If you’re looking to predict the future of Bitcoin, here are 3 recent news items to consider:
# 1. BTC price just broke $16,000
There’s not much to say here because each day or two tacks on another thousand dollars to the price of 1 Bitcoin.
Crypto enthusiasts cheer each other on and say that they’ve been vindicated.
Things seem golden, except…
# 2 Steam no longer supports payments with Bitcoin
In April 2016, gaming giant Valve made Bitcoin payments an option on its Steam platform.
They did so because they were looking for a fast, international payment method for their customers in emerging markets.
Well, as of two days ago, Steam no longer supports Bitcoin payments because of Bitcoin’s high fees and volatility.
So the future of Bitcoin as a payment method isn’t looking bright.
But BTC can always be used as a store of value, right?
Maybe and maybe not. Here’s one possible way it could go:
# 3 Investment bank predicts 2018 Bitcoin crash
Each December, Danish investment bank Saxo makes a round of “outrageous predictions” for the coming year.
The predictions involve finance, politics, and other trends, and though they are far fetched, they are certainly not impossible.
For example, a year ago, Saxo predicted that the value of bitcoin would rise steeply from its then price of $700 (their guess was a tripling in Bitcoin value, which turned out to be conservative).
For 2018, Saxo is predicting more of a rise for Bitcoin, all the way up to $60,000.
But they also see a big pop in the bubble, in part because of government actions by China and Russia.
Their outrageous prediction is for the final 2018 price of Bitcoin to be just $1,000, only 6% of its current value.
What’s the point of all this?
I have no interest in making my own predictions of where the price of BTC will go.
But I cannot say I’m convinced that Bitcoin will be the future of online payments.
And the “store of value” argument doesn’t move me much either.
However, I am a big believer in the technology underlying Bitcoin.
And I’m excited about all the alternate cryptocurrencies that keep coming out, some of which might just move in if Bitcoin does indeed falter in the coming year.
The thing is, there are hundreds of such new cryptocurrencies.
And it’s hard to know which ones to look at.
I’ve been working on a news website with Kris Csuzi that makes this task easier.
We track news about new cryptocurrency companies, and we hand-verify those news before publishing the ones that are interesting or relevant.
It’s not everything you will need to know before investing in any of these new cryptos, but it can be a good start. More information here: