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Cryptocurrencies and especially Bitcoin more than caught the attention of investors in 2017, they became infatuated with it. Bitcoin started the year at $963.38 and ended at $13,850.40 for a gain of 1,338%. It nearly reached $20,000 coming close at $19,870.62 on December 17th. This has led to Bitcoin and other cryptocurrencies getting huge media exposure and the creation of thousands of new ones. (Note for this article I’ve abbreviated cryptocurrencies as CCs).
There are many reasons that CCs could increase or fall in value but the underlying reason will be supply and demand. To get a handle on what could drive the price of Bitcoin significantly higher I’ve outlined 9 reasons below. I’ve arbitrarily picked $100,000 as I’ve also heard that it could go to $1 million but I suspect that is to get media attention.
Limited to 21 million Bitcoins
At most there will be 21 million Bitcoins (or there are supposed to only be 21 million) “mined” or created. The first one was mined on January 3, 2009 and there are currently about 16.8 million in “circulation”.
As you can see from the logarithmic chart below it is becoming harder to create additional Bitcoins. Having it be harder to mine along with a limit on how many can be created makes the supply side come into play.
First mover, network effect and media exposure
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