Bitcoin (BTC) Price Forecast for 2022, 2025, 2030 and 2040

intermediate

Amy January 30, 2022 16 m Share

Will Bitcoin be able to repeat the price peak it reached in the winter of 2017-2018? Complex issue. There are many speculations about how BTC managed to demonstrate such an incredible price rise. The highest price in its history is $20,000. Bitcoin reached its peak value so suddenly that it took even the most sophisticated analysts by surprise.

Historical peak in Bitcoin (BTC) price in December 2022.

How is this possible? Only recently, 5,000 coins could buy one Papa John's pizza (on May 22, 2010, László Hanyecz bought two pizzas for 10,000 BTC). How suddenly this coin became the most valuable virtual currency in the world!

In this article, the Changelly team will talk about the value of the coin today and give a Bitcoin price forecast for 2022, 2025 and 2030!

Bitcoin (BTC): Market Data

The data above is current as of January 27, 2020.

Latest news about Bitcoin

#1. Bitcoin hash rate has decreased

In September 2022, the Bitcoin hash rate dropped sharply by 30%, from 98 to 67 EH/s. The amount of computing power often experiences dramatic fluctuations. However, the latest decline was the largest in a long time. Now the indicator varies from 80 EH/s to 100 EH/s.

Hashrate chart at the end of 2022.

#2. China will become a blockchain leader

According to President Xi Jinping, blockchain adoption is critical to innovation in key technologies and industry transformation.

At the 18th meeting, the President advocated examining the current situation and development trends of blockchain. He noted that technology is currently being actively developed in large countries, and China has a good base for this activity.

According to him, China is capable of becoming a world leader in the field of blockchain to gain new advantages in the industry.

The head of the PRC also drew attention to the need to integrate blockchain not only into the real economy, but also into related information technologies, such as artificial intelligence, big data and a control system for industrial equipment via the Internet.

Xi Jinping emphasized the need to create a blockchain industry ecosystem in the country. At the same time, he believes it is important to strengthen industry leadership and regulation.

At the dawn of Bitcoin

The first major surge in Bitcoin growth was due to significant events that occurred in 2010. It all started on February 6 with the launch of the BitcoinMarket.com crypto exchange, where 1 bitcoin initially cost $0.003.

This was followed by the first online purchase of a physical product using Bitcoin. On May 22, 2010, the same legendary story happened with the purchase of pizza for 10,000 BTC. Laszlo Haniec, a resident of Jacksonville, Florida, ordered two Papa John's pizzas on the Bitcointalk forum and transferred payment to the user who arranged the delivery. According to various estimates, Haniec paid only $25–40 for that order.

On July 11, a truly significant event occurred in the history of Bitcoin. Bitcoin was mentioned on the popular news resource Slashdot, which provoked a 10-fold increase in its price over the next 5 days - from $0.008 to $0.08 per 1 BTC.

Soon, on July 17, 2010 , the Mt.Gox exchange was launched, which subsequently repeatedly influenced the cryptocurrency market.

After several months of fluctuating between $0.06 and $0.07, the value of Bitcoin began to rise rapidly in early October. A month later, on November 6 , the price of BTC reached $0.35 on the cryptocurrency market and $0.5 on Mt.Gox. At that time, Bitcoin was worth almost 17 times more than at the beginning of the year, and its market capitalization reached $1 million.

Bitcoin: rate of 2011 in the spring

At the end of March and beginning of April, it became possible to exchange bitcoins for currencies other than the dollar.

On April 16, 2011, TIME mentioned Bitcoin for the first time, devoting an entire article to it with the headline “Bitcoin online money could challenge governments and banks.” The author explains for a long time the essence of bitcoins, cites the current market volume ($5 million at that time will grow to 206 million in less than two months) and assures readers: the story is just beginning.

In the same month, the well-known resource WikiLeaks began accepting donations in Bitcoin.

The cost of virtual coins grew over the next months and by the beginning of June reached ten dollars per coin. The Bitcoin rate went up rapidly and became equal to $31.91.

BTC price fluctuations in 2011-2012

After a rapid rise to $0.5 and an equally rapid decline to $0.15, Bitcoin remained in the $0.2–0.3 price range until early January 2011 . Then the rate continued to move up, and on February 9, 1 BTC cost $1.

This was facilitated by the growing popularity of Bitcoin due to mentions in Hacker News and Twitter. The number of miners increased, the Silk Road website was launched on the darknet, where BTC became the main payment system.

