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October 20, 2013, 12:03:43 AM |
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This is complete speculation, but...
I have a sense that BTC markets and price are stabilizing. I know it doesn't seem that way with this last burst, but I think what we saw in April 2013 is the last time we will see this market driven by pure speculation.
I think as BTC ages, its price will grow to $1000 and beyond as factors continue to substantiate that growth. More adoption by big merchants, more adoption and regulatory rulings by gov. agencies, more innovations that make it more consumer friendly, more instability in regional world governments, etc. etc.
It will be institutional investors that eventually get us to $1000+. Mom and pop can get us to new highs, but the BTC markets need billions of new capital investments into its coffers to get to 4 digits and beyond.
Bitcoin will have to reach the level of "The Cloud" or "The IPhone" ----> a "public" status of something that is both here to stay and revolutionary. Once this happens, once we start hearing Bitcoin being talked about as an accepted innovation, once we start seeing national commercials with reference to (or about) Bitcoin, public (and private) opinion will take us to $1000.
I still think this is probably at least over a year away.
This idea that "things have grown expotentially so they will continue that way" is a fallacy, imo. We are now at $$ figures that are much much harder to expotentialy grow.
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