Do you have Bitcoin now and are wondering about the price of BTC in the future like what is the prediction for Bitcoin in 2023? Or have you ever heard of it and want to know if this is a good investment or not for the long term? Well, if your answer is yes to any of the questions above, then you are at the right place!
Quick fact: Did you know that Bitcoin increased in price by over 2000% in 2017?!
In this Bitcoin 2023 prediction guide, I’ll first briefly explain what Bitcoin really is, followed by a brief overview of the things to consider before making a big investment based on a price prediction guide (just like this one!).
After that I will discuss some of the popular 2022 bitcoin price predictions and tell my opinion about each of them. Finally, I will discuss events in the real world that will occur and can have an impact on future price movements.
So what are you waiting for? Let’s start by making sure we know what Bitcoin really is!
What are Bitcoins?
Bitcoin was created in 2009 by an unnamed developer called “Satoshi Nakamoto” and is the first and original cryptocurrency or cryptocurrency. Bitcoin allows people to send and receive money without the involvement of third parties and so on, it is a decentralized payment system.
The network is not controlled by anyone nor is it controlled by an authority, nor is it backed by any central bank. However, the transactions are verified by a community of “miners” or “miners” who use their computing power to confirm the movement of “money”. In return, miners are rewarded with additional Bitcoins for their contribution to the network.
The technology that powers Bitcoin is called a blockchain , which is like a giant accounting book. Every single transaction that has ever been processed on the Bitcoin network is available for viewing on the blockchain. Plus, once a transaction is added, it cannot be modified or deleted – this is what makes it so transparent.
When sending Bitcoins to other people, a transaction usually takes about 10 minutes. In total, the network can process about 7 transactions per second and the fees depend on how many people use the system.
The Bitcoin project has been a tremendous success – when it was first launched in 2009, it cost less than 1 cent. Eight years later in 2017, the Bitcoin price peaked at $20,000! Not only this, but the creation of Bitcoin has driven more than 1,600 cryptocurrencies to enter the market to date.
So, now that you know a little bit about what Bitcoin really is, in the next part of this guide to Bitcoin predictions for 2023 I will briefly cover the things you need to consider before taking action based on anyone’s price predictions.
Bitcoin Predictions and What You Need to Consider
In reality, no one can predict the future of a cryptocurrency, if we could, we would all become trillionaires! In the world of cryptocurrencies, prices are very volatile. This means the value of a coin can go up or down very quickly, often for no reason. This makes price prediction much more difficult than traditional markets.
When considering the future value of a cryptocurrency, it is always better to look at real-world events. This can include technological advances, roadmap objectives or future plans, new partnerships or even regulations or regulations.
The most important thing is that you always do your own independent research before making an investment. Never buy cryptocurrency just out of excitement because of a price prediction, or because your favorite YouTuber said so! In the end, everyone has a different opinion and there is no guarantee that someone will get their prediction right.
So, now that you know what to consider when reading a price prediction, the next part of this Bitcoin prediction guide for 2023 is to analyze some of the well-known Bitcoin price predictions.
Bitcoin Prediction 2023
McAfee
The first Bitcoin prediction I want to discuss with you is the prediction of John McAfee, the maker of the well-known anti-virus software McAfee. McAfee is well known in the cryptocurrency industry for making a lot of bombastic price predictions on Twitter, however, it has been revealed that crypto projects are paying him over $100,000 to do so.
Besides, in 2017, McAfee said that the price of Bitcoin would reach $500,000 by 2023, otherwise he would eat his own dick live on TV! If you don’t think this is crazy enough, McAfee then increased his Bitcoin 2023 price prediction to $1 million! Honestly, he seems overly confident in my opinion.
McAfee claims that his predictions are based on his own price prediction model, however, no one knows what that model will look like.
Market capitalization is used to calculate the total value of an asset or business. It is calculated by multiplying the current market price by the total number of coins or shares in circulation. For example, if the current price of a cryptocurrency is $10 and there are 5 million coins in circulation, then the total market capitalization is $50 million.