In mid-April , when TIME magazine published an essay about Bitcoin, its rate finally surpassed the $1 mark and never fell again.

On June 2 , 1 BTC already cost $10. Over the next 6 days, on June 8, a breakthrough was made to $32. After another 4 days, the exchange rate fell again to $10, and then jumped sharply to $25.

As expected, the increased volatility of Bitcoin in the summer of 2011 was accompanied by bad news. On June 19, the Mt.Gox crypto exchange was hacked, as a result of which hackers stole and made public the data of more than 61 thousand clients of the exchange.

Despite the relatively small losses, news of this hack played a role, causing the price of Bitcoin on other exchanges to become unstable.

In the first week of August, the price of BTC fell from $15 to $6. In the summer, after a quick recovery to $12, the market corrected the bullish trend, which continued until November. The price of the coin was about $2.5 dollars.

Over the next year and a half, the price of Bitcoin was in the accumulation stage, it gradually increased to $14. The only serious decrease in price during this period (from $16 to $7) occurred in August 2012.

Bitcoin exchange rate dynamics in 2011–2015.

At the beginning of February, the BTC price level became equal to the US dollar. Then one Australian tried to sell a car for Bitcoins, setting the price at 3,000 Bitcoins. It was an old Porsche model and there were no buyers. In March, the Bitcoin rate soared, and then fell just as sharply, amounting to 70 cents.

At the end of April 2011, the market capitalization of the project exceeded 10 million USD. By that time, several Bitcoin exchanges had opened around the world, and the official press, for example, Time magazine, was talking about the coin.

In June, Bitcoin was trading at a price of 10 US dollars, and within a week this figure had tripled. The first hacker attacks began - as a result of one, 25 thousand BTC were stolen. Almost immediately, the attackers hacked the Mt.Gox exchange database and distributed more than 300,000 fake Bitcoins among users. Because of this, the cryptocurrency rate dropped to one cent per BTC.

Such an unprecedented collapse of the cryptocurrency market did not slow down the development of the project. Bitcoin was discussed at international conferences, and the number of users continued to grow. However, the price of Bitcoin remained at a low level for a very long time (almost two years).

Only on February 28, 2013, the chart broke the maximum level of $31. A month later, the market capitalization of the project reached 1 billion USD, and a week later the Bitcoin exchange rate reached the hundred dollar mark. Around the same time, two important events occurred: Germany legalized cryptocurrency, and WebMoney opened a special crypto wallet. It is difficult to say what influenced the further rise, but in mid-November they were already giving 1000 USD for one coin.

READ What will happen to the cryptocurrency market?

In January 2014, a drop in value followed, which was explained by the panicked state of users - the vice president of the Bitcoin Foundation was arrested for money laundering. The price dropped by $40. The following month, Bitcoin's rate dropped by another third when many crypto exchanges discovered problems with transactions. The price of BTC ended up being $600.

2015 was not distinguished by significant jumps in the exchange rate, but important events for the development of the network took place during this period:

1. Crypto exchange Coinbase broke a record and raised $75 million in funding.
2. Cryptocurrency startup 21 Inc has raised $116 million in venture funding.
3. In August, the total number of people making transactions with Bitcoin exceeded 160 thousand.

There was also a proposal to add the Bitcoin symbol to the Unicode table.

Bitcoin in 2013-2016

In mid-January 2013, a new cycle of rapid growth in the value of Bitcoin begins, which reaches its peak on April 11. BTC, which was once worth $1, has reached $266.

The bullish trend lasted throughout November . The price of Bitcoin reached $1240. This happened against the backdrop of positive news - one of the universities in Cyprus began accepting tuition payments in bitcoins. The situation was also positively influenced by the fact that Zynga, a giant in the field of online game development, promised to accept Bitcoin payments.

that began at the end of 2013 became the longest (at that time) in the history of Bitcoin. The crypto winter lasted 411 days until mid-January 2015 . During this time, BTC fell by 86% – from $1240 to $160.

On February 28, Mt.Gox owner Mark Karpeles announced at a press conference the bankruptcy of the exchange and the loss of 744.4 thousand client bitcoins “due to system problems.” At that time, the price of BTC on the exchange dropped to $100.

At the beginning of January 2015, the Bitstamp crypto exchange announced that 19 thousand BTC had been hacked and stolen. The Bitcoin rate fell to $170, but after the exchange resumed operations, it began to recover, reaching $300 at the end of January . Then a long period of consolidation began in the range of $200-300.

