Crypto Price Prediction: Bitcoin Could Hit $100,000 In 2021
Dennis Porto, a Harvard scientist who invests in cryptocurrencies, said that bitcoin is subject to the same rule as everyone in the digital world - Moore's Law, and will double in price every 8 months for the next three and a half years.
Since the beginning of August, bitcoin has risen in price by more than 16%, and since the beginning of 2017 - by 465%. And this is just the beginning. According to investor and scientist from Harvard University Dennis Porto, the world's most popular cryptocurrency will reach a price of 100 thousand dollars.
The empirical law was formulated in 1965 by Intel co-founder Gordon Moore. In the original, he says: the number of transistors on the chip of the integrated circuit doubles every 2 years. "Moore's Law is formulated for the number of transistors in a computer chip, but can be applied to any digital technology," says Porto.
"Any technology that grows exponentially (that is, obeys Moore's Law) doubles its core performance over a period of time," explains the expert.
Applying Moore's Law to bitcoins, Porto concluded that its value doubles every eight months.
"This pattern creates a unique opportunity for investors. Most of them found it difficult to invest in obscure Internet technologies, but literally anyone can buy bitcoin," says Dennis Porto.
Bitcoin, according to the expert, will follow the trend set by Moore's Law, until it becomes one of the largest financial assets in the world. It should be borne in mind that we are talking in principle about the most popular cryptocurrency at the moment. So far it is bitcoin, the position of which could not be shaken even by the split of a single blockchain and the emergence of a new bitcoin - Bitcoin Cash. But at any moment it can be removed from the pedestal by some more attractive cryptocurrency for miners and investors. Then she will obey Moore's law.
However, such a scenario still seems unlikely. According to Dennis Porto, it is bitcoin that will continue to double in price every 8 months until February 2021, when its value will exceed 100 thousand dollars, having increased more than 28 times compared to the current one.