Bitcoin is still in the very early adopter phase. It has a long way to go before going mainstream. It took 35 years for the refrigerator to reach complete adoption and 15 years for the cell-phone.
Bitcoin and same counts for all other cryptocurrencies, are just at the start of the adaption. Only 1% of all US citizens own any Bitcoin at all. Cryptocurrencies are high-risk assets but can result in enormous high-rewards. Therefore, they should make up only a very small percentage of your overall investment portfolio.
A mainstream adoption is looking more likely because more and more people get involved with every day. Unless a black swan event happens, it will continue doing so.
So, if only about 3 million people own Bitcoin, how would the price of Bitcoin look like if 320 million would have some. The maximum amount of Bitcoins that can ever exists are 21 million. And don’t forget how popular Bitcoin is in Asia, Europe and South America. It’s also getting more popular in Africa, too.
15 million Bitcoin already exist today, and the remaining 6 million will be mined over the coming decade. With only a limited amount available, should Bitcoin go mainstream, the price would go through the roof into another Galaxy.
There will be extreme volatility but the adaption of the public moves on. It is becoming easier and safer to buy Bitcoin. Currently Bitcoin is priced at 9,500. Pantera Capital’s CEO Dan Morehead believes Bitcoin will hit $42,000 in 2019 and $356,000 by 2022. If Bitcoin goes mainstream, you wished you would have bought some at Morehead’s price targets!
So, if you think you’ve missed out on Bitcoin, look at the big picture and a little further into the future!
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