20.04.2023
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What determines the bitcoin price and what it will be in 2023

Bitcoin price in 2023

Bitcoin is a volatile and unpredictable digital asset. Every year, its fluctuations are getting smaller, but still few people understand what the price of bitcoin (BTC) depends on and what it will be in 2023. The current bitcoin rate you can check at the link below.

What affects the price of bitcoin

Since BTC is still a fairly young asset, many factors influence its price. Its ups and downs can depend on various news, opinion leaders (for example, Elon Musk’s tweets), wars, manipulations of large investors (they are also called “whales”), legislative initiatives from different countries (legalizing or banning bitcoin) and much more. However, the main thing that shapes the bitcoin rate is the laws of the market: supply and demand.

But what is the value of bitcoin and how does it differ from traditional money? It’s all about emission. Absolutely all fiat currencies, be it dollars, euros or hryvnias, are subject to inflation. They can be reprinted in any quantity, so over time they depreciate. But bitcoins cannot be printed.

Satoshi Nakamoto, who is the creator of bitcoin, made it so that over time BTC will be an increasingly scarce asset. After all, the total supply of bitcoin will never exceed 21 million coins. And every four years, the reward to miners for its production is halved. All this is written in his code. Therefore, despite temporary fluctuations, the value of BTC will only grow in the long run.

What will be the price of bitcoin in 2023

The last bitcoin will be mined in 2140, and according to market participants, by that time it may be worth millions of dollars. But what about the near future? For example, how much will bitcoin be worth this year? Can BTC refresh its $69,000 high?

During the existence of bitcoin, only the lazy did not make forecasts for its rate. He was promised not only growth to $1 million, but depreciation to zero. Therefore, if we consider any scenarios, then only from market participants with a decent reputation.

One such person is Michael Saylor, founder of MicroStrategy, whose company is the largest holder of bitcoin (it holds over 130,000 BTC). Recently, the global Bitcoin community even named him “Person of the Year”.

So what does Michael Saylor think about the price of bitcoin? According to him, in the next four years, the value of BTC will exceed a record $69,000. And in the next decade, the asset quotes will reach $500,000. But at the same time, Saylor does not risk making assumptions regarding the current year.

However, there are still forecasts for the bitcoin rate for 2023. For example, billionaire Tim Draper expects BTC to rise to $250,000 by mid-2023. He sees “digital gold” as an insurance against mismanagement as bitcoin prevents the government from controlling the population.

Well-known trader Tony Weiss is confident that bitcoin quotes will reach $100,000 in 2023. This will happen due to the upcoming halving (reduced rewards for miners), new capital flows from the US and Europe, and also because of the missed profit syndrome.

The head of the largest cryptocurrency exchange in the world, Changpeng Zhao, agrees with him. The businessman believes that not the best macroeconomic conditions have prevailed in recent years, so large investors are looking for ways to protect money from inflation. And against this background, the bitcoin rate can reach $100,000.

The author of the bestselling book Rich Dad Poor Dad, entrepreneur Robert Kiyosaki predicted a few years ago that the price of bitcoin would reach $75,000 in 2023. He believes pension funds will be the catalyst for BTC growth. Kiyosaki cites a CFA Institute study from 2022 as an example, according to which 94% of pension funds invested in bitcoin and cryptocurrencies.

Conclusion

There are many more negative forecasts of various bitcoin skeptics. But as practice shows, they always turn out to be wrong. Critics of BTC are usually fans of the fiat systеm and simply do not understand what Bitcoin is and how Bitcoin works.

Bitcoin is the money of the future. Thanks to its algorithm and deflationary systеm, Bitcoin is sure to rise in price in the long run. Not only Bitcoin maximalists are sure of this, but also participants in the cryptocurrency market. What will be the price of bitcoin? $75,000, $100,000 or $500,000? Doesn’t matter. In any case, it will be big and it is better to buy your first bitcoins now than to regret the missed opportunity. More news and forecasts about Bitcoin can be found on the BitcoinMagazine Ukraine website.

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