In early August, hackers hacked the Bitfinex exchange and stole 120,000 BTC. The price briefly fell below $500, and then the exchange rate hovered around $600 until the end of October. By the end of the year, there was a steady increase to $1000.

Bitcoin exchange rate dynamics in 2008–2010.

In 2008, the Bitcoin exchange rate as such did not yet exist; developments that preceded the currency were just beginning to appear. In August, a domain was registered that still plays the role of the official Bitcoin website - bitcoin.org.

In October, Satoshi Nakamoto posted the first technical document on the project.

At the end of the year, beta testing opened for those who want to try mining.

On January 3, 2009, the very first BTC block was released, called the “ genesis block ” (from the Greek “ genesis ” is translated as “ origin ” or “ emergence ”). On the 9th, the first version of Bitcoin was released.

The starting point on the Bitcoin rate chart was set in October 2009. The chart showed the following Bitcoin rate to the dollar: $1 = 1309 BTC. For trading, the New Liberty Standard exchange was used, which no longer exists.

Exchange rate changes in December 2009:

On December 16, the second version of Bitcoin was released.

The year 2010 began with the opening of the BitcoinMarket exchange; the coin rate at that time was approximately $0.0025. The number of platform users began to gradually increase. At the beginning of July, the cost of one coin increased tenfold: from $0.008 to $0.08.

READ Cryptocurrency hardware and software wallet SafePal: features, devices, SFP tokens

September 14 is considered the official start of mining on block No. 79764. On this day, a user with the nickname jgarzik invited the user puddinpop to jointly develop a Windows-compatible client called CUDA. jgarzik supplemented the offer with an amount of 10,000 BTC (at that time - about $650). Four days later the client was launched.

Starting in October, the Bitcoin rate gradually began to rise, and by November it was already $0.5. The project's capitalization has crossed the one million dollar mark.

Bitcoin Bullish Divergence in 2017

Bitcoin in 2017.
At the beginning of January 2017, the price of Bitcoin reached $1,150 for the first time since the end of 2013, but fell to $750 within a week. By mid-March, the rate gained new heights, briefly reaching $1300-1350. By the end of March , BTC fell to $900, but within a month it finally broke through the $1,350 level. In the last weeks of May, Bitcoin traded between $2,500 and $2,600, then corrected to $1,800. And already at the beginning of June it approached $3,000.

The growth in the rate is explained by the rapid increase in the number of network users and the fact that many companies and financial institutions have recognized Bitcoin as legal tender. An important role was also played by the fact that as a result of the hard fork on August 1, BTC owners could receive Bitcoin Cash (BCH) coins for free.

Then, thanks to the news of the launch of BTC futures by major American exchanges, an almost recoilless rapid growth began, and on December 7, Bitcoin was trading at $16,500.

Remembering 2022: main events in the Bitcoin and blockchain industry

12/31/2017 Andrey Asmakov

#Bitcoin#blockchain#cryptocurrencies

An exceptionally turbulent year for the cryptocurrency industry, 2022, is coming to an end. What he was like, what was remembered and what should be imprinted in memory - all this, despite the complexity of the task, is what ForkLog tried to figure out.

Record growth of the cryptocurrency market

2017 will be remembered primarily for the unprecedented growth of the cryptocurrency market, the main driver of which was undoubtedly Bitcoin. Let us remind you that on January 1, the first cryptocurrency surpassed the $1000 mark, and if that figure might seem incredible to someone, further events of the year can safely be called fantastic.

Bitcoin reached the $2,000 barrier at the end of May, after which its price, with periodic downward pullbacks, went exclusively upward, reaching $10,000 in November and, finally, $20,000 in December.

Data: Coinmarketcap

Despite the fact that at the end of the year the price of Bitcoin corrected noticeably (to $12,000 in the evening of December 30), many analysts and experts expect that in 2022 the first cryptocurrency will reach new heights.

An aspect such as market capitalization deserves special mention: at the beginning of the year, this figure for the entire cryptocurrency market was about $18 billion, but in December it already exceeded $600 billion. For Bitcoin, these figures were $16 billion in early January and $330 billion in December, respectively.

At the same time, throughout 2022, there was a parallel growth in most altcoins, the record holders being Ripple, Ethereum, Dash and Litecoin. This does not detract from the merits of many other cryptocurrencies, which also showed impressive growth and brought good dividends to their holders.

Such exponential growth, however, for a number of currencies, including Bitcoin, also had a downside in the form of a noticeably increased cost of commissions and long delays in confirming transactions.