Going back to McAfee’s Bitcoin prediction, Bitcoin needs to increase its value by more than 5,900% from its peak of $20,000. Interestingly, the price of BTC or Bitcoin increased by over 2,000% in 2017, so if the current trend continues, who knows what will happen!
Tom Lee
The next Bitcoin price prediction for 2023 that I want to discuss is a prediction by an analyst called Tom Lee. Lee works for the cryptocurrency research organization, Fundstrat, and he is well known for his discussions about the price performance of BTC live on TV. According to Lee’s Bitcoin price prediction, this cryptocurrency will break its highest peak in 2017 by reaching $25,000.
Moving forward to 2023, Lee believes that Bitcoin price will be valued at $91,000. This researcher has a lot of experience in graph analysis. This is when you look at the historical price movements of a coin, and then make predictions about Bitcoin’s future based on the coin’s past movements.
In reality, Bitcoin is probably the only cryptocurrency you can analyze using charts. This is because the other coins do not have sufficient trading volume or historical data, whereas Bitcoin has a history or track record of 9 years!
Avan-Nomayo dared
The next Bitcoin prediction for 2023 that I want to discuss is a very interesting prediction, made by an analyst, Osato Avan-Nomayo of Bitcoinist. This prediction is based on the fact that in 2023, Bitcoin mining rewards will halve from 12.5 BTC to 6.25 BTC.
As you can see in the chart below, Bitcoin mining rewards have been halved twice in history. In 2012 it was reduced from 50 BTC to 25 BTC, then in 2016, the reward was reduced again from 25 BTC to 12.5 BTC. This historic price chart shows that when these two events occurred, the price of BTC experienced a new increase shortly after.
For example, 1 year after the reduction of the first mining reward, BTC rose to $1 for the first time. Then 1 year after the second mining reward reduction, BTC hit a record high of $19,500.
Although Bitcoin did not directly give Bitcoin’s future price for 2023 specifically, their analysis predicts that its value will peak in 2023, which will be at least $20,000.
Fran Strajnar (Brave New Coin’s CEO)
The last Bitcoin prediction for 2023 that I want to discuss is a prediction by the CEO of Brave New Coin, a cryptocurrency research organization. In this Bitcoin prediction, Fran Stajnar believes that the Bitcoin price will reach a new high of $200,000 before 2023.
Strajnar argues that adoption ratings are increasing all the time, which includes more people using the network and improvements in wallets and apps. This is a good argument because as more people buy and use Bitcoin, the price will naturally go up.
In fact, in countries like Japan, there are more than 200,000 shops where you can use Bitcoin in the real world. So, it also helps in increasing its price as it gives the cryptocurrency its real-world use.
So, what do you think about the Bitcoin prediction I described above? Do you agree with him, or are you still unsure? If you’re looking for more insight, then the next part of our Bitcoin prediction guide for 2023 will look at some of the events that could have an impact on Bitcoin’s price.
Roadmap of Bitcoin
It has been mentioned earlier that one of the most important things to consider when looking at the future price of Bitcoin are real-world events, such as technological advances and regulation or regulation. I’ve listed a few things below that could have an impact on the Bitcoin price.
Technological advances
Even though Bitcoin is the number one cryptocurrency in terms of market capitalization, reputation and real-world usability, the level of transaction performance is actually pretty poor. In fact, there are many other cryptocurrencies that are faster, cheaper and more scalable.
First, it takes 10 minutes to confirm a transaction on the Bitcoin network. Other coins like Ethereum can verify transactions in 16 seconds. Second, the cost of Bitcoin is now bigger than it used to be and is now a matter of dollars instead of cents.
Third, and perhaps most importantly, Bitcoin can only confirm 7 transactions every second. This is the level of scalability of Bitcoin at this point, and it is a big problem. For example, NEO and Ripple can confirm thousands of transactions per second, so if Bitcoin is to become a global payment system, it has to be technically advanced.
