Has Reddit Banned Links to LocalBitcoins?Bitcoin EconomicsBitcoin OpinionBitcoin Price News Bitcoin Price to Hit $500,000 by 2030, Says Snapchat’s First Investor Lester Coleman Advertisement: Hold on,  investors – you haven’t seen anything yet.According to Peter Smith, Blockchain CEO/co-founder, and Jeremy Liew, Snapchat’s first investor, bitcoin’s price could hit $500,000 by 2030.The pair made their case for this projection to Business Insider.There are several factors behind this projection.Factors To Consider Remittance transfers are one reason.Bitcoin transfers to foreign countries have nearly doubled in the past 15 years and account for 0.75% of GDP, according to the World Bank.The duo claim bitcoin-based remittances will increase sharply as awareness builds.Political uncertainty in the U.S., the U.K.and developing nations is another factor.As geopolitical risks increase, rising bitcoin awareness combined with ease of transport and continued strong market performance will boost consumer and investor interest in bitcoin.

The growth of mobile transactions is another factor.Non-cash transactions will jump from 15% to 30% over the next decade as smartphone use increases.The total number of smartphone users is expected to reach 1 billion by 2020.GMSA, a global organization representing mobile phone operators, predicts 90% of new users will be from developing nations.Nearly everyone will be able to have a bank in their pocket.Bitcoin could account for half of these transactions.Model Drivers For The Projection Smith and Liew based their projection on the following model drivers.A $1,000 bitcoin price in 2017.The bitcoin user network will grow 61 times through 2030.A population of bitcoin users comprising 5% of the world’s population in 2030 will drive the price to $500,000 in 2030.From 2013 to 2017, the network grew from 120,000 users to 6.5 million users, nearly a 54-fold gain.Such growth would produce 400 million users in 2030.The average bitcoin value per user will hit $25,000.When institutional investors cash in their bitcoins, bitcoin-based ETFs and trading by sophisticated investors will increase, pushing the average value to $25,000.

With a current market cap of $17.4 billion and 6.5 million users, the average user now holds $2,515 of bitcoin.The 2030 market cap is based on the number of bitcoin holders multiplied by the average held bitcoin value.The cryptocurrency’s 2030 supply will be about 20 million.The 2030 price and user count will total $500,000 and 400 million, respectively.The price is determined by taking the $10 trillion market cap and dividing it by 20 million bitcoins, the fixed supply.coinbase limitAlso read: Researcher sees major gains ahead for bitcoin, silver and gold Nothing’s Definite The projections are not definite, considering things could go wrong.bitcoin ticker macThere has been a lot of negative news about bitcoin recently.bitcoin opciones binarias

China, where most bitcoin trading takes place, has cracked down on trading.The three largest bitcoin exchanges have announced a 0.2% fee on all transactions, as well as blocking withdrawals from trading accounts.Securities and Exchange Commission (SEC) rejected two bitcoin ETFs.Another proposed ETF is not expected to be approved.Smith, however, thinks bitcoin is in its early stages.He said the SEC ruling was not a surprise.Winning such approval could take a long time.litecoin miner caseMeanwhile, regulatory approval has occurred elsewhere.litecoin rss feedBitcoin became legal payment in Japan on April 1.bitcoin farm apkAnother obstacle is the hard fork, which could cause a split into two bitcoins, regular bitcoin and Bitcoin Unlimited.btc robot bitcoin

Smith is not concerned about the hard fork since there are strong economic incentives to prevent it.He noted that the bitcoin blockchain has operated for more than seven years with no downtime, which no other back-end system operating at the same scale has accomplished.While the price of bitcoin has been volatile compared to traditional currencies, it has always rallied.After rising 20% in the first week of 2017, it crashed 35% when China cracked down on trading.bitcoin ponzi scheme 2017Since, then, it has recovered those losses and is up 25% for the year.bitcoin dogecoin chartFeatured image from Shutterstock.Bitcoin, the first cryptocurrency on the scene is the largest and the most valuable among all.Bitcoin boasts of having a massive network with the highest hashing power and a significantly large community compared to hundreds of altcoins that followed.

The leading digital currency has been exhibiting a strong positive price trend, hovering around $1200 mark since the end of last year.If the recent predictions turn out to be true, then the cryptocurrency will experience an exponential increase in value to hit $500,000 per bitcoin in the next 13 years.The latest among many Bitcoin prophecies was made by two individuals — Jeremy Liew and Peter Smith.Jeremy holds the distinction of being the first investor in the popular chat application, SnapChat while Peter Smith is the co-founder and CEO of a leading name in the cryptocurrency business, Blockchain.It is reported that the duo made this prediction in a presentation which they shared with the leading business news publisher — Business Insider.Jeremy and Peter have explained the rationale behind their Bitcoin price prediction, which is directly co-related to the increasing usage of the cryptocurrency in various applications.They have factored in the potential increase in the use of Bitcoin for remittance, which has already grown by 100 percent in the past 15 years according to World Bank’s estimates.

Similarly, the geopolitical uncertainties in the United States and the United Kingdom, along with other nations are also expected to drive Bitcoin adoption among people finding ways to shield themselves from risks associated with traditional investments.Bitcoin has presented itself as an ideal alternative financial system capable of offering various services to the unbanked and the underbanked.The increasing mobile penetration in developing nations makes it easier for such services to reach the deserving population.The duo estimate Bitcoin transactions to make up for 50 percent of total mobile phone based transactions in the coming years.Few important numbers presented by the publication, as per the inputs received from Jeremy Liew and Peter Smith puts Bitcoin Network growth at 6100% by 2030, which is close to the 5400% growth experienced since 2013.With over 20 million Bitcoin in circulation during that time combined with a drastic rise in community members, the demand for cryptocurrency will be at an all-time high in 2030.