Activation of SegWit, UASF and failure of SegWit2x

It was extremely difficult for an uninitiated person to understand the complex vicissitudes of the summer of 2022, when the long-term discussion about Bitcoin scaling reached its culmination and ultimately resulted in the activation of the Segregated Witness (SegWit) protocol.

The protocol itself was activated on August 24 at block 481.824 in the form of a soft fork and opened up opportunities for significant scaling of the network and the implementation of various innovative projects. However, this event was preceded by a long and toxic struggle between two camps - supporters of the Bitcoin Core development team, who are convinced that any important change in the Bitcoin source code requires careful work and thorough testing, and the so-called Big Blockers, adherents of increasing network throughput as quickly as possible by increasing the block size.

The concept of SegWit itself was proposed at the end of 2015, and in order to speed up its implementation, in May, a group of companies and influential players in the bitcoin industry signed an agreement called SegWit2x in New York. Positioned as a compromise, it consisted of activating Segregated Witness, but also included a hard fork with an increase in the block size to 2 MB. Bitcoin Core developers were not invited to discuss the plan.

All these events took place against the backdrop of active actions by a third party, which had its own idea of ​​​​the development of Bitcoin and had significant mining power at its disposal. By the summer of 2022, it became clear that the activation of Segregated Witness specified in the New York agreement upon reaching a level of miner support of 80% was a practically impossible idea. It was then that the concept of UASF (user-activated soft fork) was implemented, one of the features of which was that all user nodes signaling in support of UASF, from a certain time begin to reject blocks without such support.

The activation of the UASF took place on August 1, and although there were prior concerns that this would lead to the splitting of the Bitcoin blockchain into two separate chains, the so-called Bitcoin Improvement Proposal BIP 91 was activated a week earlier, and this scenario was avoided.

Meanwhile, despite the fact that the SegWit protocol was successfully launched, SegWit2x supporters, despite numerous criticisms, continued to insist on the need to increase the block size to 2 MB. They were not bothered by the fact that, from a technical point of view, this hard fork would not only be hasty, but also extremely dangerous for the entire Bitcoin network.

At a certain stage, the block number on which the hard fork was supposed to occur was also named, but in the end, a few days before the scheduled date, its supporters suddenly announced the abandonment of their plans.

It is noteworthy that at the end of December a hard fork under the same name did take place, but, as far as is known, it has no relation to those individuals who pushed the original idea.

Bitcoin Cash and the era of forks

All of the above events can rightfully be considered the beginning of a new era in the Bitcoin ecosystem - the era of forks. The most attention-grabbing of them, of course, was Bitcoin Cash, a project that was originally announced by the Chinese company ViaBTC and launched, like UASF, on August 1.

Controversial by nature and opposed by a large part of the community, Bitcoin Cash has been quite aggressive, insisting that it is a reflection of Satoshi Nakamoto’s original vision and therefore should be considered the “true Bitcoin.”

Leaving aside the arguments of Bitcoin Cash apologists and their often dubious marketing moves, it should be noted that five months after its launch, the coin has its own established community, is traded on a number of exchanges, and has also received support from services like Blockchain.info, Coinbase and BitPay.

Also, the Bitcoin Cash experience prompted the creation of a number of other Bitcoin forks, which in recent months have begun to appear like mushrooms after rain. Bitcoin Gold, Bitcoin Silver, Bitcoin Diamond, Bitcoin God - all of them, declaring their own exclusivity and uniqueness, appeared on the wave that Bitcoin Cash launched.

SEC vs ICO

On July 26, the US Securities and Exchange Commission (SEC) issued an official statement in which it expressed its position on the issue of initial coin offering (ICO). The statement was made following an investigation into the hacking of the decentralized autonomous organization The DAO in June 2016. Then the attackers took advantage of a vulnerability in the code and stole tokens worth about $50 million.

In its report, the SEC warned market participants that the sale of digital assets by “virtual” organizations that use blockchain technology for these purposes is subject to the requirements of federal securities laws. At the same time, a reservation is made that the answer to the question of whether tokens are considered securities depends on the specific circumstances of each specific project and token.

This statement, although initially of a recommendatory nature, also led to specific consequences. Thus, several projects were stopped, among which the most interesting case was probably the case of the Californian startup Munchee.

In addition, following the SEC, regulators in other countries, including Canada and Singapore, made largely similar statements. And the South Korean authorities went even further and, following the example of China, simply banned ICOs in the country. In addition, the American Commodity Futures Trading Commission (CTFC) has equated tokens to exchange products.