A company called Lighting Labs (which has received investments from senior individuals from Twitter, PayPal and Litecoin) is very close to launching a protocol that will significantly improve Bitcoin transaction performance.
Known as the Lighting Network upgrade, it is believed that this protocol will allow the Bitcoin network to increase its maximum transaction limit to millions per second. Plus, transactions will also be faster and cheaper.
If the Lighting Network is successful it will have a very positive effect on the Bitcoin price.
Regulation
Even though Bitcoin has been traded for almost 10 years, regulation or regulation is still in its infancy. There seems to be a theory that when the government starts to regulate it, the price of Bitcoin will be negatively affected. However, this couldn’t move any further from the truth… just look at Japan!
In 2017, Japan became the first country in the world to fully regulate Bitcoin in the same way its financial services industry does. In fact, the Japanese government classifies Bitcoin in exactly the same way as its Yen currency.
Since this happened, Japan now has the highest trading volume in the world for Bitcoin. People use it every day in the real world because there are 200,000 shops that accept this currency!
When other major countries follow the same regulatory policies as the Japanese government, this will give Bitcoin much more legitimacy. Not only will this mean that more people will use Bitcoin, but it will also allow other large financial institutions to start investing. In the end, if this is the case, the price of Bitcoin will increase.
Partnership and Adoption
As was already mentioned, more than 200,000 businesses in Japan now accept Bitcoin. The number of stores is relatively minimal, despite the fact that there are other stores in other nations including the United States and England.
People will be able to use Bitcoin as actual money as more businesses begin to accept it.
On the other side, if a well-known program chooses to use Bitcoin as its main payment method, this will also increase the coin’s value.
In essence, one of Bitcoin’s optimistic predictions for 2023 will materialize if it can increase its use in the actual world.
Competition
While Bitcoin has always been the number one cryptocurrency, it is important to remember that there are over 1,500 different coins on the market. While most of these projects have been built on top of other blockchain protocols such as Ethereum, there are many other individual blockchains as well.
You should always conduct research and keep up with what other projects are doing because there are no guarantees as to which cryptocurrency will rule the future.
Additionally, a number of governments and central banks are considering releasing their own cryptocurrency that would directly compete with Bitcoin.
For instance, the Venezuelan government has finished an initial coin offering (ICO) for their own token, Petro.
Now that you are aware of some actual occasions that could affect the price of Bitcoin, I will discuss whether or not I believe that Bitcoin is a wise investment in the following section of our guide to Bitcoin predictions for 2023.
Is Bitcoin a Good Investment?
I want to be clear that before I share my personal viewpoint with you that I am not offering you any investing or financial advice. Nothing is sure, much like the prophecies I spoke about earlier. Please remember that you should always base your decisions on your own research.
Overall, I think that a lot of cryptocurrencies will be quite important in the future of commerce.
However, I believe that among all cryptocurrencies, Bitcoin will always be the most dependable and reliable.
Interestingly, I’m not so sure that Bitcoin will be used as a medium of exchange, which means it is used as an everyday currency like the Indonesian Rupiah. However, I think Bitcoin will be more of a store of value.
Note: A store of value is where people buy an asset to hold their money, just like Gold and Silver, in the hope that its value will increase.
In my opinion, even though Bitcoin has been around for 9 years, it is still relatively young. If more countries regulate it like Japan, then I think Bitcoin has a good chance of increasing its price in 2023.
However, in the near future, I think the biggest event will probably be the installation of the Lighting Network upgrade. This will take Bitcoin to the next level which could render some other blockchains irrelevant.
However, you should base your decision on your own independent study to determine whether or not this is a wise purchase. In the cryptocurrency market, timing is crucial because if you bought Bitcoin in the beginning of 2017 and sold it at the end of the year, you would have made a profit of over 2000%.
If you purchased Bitcoin towards the end of 2017 and kept it up until today, though, you will be disheartened.
It is better to hang onto your Bitcoin for the long term if you share our project’s philosophy because the market is still quite unstable at the moment.
