Since bitcoin’s dramatic climb in 2016 and exponential surge in 2017, it has grown quite a following – and not all opinions have been positive. Nonetheless, those with positive things to say about the flagship digital currency appear to have retained their optimism, and stay true to their faith in it despite the substantial fall that it has taken of late.
There’s a group of HODL’ers who are anarchists and see Bitcoin as a way to bring down the government-owned financial institutions which have been primarily responsible for major crashes, where rich end up getting richer while others are left at the mercy of the government.
A recent case in example is Nirav Modi, a diamond merchant from India scammed the Punjab National Bank approximately $1.8 billion. By the time cases were filed against him, he already fled the country. The banking-corporate-government nexus leads to wiping out of public wealth, and they are then later “subsidized” or “bailed-out” at the cost of inflation. Many such HODL’ers believe governments have lost their credibility to be trusted with matters of money.
2017 – An Unmatched High for Bitcoin
Bitcoin (BTC) started 2017 just over $1,000 according to CoinMarketCap and hit its highest point of $20,089 on December 17.
Unsurprisingly, the 20-fold price increase led to a worldwide frenzy, with people going as far as getting into excessive debt and mortgaging their homes in order to buy bitcoin.
Yet bitcoin’s all-time high was short-lived, having crashed down to around $7,000 less than 30 days later. Market panic largely contributed to the downfall, with scores of investors around the world hastily selling their BTC holdings.
Trading above $10,300 at the time of writing, bitcoin has recovered slightly, however, the cryptocurrency remains a far cry away from its days of plenty.
The Faithful Remain Optimistic
Despite yet fully acknowledging all of the above, there remain an astounding number of Bitcoin Believers entirely unperturbed by the turn of events.
“I feel the exact same about my crypto investments at a $20,000 price as I did about it at a $6,500 price,” says Scott Weiss, an Arizona Lawyer that bought into bitcoin when it was close to $20,000. “I am a long-term holder and believe bitcoin will survive this turbulence.”
The 48-year-old cryptocurrency enthusiast is one of many who believes that the future of bitcoin is only beginning. “I am confident it will continue (with intermittent crashes along the way),” he added with confidence.
Volatility Nothing New For Bitcoin
Aside from its spectacular ascent, bitcoin is arguably most famous for its volatility. Indeed, the recent devastating crash was not the first for bitcoin, as a similar situation took place in 2013 when the cryptocurrency was trading around $1,000.
At the time, after surging from just $378 to an impressive $1,163, the cryptocurrency lost almost 90 percent of its value and dropped below $160. That was the sixth instance that skeptics claimed the bubble had burst, and now we have seen the twelfth instance for January 2018.
Tom Lee, Others Continue to Predict A Strong Comeback
Just as it is commonly accepted that bitcoin will experience countless crashes in the future, it is also widely expected that it will surge again.
Fundstrat’s Tom Lee recently predicted that bitcoin is set to hit $20,000 and even $25,000 in 2018. “It has been a terrible few weeks, but the fundamental positive story for crypto remains intact,” Lee said on February 1, 2018. At the time of his statement, Bitcoin was still trading under $8,000.
Others still are even more hopeful, predicting a surge as high as $50,000 in 2018. Outlier Ventures CEO, Jamie Burke, has spoken of a possible bull-run even more remarkable than that of 2017, with the cryptocurrency market as a whole potentially hitting the $1 trillion mark.
Swissquote’s Head of Market Strategy, Peter Rosenstreich, takes a more cautious view, stating that the price of bitcoin is likely to stabilize between $7,000 and $12,000 over the course of 2018.