China – mass closure of exchanges and ban on ICOs

The Chinese authorities' attack on the local cryptocurrency industry began at the very beginning of the year: on January 6, the People's Bank of China stated that due to the high volatility of the Bitcoin exchange rate, investments in cryptocurrency could be extremely risky, which was followed by inspections of the country's largest exchanges - BTCC, OKCoin and Huobi . Based on their results, the regulator stated that the exchanges carried out their activities in violation of the current legislation on combating money laundering.

These events led to the fact that exchanges were forced to cancel margin trading, which was very popular, introduce trading commissions, and subsequently freeze the withdrawal of funds.

Only in early June, the exchanges, having optimized their work, resumed the withdrawal of funds, which had a positive impact on the rate of the first cryptocurrency. However, this turned out to be only a slight calm before the storm: if at the end of June the NBK insisted that new rules for the operation of exchanges would not be introduced, already in August the first harbingers of future shocks appeared.

In early September, the People's Bank of China issued an order banning initial coin offerings (ICOs) in the country, obliging their organizers to return funds to investors. The ICOs themselves were called “illegal financial activities.” As a result, within a few days after this decision, over 40 different ICO platforms stopped operating in China.

And a few days later a new blow followed: it became known about the authorities’ intention to stop the work of the exchanges. These reports were confirmed, and by the end of September, most platforms, including BTCChina, ceased operations.

Legalization and mass adoption of Bitcoin in Japan

On April 1, a law came into force in Japan recognizing virtual currencies such as Bitcoin as a legal method of payment. Now they can be used to make payments and move digital assets between companies and individuals. The new law also allows banking institutions to launch new payment systems and simplifies the procedure for purchasing IT enterprises.

Despite a number of fairly stringent requirements, the adopted law had an extremely favorable impact on the general acceptance of Bitcoin and the development of the cryptocurrency industry as a whole. In a short time, a large number of stores, hotels and even one airline announced that they were ready to accept payments in Bitcoin.

At the same time, in Japan there was also a tendency towards an increase in the number of cryptocurrency exchanges that require a special license to operate. At the end of 2022, there are already 16 such exchanges in the country.

BTC-e crash

July 25, 2022 marked the beginning of the end of an entire era in the cryptocurrency industry - it was on this day that the BTC-e exchange, popular among Russian-speaking users, went offline and never returned to work.

After some time, it became known about the arrest in Greece, at the request of the US authorities, of the alleged co-owner of the platform, Alexander Vinnik, after which events began to unfold at rapid speed: a fine of $110 million for facilitating criminal activities, accusations that 95% of the income of Bitcoin extortionists was cashed out through the exchange , domain confiscation and seizure of fiat accounts.

By the beginning of August, it became clear that BTC-e would not return to operation. Despite the fact that the exchange was subsequently relaunched as WEX.nz, it is too early to put an end to this story: the above-mentioned Alexander Vinnik will most likely be extradited to the United States, after which, in addition to his alleged involvement in the theft of funds from MtGox, the public may become new previously unknown details.

Ethereum network failures

Back in March, one of the founders of Ethereum and the lead developer of the project, Vlad Zamfir, issued a warning that the network was not reliable and scalable enough, also advising to avoid Ethereum if possible when creating important applications.

The avalanche-like growth of various token sales fully revealed the existing problems, and the most striking example was a large-scale failure in the network amid the excitement around the ICO of the Singaporean blockchain startup Status in June. Then many users, seeing that their transactions were not going through, began to increase the amount of gas, thereby creating an even greater load on the network. As a result, a number of large exchanges were forced to stop Ether deposits and withdrawals, and the Etherscan block explorer also failed to cope with the situation.

Problems were also observed in the Ethereum network in December, when part of the community was overwhelmed by the craze for the viral game CryptoKitties. According to experts, the Ethereum blockchain could not cope with the exponentially increased activity of CryptoKittens users, which caused an increase in the size of commissions and transaction confirmation time, and a number of projects, for example, SophiaTX, revised plans and postponed the crowdsale dates.

Users and developers hope that solutions like Raiden, Liquidity Network and Plasma Like will help fix existing problems, and there are also high hopes for a large-scale upgrade of Metropolis.

Hacker attacks, breaches and vulnerabilities

According to Kaspersky Lab research, in 2022, more than two thousand hacker attacks on ongoing ICOs were registered, as a result of which $300 million was stolen. Among the affected projects are CoinDash, Catalyst and Veritaseum.

