Will Bitcoin Make You Rich?

A single Bitcoin was valued at $16,878 this week. But, far from me to make a conclusion based on that. Michael Cave, Senior Data Analyst at Darwin Ecosystem and someone who lives in this world, shares a prediction [with my interjections]:

“Personally, I believe that cryptocurrency as an actual investment market is well overgrown and that 95% of these will not last more than 12 months. There are ICOs (initial coin offerings) daily.

“However, I do believe that the well-known coins like Bitcoin, Ethereum, Litecoin, Ripple, Stellar Lumens, et al [ha ha…et al…there’s more?] have ample staying power.  I think each of these coins have their niche and each of these coins serve a purpose in the future of the blockchain cryptocurrency ecosystem.

“As far as the future of pricing for each of these?  We are in one of the more sensational bull markets in history (no, the tulips craze is not a good analogy here at all) [to use a reference from the Netherlands in 1636].  Due to the scarcity of Bitcoin I do not think $100,000 is out of the realm of possibility by early 2020.  Other coins such as ETH and LTC could see similar percentage growth.

“Lastly, this trek to a 100,000 bitcoin will not be without a major roadblock or two.  Remember, Amazon lost 90% of its value at one point.”

Even if you don’t buy into the “get rich quick” promise, Cryptocurrency does seem to be here to stay. It is being sold on the CME; you can use it to buy stuff on Microsoft, Overstock and OkCupid. Even the IRS has regulations in place for cryptocurrency (since 2014!).