[2014-06-10] Bitcoin price 'to hit $2000' by end of the year

[bitsmichel]

The price of one bitcoin will reach $2000 by the end of 2014, a venture capitalist has predicted - a 226pc increase from the virtual currency's present value.

"I actually think $2000 is a pretty conservative estimate," he told The Telegraph. "We don't know for sure if it's going to happen in this year, but there's no doubt in my mind that Bitcoin's price is going to be thousands of dollars and, almost for sure, tens of thousands of dollars for one."

Source : http://www.telegraph.co.uk/finance/currency/10960012/Bitcoin-price-to-hit-2000-by-end-of-the-year.html

I think it's an interesting prediction. What do you think? will we hit $2000 by the end of 2014 ?
Personally I think we'll see $4000 per bitcoin one day

[Chef Ramsay]

If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

[Minecache]

While our unsavoury friends in the Islamic State rage a holy war against the righteous and fund it entirely through the bit coin system I dont see it happening.

[bitsmichel]

If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

How would Rand Paul solve the problem? Of course one could print a banknote that says '9 trillion dollar', but I'm not sure how the Chinese would react to that; 5 to 20 years is a very short time, do you think the US will be in a critical situation then?  Perhaps one day we'll see a crypto-currency accepted anywhere as world currency. 

[colinistheman]

Perhaps one day we'll see a crypto-currency accepted anywhere as world currency.  

It's not a matter of "perhaps" or "if". It's how soon. Digital currency is definitely replacing fiat.

Just look at Star Trek. Have you ever seen them carry about a bunch of dollar bills? Gold Pressed latinum is about it, but the rest is digital :p  Heck, they're probably using Bitcoin

[Ron~Popeil]

If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

How would Rand Paul solve the problem? Of course one could print a banknote that says '9 trillion dollar', but I'm not sure how the Chinese would react to that; 5 to 20 years is a very short time, do you think the US will be in a critical situation then?  Perhaps one day we'll see a crypto-currency accepted anywhere as world currency. 

You would have to call it 9 trillion dorra to get a response. 

Seriously though I have a feeling that America is finally ready for the liberty movement. The last 16 years of bad leadership paved the way. Ron Paul shook up the establishment last time around. His son might be a little more palatable for the GOP establishment desperate for a winner.

[Kprawn]

There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

There are less than 13 000 000 bitcoins availlable but not all are in circulations. Currently with the price of bitcoin circling at $600 US it's total value is about $7.8 Billion US. {If my calculations are correct}

As Bitcoin Jesus said in that article, there are not enough bitcoins to give each person in the UK even 1. {If you consider, that the monthly salary of the average UK worker is way above the current value of bitcoins, you would need to push the price per bitcoin up by 10 times, just to cover wage benefits, and that would amount to a bitcoin price of $ 6000 US per bitcoin.}

Then multiply that with 1000 if other countries also adopt bitcoin as a alternative and you get to a bitcoin price of $ 60 000 per bitcoin. {Now salaries are covered, what about the rest}

These are gross over exageration of figures, just to make a point, as to what has to happen, if bitcoin are accepted as a fiat substitute.

[Carlton Banks]

There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

There are less than 13 000 000 bitcoins availlable but not all are in circulations. Currently with the price of bitcoin circling at $600 US it's total value is about $7.8 Billion US. {If my calculations are correct}

As Bitcoin Jesus said in that article, there are not enough bitcoins to give each person in the UK even 1. {If you consider, that the monthly salary of the average UK worker is way above the current value of bitcoins, you would need to push the price per bitcoin up by 10 times, just to cover wage benefits, and that would amount to a bitcoin price of $ 6000 US per bitcoin.}

Then multiply that with 1000 if other countries also adopt bitcoin as a alternative and you get to a bitcoin price of $ 60 000 per bitcoin. {Now salaries are covered, what about the rest}

These are gross over exageration of figures, just to make a point, as to what has to happen, if bitcoin are accepted as a fiat substitute.

Think of it as 1.3 quadrillion. I paid 0.034 BTC for take-out the other day, Bitpay seem to be happy with the bit pennies I gave them

[Gianluca95]

The price of one bitcoin will reach $2000 by the end of 2014, a venture capitalist has predicted - a 226pc increase from the virtual currency's present value.

