires self-interested third parties to manage electronic payments.
Business Insider reports that Bitcoin's blockchain technology could also be used in the healthcare industry to securely store medical records.
These types of electronic healthcare records will store details about patient care, which makes it easier for all specialists on a patient's healthcare team to access the data securely.
With lucrative applications like these, industry experts believe Bitcoin's price has nowhere to go but up...
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Money Morning Defense and Tech Specialist Michael Robinson believes that there are big things on the horizon for Bitcoin.
His prediction for Bitcoin prices calls for $100,000 per coin, which is an astounding 1,496% over today's price of $6,263.
Bitcoin has several advantages over many of the other coins on the market.
It has the greatest name recognition of any cryptocurrency. And because of its ubiquity on crypto platforms, it's also the simplest one to buy, meaning it is the one that most investors will buy first.
Robinson isn't the only expert bullish on Bitcoin.
Last December, Saxo Bank strategist Kay Van-Peterson said that $100,000 could happen in the next year due to the institutional money pouring into Bitcoin for things like mutual funds and ETFs.
Van-Peterson had previously predicted a $2,000 Bitcoin price when the coin was trading at just $750, and it reached that goal in under six months.
Smart Valor's CEO Olga Feldmeier has also given Bitcoin a $100,000 price target but suggests that the coin could reach this value in another two years or so.
Other analysts are even more aggressive with their price predictions.
Venture capitalist Tim Draper has provided a price target of $250,000 by 2022. That would represent a gain of 3,891% from today's price in just four years.
Famous Bitcoin investors, the Winklevoss twins, have also spoken out about where the Bitcoin price is heading.
Cameron, who operates a cryptocurrency exchange with his brother Tyler, told CNBC in February that Bitcoin prices could be headed to $300,000, but that this could take a decade or more to materialize.
However, at the end of the day, it's impossible to know with certainty where Bitcoin is heading next.
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Go here to see why Bitcoin's not dead... and how it could make you millions.
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