Bitcoin has enjoyed a stellar 2019 thus far, with many analysts and cryptocurrency investors believing that the world’s leading digital token is in the midst of a bull run which could be maintained for some time. Despite the fact that Bitcoin is enjoying a surge right now, however, international regulators and staunch critics of cryptocurrencies continue to insist that the digital currency is on its way out the door, leading to bitter feuds surrounding its future valuation.
Is there any truth behind the doom-and-gloom predictions asserting that Bitcoin is destined for failure? Can Bitcoin really maintain a possible bull run for long? Here’s what we know about the cryptocurrency right now, and how it may fare in the immediate future.
Bitcoin has proven the doubters wrong before
It Bitcoin can claim anything, it’s that the cryptocurrency has repeatedly proven its doubters wrong time and time again. In the earliest days of cryptocurrency trading, many insinuated that tokens like Bitcoin were absurd and never had a chance of taking off, yet here we are now, years later, observing it slowly but steadily tick upwards. Later on, doubters continued to insist that Bitcoin’s growth was simply a bubble that was destined to pop sooner rather than later, and while the token has seen some downturns it’s nevertheless persisted and could even breach $11,000 soon.
It would be foolhardy, however, to assert that Bitcoin will enjoy smooth sailing from here on out; the volatile cryptocurrency is still in the sights of regulators who would love to see it topple from its perch at the top of the marketplace, for instance. Regulators have long mused about stymieing the ability of Bitcoin miners to add additional tokens to the marketplace, with Chinese and American regulators, in particular, being pushed by some to assert great control over cryptocurrencies in general. It’s thus possible that Bitcoin’s possible bull run could be thwarted early on by regulators who are eager to halt the growth of the world’s leading cryptocurrency.
If Bitcoin manages to breach the $11,000 barrier sooner rather than later, however, we could enjoy a gold rush in valuation not seen since its 2017-era heyday. While the very symbol BTC was once alien to many people, Bitcoin has since inflated its reputation and now enjoys household name recognition in many developed areas of the world. The popularity behind the rising digital token could thus help it eschew harsh regulations which would stymie its potential to reclaim its once lofty valuation figure.
Bitcoin won’t be alone
Another thing to consider is that Bitcoin won’t be alone when it comes to achieving future growth. Other tokens have been popping up in droves in response to Bitcoin’s success, with cryptocurrency investors eagerly hoping that the horse they back will prove to be the next hot ticket in the market. Major corporations, too, are now finding themselves more interested in cryptocurrencies and the underlying blockchain technology driving it forward than they ever were before. Facebook is planning its own cryptocurrency debut at this very moment, for instance, so the injection of alternative investment options into the cryptocurrency marketplace could potentially disrupt Bitcoin’s bullish prospects.
Investors must also take into consideration the fact that the famous halvening is drawing closer and closer. When the Bitcoin halvening eventually hits, the market will be a tumultuous place where many investors make huge moves all at once, which could have a drastic impact on its long-term valuation. Reducing the reward for Bitcoin mining hasn’t stymied the cryptocurrency’s ability to grow in the past, but as miners find it more demanding to generate additional tokens they’ll could potentially find.