A separate line should be highlighted for two cases of loss of funds in the Parity wallet. The first such incident occurred in July, when more than 150,000 ETH (about $30 million at the exchange rate on that day) was stolen through a discovered vulnerability. Among the victims were the projects Aethernity and Satoshi.Pie, the latter soon decided to close the fund.

The second incident occurred in November, however, this time the funds were not stolen, but were blocked as a result of an “accidentally activated” critical vulnerability in the smart contract. This time, several other projects were affected, including Polkadot, which, ironically, is led by Parity Technolgies CEO Gavin Wood.

Refusal to launch the Winklowoss brothers' Bitcoin ETF

The Winklevoss Bitcoin Trust could become the first exchange-traded fund in the history of financial markets that would work exclusively with Bitcoin and could attract the attention of large investors working in traditional assets. However, on March 10, after much speculation in the press, the US Securities and Exchange Commission (SEC) refused permission to launch the Winklevoss brothers' Bitcoin ETF.

In particular, the SEC found the proposal to be inconsistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of national securities exchanges be written to protect the interests of investors and the public interest by preventing fraud and manipulation.

The SEC also noted that most Bitcoin markets are unregulated, and BATS Global Exchange, where the fund was planned to be launched, did not enter into a monitoring agreement similar to those that apply to all previously approved exchange-traded products.

And although in April the SEC, after an appeal, granted BATS Global Exchange’s request to review its decision, the matter did not move forward. Moreover, several other companies, including Barry Silbert's Grayscale Investments, have withdrawn their applications to create similar funds.

The Winklevoss brothers themselves, thanks to the rise in the price of the first cryptocurrency as a “consolation prize,” received the status of the first Bitcoin billionaires in the world.

Launch of Bitcoin futures

The last month of 2022 was marked by the launch of futures contracts for the Bitcoin index on two major North American exchanges at once: on December 11, trading started on the Chicago Board Options Exchange (CBOE), and a week later on the Chicago Mercantile Exchange (CME Group).

According to most analysts, this is a turning point for the market with positive prospects. Futures bring increased liquidity and reduced volatility, as well as greater predictability of price movements. Thus, cryptocurrency exchange trading is expected to take on a more “civilized” look.

Moreover, such a large exchange operator as Deutsche Boerse is considering the possibility of launching futures for the first cryptocurrency.

Post-Soviet space - attempts to regulate cryptocurrencies and the introduction of blockchain

Throughout the year, there have been heated discussions in Russia, Ukraine and Belarus about how to regulate the cryptocurrency industry, and this process is still far from over.

So, if we talk about Russia, here opinions ranged from the need for a total ban and criminal liability for transactions with cryptocurrencies to broad government support for various initiatives, including in the field of mining and ICOs. Also, some politicians and public figures expressed the opinion that with the help of cryptocurrencies the country will be able to circumvent the sanctions imposed on it.

As a result, already in the last days of December, the Russian authorities seem to have more or less decided on their position. Thus, the Bank of Russia stated that it will not consider cryptocurrencies as a means of payment or payment, but admits that Russians will be able to use them when investing in ICOs. In addition, the department did not abandon the idea of ​​​​creating a national cryptocurrency. The Ministry of Finance of the Russian Federation, meanwhile, proposed to classify mining as a business activity and introduce an appropriate tax on it.

In neighboring Ukraine, in November, the National Bank of Ukraine, the National Commission for Securities and the Stock Market and the National Commission for Regulation of Financial Markets ]supported the initiative[/anchor] to legislatively regulate the status of cryptocurrencies in Ukraine.

Representatives of the departments indicated that the complex legal nature of cryptocurrencies does not allow them to be recognized as monetary funds, or the currency and means of payment of another country, or currency value, or electronic money, or securities, or a money surrogate. Any time frame for the adoption of the relevant bills has not been determined, but as regulators note, the issue is being worked out taking into account the latest trends in the development of such technologies.

Against this background, quite unexpected news came in December from Belarus, where President Lukashenko signed what has already been dubbed a “revolutionary” decree on the development of the digital economy. The document pays significant attention to the development of cryptocurrency payments and blockchain technology.

