You’ve just heard about Bitcoins and you’ve heard that many have already made it to millionaire status with Bitcoins? Your question might be: “Do I still have the possibility or has the Bitcoin boat already passed? Unfortunately this question is not so easy to answer.
Can you still make millions with Bitcoin code?
Possibly. Has the Bitcoin code boat sailed off? Certainly not. The Bitcoin code concept is still very new. The Bitcoin has only been around for five years and is still trying to gain a foothold and the price is still very unstable. On top of that, some business failures have left many a Bitcoiner on the sidelines.
There are many people who have earned a lot of money with the Bitcoin, they invested in Bitcoin at the beginning and see the price only rising since then.
Those who invested in Bitcoin a good two years ago, when the price was around $5, currently (current Bitcoin price 483 dollars) have an incredible return of 9.560%. To get the same return in the next 2 years, the Bitcoin price would have to rise from 483 dollars to 46,500 dollars.
Sounds ridiculous, doesn’t it? Actually, that’s not so far-fetched, many people think.
Bullish Bitcoin code
There are some many bullish Bitcoin code predictions from recognized personalities who are very positive. Ex Facebook executive Chamth Palihapitiya, predicted last May on Bloomberg that every single Bitcoin has the potential to rise to $400,000 should the Bitcoin establish itself as a useful currency reported by: onlinebetrug.de
The Winkelvoss twins (known as the allegedly true inventors of Facebook) said in November that the price could increase a hundredfold with a market volume of $400 billion (currently $5.8 billion).
A few weeks later, Wall Street analysts Gil Luria and Aaron Turner said the Bitcoin price could reach $100,000.
Politician and financial expert Max Kaiser has been advocating the Bitcoin for years, but in December he said it won’t be long before the price reaches $5,000.
In a Coindesk survey in January, 56% of respondents believed that the Bitcoin price had already reached the $10,000 mark this year. In a separate survey, 42% of mostly young respondents believed Bitcoin would establish itself as a stable currency and 30% said it was safer to invest in Bitcoin or Bitcoin Mining than in stocks.
Even if it seems as if there are only optimists out there who hang the Bitcoin flag high on the top, there are also endless pessimists on the other side who claim the Bitcoin will not be stable in the future.
Warren Buffet claimed in a CNBC interview that the Bitcoin was a waste of time.
“Stay away from the Bitcoin. The Bitcoin is basically a mirage,” he said, adding, “the idea that the Bitcoin has immense value is a joke.”
American economist Paul Krugman made a similar statement in the New York Times last December (Bitcoin is Evil). He said he wasn’t convinced that Bitcoin would be recognised as a currency and he didn’t believe it would be worth anything in the long run.
Sir Bob Geldorf said shortly thereafter the Bitcoin will simply not work. Max Kaiser replied that the singers’ statements should not be paid attention to. Asking them for their opinion would be a worthless exercise. This could be compared to asking “a blind person for an opinion about a gymnast”.