Are you aware of how much Bitcoin is expected to reach according to leading investors and experts in the field?
Do you know where you would be able to use Bitcoins as payments and for transactions in the year 2021?
Have you tried investing and trading in Bitcoins on platforms and exchanges and want to know what the future holds?
As you are reading this article, Bitcoin has climbed to one of its strongest levels and is trading at more than $16,500 dollars!
The COVID-19 Pandemic can be credited with contributing to the rise in valuation as more and more people are scared about governments depreciating traditional currencies. According to many experts, the year 2021 is going to be bigger for Bitcoins than ever before.
In this article, we look at some perspectives and price speculations, which are being offered by the leading names in the business. We also shed some light on whether Bitcoin is gaining mainstream acceptance from formal financial institutions.
Bitcoin in 2021: Where will the Price Surge lead to?
The latest big name to jump into the predictions game in the last week was a top-ranking executive at Citibank. He expects Bitcoin to show a strong surge based on a number of factors. His prediction- Bitcoin will close December 2021 at around the $318K Mark!
Other names like seasoned Wall Street Investor and Bitcoin Bull Michal Novogratz says that the figure is likely to be around the $200K levels. Paul Tudor Jones, another big name in the Bitcoin investing fraternity says has not stated actual numbers, but his firm is betting big on substantial price hikes in the year 2021.
Even if you look at all the data and the corresponding figures, the situation appears to be very lucrative in many ways. Experts look at factors like inflation, currency devaluation, and fiscal deficits to make the price predictions.
Most point to the relief and liquidity being offered by central banks and governments. According to the facts of bitcoin founder traditional fiat currencies are likely to lose value, and people will be forced to park their investments in safe-havens.
Is Bitcoin truly going to go Mainstream in 2021?
If you have been following the news, you will know about how most national banks in developed countries are pushing for crypto adoption. German banks have started offering complete services with regard to storing, trading, investing and selling Bitcoins and another crypto. The same holds true for countries like Canada, Australia, and Japan.
In terms of more apparent markers like the number of Bitcoin ATMs in the world, the figures are more astonishing. According to data, there were nearly 12000 Bitcoin ATMs situated in different parts of the world as of November 1st, 2020. This figure is steadily rising with one Bitcoin ATM coming up every one hour in some parts of the world.
Different businesses and merchants too are keenly watching the developments and have started to accept payments in the form of Bitcoins. However, the single biggest development, which has shocked the world in 2020 has been the coming on board of PayPal!
Many point to PayPal’s newfound interest in Bitcoin can be a pertinent development to show the world how Bitcoin as payments and transactions is likely to get integrated into global financial systems in the next few years.
Is 2021 going to be ‘The Year’ for Bitcoin and other Cryptocurrencies?
Apart from the market push and speculations, there are other factors contributing to the increase in popularity of Bitcoin.
Faster than ever before
Many experts state that the new ‘Lightning Network’ is going to change the transaction speed in a major way. Transactions are going to be faster and more user-friendly. As we speak, seven Bitcoin transactions can be processed every second. With the adoption of the Lightning Network, millions of transactions will become possible.
Safer than ever before-
We all know how the Bitcoin transaction network or Blockchain cannot be tampered with under any circumstances. In other words, it is infallible. With more and more computers being added to the network every single day, safety is only going to increase. You need verification and authenticity to prove the transaction.
More Private than ever before-
Using traditional currencies and payment gateways means that all our financial data is getting stored and analyzed. This throws up questions of regulations, taxations, snooping, and surveillance. The world is slowly waking up to the reality of Bitcoin as a payment system, which is not open to external authority. This is a very empowering feeling.
The Final Words
If you have been someone who is waiting on the side-lines to start investing in Bitcoin, now is the perfect opportunity to do so. You can start small, do your research, and see the rise unfold before your very eyes.