In particular, framework conditions are established for the use of cryptocurrencies and tokens, and tax benefits are introduced for transactions with them. In addition, resident and non-resident legal entities of Belarus have the right to own tokens, create and place their own blockchain assets through residents of the High Technology Park (HTP), as well as acquire, alienate digital assets and perform other transactions with them only through cryptocurrency exchanges and specialized operators . Individuals have the right to mine, acquire, exchange and alienate tokens for Belarusian rubles, foreign currency, electronic money, as well as donate and bequeath them. Mining, the activities of exchanges and cryptocurrency exchange operators do not relate to banking activities.

Within three months after the adoption of the decree, the National Bank must develop a regulatory framework for additional regulation of the industry.

Blockchain

2017 was a truly breakthrough year in terms of the implementation of blockchain technology in government processes in Ukraine. Thus, in April, the technology company Bitfury announced a partnership with the country’s government, under which it took on the task of providing a wide range of blockchain-based solutions for public administration.

The first steps in this direction were the June memorandums of cooperation in the field of integration of blockchain technology into basic registries and into the SETAM system for the sale of confiscated property and into the state land cadastre of Ukraine. The presentation of the updated State Land Cadastre based on blockchain technology took place in October.

In Russia, an alternative electronic document management system based on blockchain technologies was announced back in January, but the project was actually launched only in December. Sberbank of Russia and the Federal Antimonopoly Service (FAS) took part in its implementation.

The editors of ForkLog congratulate all its readers on the holidays and wish them a successful and productive new year! Stay with us!

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Price correction in 2022

Bitcoin in 2018.
During 2022, a correction of the “bullish trend” of 2017 was observed. The maximum BTC rate in 2022 was $17,000. The subsequent fall was again accompanied by negative news from Korea, where the authorities advocated banning anonymous trading in cryptocurrencies.

The fall in the rate continued until the beginning of February and reached the minimum of the 6th day ($6000). Unfortunately, the bearish trend took its toll, and from this point the exchange rate rose again, but by the end of June it fell to $5,800. Over the next 4.5 months, a triangle was clearly visible on the Bitcoin chart with the bottom line around $6,000, which had already become obvious to many.

After a slight rebound, the price continued to decline and reached a yearly low of $3,200 on December 15. After 3 days, the price of Bitcoin returned to the $4,200 area.

Bitcoin in 2019.

Until the beginning of February 2019 , the price continued to move down, breaking through the $3,300 level. But on April 2, BTC reached $4200, and a few hours later – already $5100. Subsequently, it turned out that the reason for this was the purchase of 20 thousand bitcoins by one buyer on several exchanges. Many considered this a signal of the return of major players to the market.

The currency's growth in 2022 occurred in June . The highest price was $13,275. The price increase may be due to the launch of Bitcoin futures - this type of trading has become especially popular in 2022. Since then, the price of Bitcoin has declined throughout the year.

Current Bitcoin rate

Bitcoin price on November 29, 2022:

• in dollars - 4,371.26;
• in euros - 3,850.04;
• in rubles - 291,497;
• in yuan - 30,374;
• in yen - 495,929.

The Bitcoin chart is at an average level, far from the maximum and minimum. The chart changes every few seconds, and the daily fluctuation is $300.

The currency data table provides the following information: The current network hashrate is 318.855 PH/s, the total number of issued coins is 17.4 million out of 21 million. It is believed that quotes should increase as they approach the final figure. True, the last block will be mined only in 2140.

Bitcoin: bulls and bears

Undoubtedly, financial giants such as Warren Buffett and Joseph Stiglitz are making very dire predictions for Bitcoin prices . However, many influential and successful opinion leaders are 100% confident in the future success of the coin.

Here is a resonant tweet from Barry Silbert, which lists the most famous Bitcoin bulls and bears. After reading this post, everyone will understand that there is no shortage of support for Bitcoin in the classic business community.

Impact of Bitcoin halving in 2022

Will halving help us understand Bitcoin price predictions? Let's see!

Halving - a reduction in rewards and BTC emissions by 2 times - affects the number of miners who receive bitcoins as a reward for mining blocks. Historically, this process has a positive impact on the price of cryptocurrencies in the long term. The Bitcoin supply is 21 million coins. Halving is designed to prevent coin inflation. Unlike cash, which banks can print at their discretion, the supply of Bitcoin is limited. Thus, cryptocurrency becomes increasingly scarce and valuable.

After two previous halvings, Bitcoin skyrocketed in about a year. After first falling in 2012, BTC reached a record high of $1,000 by November 2013. After declining in 2016, Bitcoin soared again and reached its all-time high of $20,089 by December 18, 2022, after which its price fell.

