While not comprehensive, according to a new LendEDU survey of American bitcoin traders, 77 percent predict that the bitcoin price will appreciate even more rapidly in 2018 than it has in 2017.
Querying 565 BTC investors in mid November 2017, the survey indicates — whether wrong or right — that many Bitcoiners are expecting mammoth returns in rapid fashion in the coming months.
While that dynamic might reek of a speculative bubble, there is at least reasonable cause for such investment excitement, as Bitcoin futures from pre-eminent institutions like Nasdaq, TD Ameritrade, and the CME Group, Inc. are catalyzing Bitcoin’s evolution into a new, mature asset class.
But how feasible would an even faster 2018 performance be?
At press time, the bitcoin price has appreciated a titanic 2,300 percent over the last year.
That means for the investors in the new LendEDU survey to be correct, the bitcoin price would have to explode higher than 2,300 percent (and likely then some) in less than 12 months.
Well, if we take the present bitcoin price ($19,100 USD) and multiply it by 2,300 percent, we arrive at $439,300. And, to be fair, reaching that amazing sum so quickly seems all but impossible from the market’s current vantage point.
What seems much more likely is that BTC has an impressive performance in 2018 that doesn’t quite match its 2017 performance.
But, with all that’s happened this year, it is certainly hard to bet against Bitcoin. A half-million dollar price tag may indeed be possible one day, though it seems more likely that that price would come in, say, five or ten years — not one.
The grand takeaway, though? North American investors are bullish on Bitcoin’s potential. As are countless others around the world.
Higher prices are surely coming, but how high is what everyone’s toiling over right now.
TLDR: A supermajority of bitcoin investors believe the price of bitcoin will appreciate even more rapidly in 2018 than it did in 2017.