As Bitcoin values continue to climb, the prophecy by the ‘Nostradamus of the markets’ is coming true.
In September of 2014, in an interview with Fox Business, Tim Draper claimed Bitcoin would hit $10,000 USD in three years. To put that in perspective, Bitcoin was worth $413 USD at the time of the interview.
Even strong believers in bitcoin and cryptocurrency in general were skeptical of such massive overall growth—particularly after the intense fluctuations the market, like the crash of 2011, in which the cryptocurrency declined in value by 94 percent.
Well, today, Bitcoin surged past $9,000—having increased well over $2,000 in the last month alone—making that wild prediction of yore look a lot more like a safe guess (even leaving aside the value of Bitcoin Cash, currently hovering around $1,600 USD).
In the Bitcoin.com roundtable, “What Would You Do If BTC Hits 10K?” from May 2016, enthusiasts responded to this claim with ideas about what they would do with their bitcoin if in fact it did reach the five-figure tag.
One response in particular is of special note to those still on the fence about participating with Bitcoin and cryptocurrency in general:
We are at the very beginning of this change. Those who complain of “being late” are as if people said that the opportunity represented by the Internet was gone because they missed Netscape’s IPO in 1994. The symbolic meaning of a nice round number in base ten is entirely psychological and we are conditioned to overreact to it. I hope that many people would realize by the time Bitcoin gets to $10K that it is definitely here to stay. Maybe there will be more articles about the “death of Bitcoin”, but I am pretty sure that at that point there will be many celebrating the ‘triumph of Bitcoin’.” And, to go back to the beginning, apart from being happy I wouldn’t especially do anything different than today: I’d buy, accumulate, spend Bitcoin as needed, according to the products, services, ideas, investment opportunities that present themselves.
— David, Bitcoin enthusiast
With this new bout of growth, David and other enthusiasts are actually going to have to contend with the question of what they’ll do with their $10K BTC.
So is it still worth investing in Bitcoin? Some are concerned about its sustainability, particularly related to hard forks, the prospect of it being a bubble, and fees and transaction speeds. Meanwhile, proponents stand by their belief in its ability to answer the general demand (and need) for a global digital currency, and believe that Bitcoin still has plenty of room for growth.
Whatever the case, given the meteoric growth bitcoin and cryptocurrency in general have experienced in 2017, it’s safe to say 2018 is going to be quite a year for cryptocurrency. Stay tuned for more year-end blockchain coverage.
Editor’s Note & Disclosure: The author has spoken at Draper University as a VR/AR subject expert. Neither the author nor Forbes endorses participation in any token sale or cryptocurrency investment, all of which have significant inherent risk. Seek advice from a financial advisor as well as do your own due diligence before considering investment.