In recent months, the price of Bitcoin has been on the rise, reaching over $69,000 in December 2020. Some experts believe that the price could continue to rise, potentially hitting $100,000 in 2023. These four factors will determine whether this predictions comes true.
First is the continued global economic uncertainty. Second is the increasing institutional adoption of bitcoin. Third is the dwindling supply of new bitcoins. And fourth is the growing mainstream acceptance of cryptocurrency.
1. The first factor that will determine whether bitcoin price hits $100,000 in 2023 is the level of adoption.
Bitcoin needs to be adopted by more businesses and individuals in order for the price to reach $100,000. Currently, there are a limited number of businesses that accept bitcoin as payment, and even fewer individuals use it as their primary form of currency. If more businesses and individuals start using bitcoin, then the demand for it will increase, driving up the price.
Another factor that will drive up the price is the halving of bitcoin. The next halving will occur in 2024, which will reduce the number of new bitcoins being created by 50 percent. This means that miners will only be paid 6.5 bitcoins per block, not 12.5.
2. The second factor that will determine whether bitcoin price hits $100,000 in 2023 is the level of investment.
The higher the level of investment, the higher bitcoin price will reach.
If more people invest in bitcoin, then the price will go up. Investment can come from both individuals and institutions. Institutions are starting to invest in bitcoin more and more, but they are still a small percentage of the overall market.
If more institutions start investing in bitcoin, then the price will increase.
3. The third factor that will determine whether bitcoin price hits $100,000 in 2023 is government regulation.
Government regulation can either help or hurt the price of bitcoin. If governments start cracking down on cryptocurrency exchanges and banning them, then the price of bitcoin will likely go down.
However, if governments start recognizing bitcoin as a legitimate currency and start regulating it accordingly, then the price of bitcoin will likely go up. In the end, no one knows for sure what will happen with bitcoin.
It’s also clear that people are starting to see the potential of cryptocurrency. This awareness should help to drive up the value of bitcoin over time.
4. The fourth factor that will determine whether bitcoin price hits $100,000 in 2023 is public perception.
If the general public starts to view bitcoin as a legitimate currency and investment opportunity, then the price will likely go up. However, if the general public continues to view bitcoin as a risky investment with no real use case, then the price is unlikely to reach $100,000 in 2023.
In conclusion, the price of Bitcoin has been on the rise and is expected to continue to rise in the next few years.
Some experts believe that the price could reach $100,000 in 2023. For those who are interested in investing in Bitcoin, now may be a good time to do so.