Cryptocurrency experts believe bitcoin may bounce back over the next decade, despite the virtual coin suffering significant price drops throughout the year.
Bitcoin’s value reached a record high of more than $20,000 (£15,700) per coin in January, before plummeting to a low of about $5,900 (£4,600) in July, according to ranking site CoinMarketCap.
Prices have yet to recover since then, with the virtual currency valued at $6,300 (£4,900) per coin as of 12pm on 30 October.
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However, cryptocurrency expert Nigel Green, head of British-based consultancy firm deVere Group, told The Independent that more people will move towards the likes of bitcoin over traditional money in the coming years, potentially skyrocketing virtual coin values.
He said “mass adoption” could see the cryptocurrency market rise by “at least 5,000% above its current valuation over the next decade”.
The news comes a day before bitcoin celebrates its tenth anniversary, and The West Australian news site notes that the coin’s value has “been through multiple boom and bust cycles” over the decade.
For instance, bitcoin’s value tanked from $30 (£24) to $2 (£1.60) in 2011, before climbing to its January high, the website reports.
While bitcoin’s price today isn’t much higher than its 2018 low, some believe the currency could start to climb as early as next month.
Speaking to the Daily Express, cryptocurrency exchange owner Danny Scott said November and December “typically” see more activity from investors.
“We are also seeing huge amounts of investment coming through from high net worth individuals and companies buying bitcoin in high volumes,” which “adds to the increase and interest of the cryptocurrency”, he said.
