Kim Dotcom: The price of 1,000 USD is too cheap, and the ultimate goal is to break the trillion USD market value

Bitcoinist spoke to digital currency experts Kim Dotcom, Reggie Middleton and Tone Vays about the state of Bitcoin this year.

What the experts say

Few could have predicted that the price of Bitcoin would double in 2016. Only the most devoted Bitcoin supporters would have such a positive view. I personally thought that the price could reach $800 by the end of 2016, but I never expected the Bitcoin buying frenzy that would set off in December.

So where will Bitcoin go from here? Will the price of Bitcoin be affected by certain factors in 2017? With these questions, I interviewed three experts in the field of digital currency. They shared with me the development of Bitcoin this year. The first one is Bitcoin trader and bravenewcoin research director Tone Vays.

Bitcoin started 2017 very strongly. Segregated Witness (SegWit) will play a positive role in guiding the price of the currency. Once SegWit reaches the final consensus stage and passes smoothly, the price of the currency should reach $2,000 by the end of this summer. Then there may be a correction in August (just like the halving day, the price rose significantly in the first three months and gradually fell in the last three months), so the price of the currency should be between $1,500 and $1,750 at the end of the year.

Reggie Middleton is the founder of blockchain company Veritaseum and an expert at predicting the rise and fall of financial market products. However, he does not own any Bitcoin.

I have always been cautious about price predictions because it is not my job. However, I am still bullish on Bitcoin prices. Capital controls, crises in Asian and South American countries, and pressure to reform fiat currencies are all factors that drive the price of the currency up. More intuitively, Bitcoin plays the role of a put option when FICC (fixed income, foreign exchange and commodity trading) is weak or a call option when FICC volatility is high. Bitcoin will benefit from Trump's inauguration, the failure of the European Central Bank's (ECB) macro policy, and currency wars in developing countries.

Kim Dotcom is a legend, and his ideas are always interesting. His Bitcoin project BitCache is coming out, so I thought he must be optimistic about "Internet money". It turns out that he didn't disappoint me. He always looks ambitious.

For the average person, $1,000 seems too expensive to buy one Bitcoin. But the current market value of Bitcoin is just over $16 billion. The total value of all gold in the market is nearly $7 trillion. Once Bitcoin becomes widely used, it would not be surprising to see its market value reach 1万亿美元. Do the math, the current price of the currency is too cheap. In the next ten or twenty years, the price of the currency may reach 10万美元. Hold on to your coins, the price of Bitcoin can reach 2000美元in 2017.

The price of the currency doubles every year?

I may not be a Bitcoin expert, but I think it's likely that the market value of Bitcoin will double every year, $2,000 this year, $4,000 next year, and so on.

At present, the global economy is turbulent, and more and more countries are engaged in currency wars, which has led to a rise in the price of Bitcoin. Just as Middleton said, people will gradually find that the value of Bitcoin is either monetary value or economic hedging value. In my opinion, as the freedom of cash is gradually being taken away, the global digital currency industry will surely shine.

Bitcoin faces obstacles from its own scalability and popularity issues. The Bitcoin community must unite to solve the problem of Bitcoin transaction processing. Bitcoin, a publicly traded digital asset, just celebrated its 8th birthday. In these short 8 years, Bitcoin has developed rapidly. However, in order to fully realize the potential of Bitcoin, there are still many obstacles to overcome.