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Before they can be bought and sold, Bitcoins need to be mined. In November 2012, the Bitcoin reward for mining a block on the blockchain got cut in half, reducing the supply of new Bitcoins in circulation and eventually driving the price up. This is a roughly every-four-years mechanism of making Bitcoins more scarce and, it follows, more expensive. In the year after this first halving, the price went from $12 to more than $1,200. If you put $1,000 into Bitcoin on the day of the halving (at $12) and held onto it, you’d have a $1.7 million position in June 2022. Btc value graph "If you believe in the underlying assets that you're investing in, then you just hold similar to how you would make a decision in the equity market," Pourdad says.
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To support a high price, you need restricted supply as well as demand. There are only so many bitcoins, as there are only so many gold bars, at least for now. That will change. The Achilles’ heel of Bitcoin’s long-term value is that there is nothing to stop people from creating Bitcoin substitutes—there are already hundreds of similar competitors. This is why I have such low expectations for Bitcoin’s long-term value. Moreover, there is nothing to stop people from creating private claims to Bitcoin (Bitcoin futures) to satisfy speculative demand. In fact, Bitcoin futures began trading through both the CBOE and the Chicago Mercantile Exchange in December 2017. Elon Musk is good at making things go parabolic. Unlike with fiat currency, there is a finite supply of bitcoin. There will only ever be 21 million bitcoin in circulation. New bitcoin are created at a fixed rate that decreases overtime, which causes demand to outpace supply. This puts further upward pressure on the price.
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A number of analysts and research papers have suggested that bitcoin could potentially reach $1m. Meanwhile, as of 30 November, algorithm-based prediction website DigitalCoinPrice forecast that bitcoin could reach $238,927.70 in 2030. PricePrediction was even more bullish on the cryptocurrency, forecasting it to potentially average $400,091.54 by 2030. Disadvantages of Bitcoin Investments Cryptocurrency Investment / Fund Investment / Gold Investment / Investment Information / Real Estate Investment / Stock Investment