"I actually think $2000 is a pretty conservative estimate," he told The Telegraph. "We don't know for sure if it's going to happen in this year, but there's no doubt in my mind that Bitcoin's price is going to be thousands of dollars and, almost for sure, tens of thousands of dollars for one."

Source : http://www.telegraph.co.uk/finance/currency/10960012/Bitcoin-price-to-hit-2000-by-end-of-the-year.html

I think it's an interesting prediction. What do you think? will we hit $2000 by the end of 2014 ?
Personally I think we'll see $4000 per bitcoin one day

Absolutely good news !

Probably, I think that in the next future, people, exchange ecc. will move and act in mBTC, not BTC, because value of 1 BTC will be too much high.

[Mowcore]

We have some good support in the comment section of that article. Makes a change!

[LiteCoinGuy]

2000 sounds legit because of the VC money and the ETFs etc etc

[roslinpl]

I like bullish articles   as I though on my own that we will hit >$2000 very soon (very soon = a year).

I am not sure what will be at the end of 2014 as we have already 2014-07-11 and we haven't seen any good rally this year ...
What we saw was a drop.

I am sure that with a good wind we can get higher than $2000 this year but for now price is ~$620, so it might be hard ...

Time will show.

[Whitehouse]

This is just pure speculation based off nothing. Any guess on the price is literally just I hope it's this much by then. Don't get me wrong, I'd love 2k, but there's not sceience behind this statement and this article is uterlly redundnt.

[cr1776]

There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

...

They are divisible.

[Honeybooboo]

There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

...

They are divisible.

Jeeze, kprawn you don't seem very clued up about bitcoin. This is one of the great benefits of bitcoin. If demand was that great more decimal places could be added and the coins we owned would grown in value, but the eight decimal places we currently have are more than enough.

[Kprawn]

I am clued up enough to know, you cannot buy a $80 Billion item with BTC as it stands now. {Couple of jets or a Aircraft carrier.. you know, the things governments buy}

Let's be realistic about these things.

Do the math, with the availlable {liquid} bitcoins at it's current price. {13 000 000 minus 1 000 000 of satoshis coins not in circulation and the estimated 80% to 90% of the rest of the coins being hoarded}

Imo it's not doable. {With a increase in the price per bitcoin to +/- $ 50 000 USD these type of transactions would become more viable}

[colinistheman]

Let's be realistic about these things.

Do the math, with the availlable {liquid} bitcoins at it's current price. {13 000 000 minus 1 000 000 of satoshis coins not in circulation and the estimated 80% to 90% of the rest of the coins being hoarded}

It's just a matter of divisibility like the others have said. There are MORE than enough bitcoins for every man, woman and child on earth. You wouldn't be dealing in whole bitcoins thats all. You just have to get over the psychological barrier of a "whole" coin. The denominations would be named different things. That's all. It's very, very simple to grasp.

I am clued up enough to know, you cannot buy a $80 Billion item with BTC as it stands now. {Couple of jets or a Aircraft carrier.. you know, the things governments buy}
...
Imo it's not doable. {With a increase in the price per bitcoin to +/- $ 50 000 USD these type of transactions would become more viable}

And that's what will happen.  A single bitcoin will be worth $50,000 some day.  Give this young currency a chance to develop before you dismiss it. Think a little in futures won't ya? How long has the US dollar been around? More than 5 years?

[nwfella]

Perhaps one day we'll see a crypto-currency accepted anywhere as world currency.  

It's not a matter of "perhaps" or "if". It's how soon. Digital currency is definitely replacing fiat.

Just look at Star Trek. Have you ever seen them carry about a bunch of dollar bills? Gold Pressed latinum is about it, but the rest is digital :p  Heck, they're probably using Bitcoin

/facepalm

There is no currency in the Star Trek future.

[Kprawn]

I am clued up enough to know, you cannot buy a $80 Billion item with BTC as it stands now. {Couple of jets or a Aircraft carrier.. you know, the things governments buy}

So I guess nobody read the "...as it stands now" part in this thread. Not the future...Now. But anyhow, I made my point, you do the math.

[Minecache]

A lot of wishful thinking in this thread. One day I'd like to see the price rise at a sustain gradual growth. But until then all I can do is try to buy as many bit coins as cheaply as possible before any price escalation.