Previously, the block reward was 50 bitcoins, and these coins were worth very little. However, the two previous halvings have already halved the reward, and now it is 12.5 bitcoins per block. In 2022, the reward will drop to 6.25 bitcoins.

Halving affects miners. Many people come to the conclusion that the costs of mining, namely electricity and computing power, are not worth the promised reward. However, there are also miners who do not give up mining because they take into account the fact that demand is growing as the total supply of coins in the world is already approaching its end.

How the price of Bitcoin has changed

After the advent of cryptocurrency in 2009, 1,300 bitcoins cost 30 rubles or 1 dollar. In mid-2010, the cost increased to 2.5 rubles per 1 bitcoin. In November 2010, the rate increased 6 times and amounted to 0.5 dollars or 15 rubles per bitcoin. In less than 3 months, the cost doubled and reached $1. At the beginning of June, Bitcoin was already worth $10 and literally a week later there was a growth spurt to $32 per 1 BTC. Then the cost dropped to $10 per unit.

Then the price froze and remained in one place until February 2013. On April 1, 2013, 1 BTC was worth $100. The price dropped in January 2014 to $40, then Bitcoin began to rise again. Already in October 2015, the cost increased another 5 times and amounted to $500. At the beginning of 2016, Bitcoin was already worth $1,000.

In November 2022, the $10,000 mark was passed.

A sharp jump in the value of a unit of cryptocurrency occurred in December 2017; it increased 16 times and amounted to $16,000 or about 950,000 rubles.

Dominance in the BTC market

Just by looking at the market capitalization indicator you can understand a lot about cryptocurrency. The first and main conclusion: Bitcoin continues to be the main player in the cryptocurrency market. Its market share is around 55%, which is about three times that of its closest competitor Ethereum.

Since its inception, Bitcoin has been a leader in capitalization due to the many positive aspects associated with cryptocurrency. Developers are making important updates that reduce transaction fees, increase network scalability, etc.

The market capitalization indicator is not just a tool that allows you to quickly assess the value of a cryptocurrency. Impressive capitalization speaks about the strength of the coin.

Exchange rate growth since summer 2017

Already in September you could buy Bitcoin for $5,000, in November - $10,000. There were already at least 10 thousand projects on the GitHub website that were somehow related to Bitcoin, which indicated unprecedented interest from the public.

In December, the Bitcoin growth chart broke through the levels of 12, 15 and 19 thousand dollars. The coin took sixth place in the world in terms of capitalization, displacing the Russian ruble: the figure amounted to 257 billion USD (it is worth considering that the entire crypto market in total had a capitalization of 357 billion USD).

Will Bitcoin rise in 2020?

There are several preconditions for price growth.

The first important and long-lasting factor is market expectations before halving. Secondly, this is the extremely positive news background of recent days. We are receiving very good news that may provoke activity among Chinese investors.

The situation with TON also directly points to the credibility of the industry even from conservative investors. The emergence of a new cryptocurrency instrument on Bakkt should also have a positive effect.

The third possible factor is the potential influence of large OTC sites. We have repeatedly heard about the plans of many large investors to enter the cryptocurrency market. We should expect similar drops with sharp pullbacks from particularly large transactions after their completion.

Let's not forget the unstable political situation. The beginning of 2022 was marked by an escalation in the conflict between the United States and Iran, which could have a short-term impact on the price of Bitcoin (on January 8, the price of BTC rose to $8,391). The crypto community's reaction was as follows:

Bitcoin price broke the $7500 resistance after one month, all thanks to tensions from USA & Iran. As Adoption of Bitcoins increase in the Middle East to escape potential of inflation of regional currencies. Bitcoin is a safe haven even in times of war Buy Bitcoin Today pic.twitter.com/t9N47QXlAB

— Daymond Russell (@DaymondRussell) January 9, 2020

Bitcoin price broke through the $7,500 resistance a month later, thanks to tensions in the US and Iran. Bitcoin adoption is growing in the Middle East to avoid potential inflation of regional currencies. Bitcoin is a safe haven even in times of war Buy Bitcoin today

Bitcoin price forecast for 2022, 2025, 2030, 2040

#1. Price forecast from WalletInvestor for 2020-2025.

WalletInvestor's source suggests that BTC is a good long-term (from a year) investment. Soon the price of the coin may rise from $6702.160 to $8386.730. Long term earning potential is +25.13 per year. According to available data, Bitcoin (BTC) and perhaps its market environment have been in a bullish cycle for the past 12 months. The future trend is expected to be positive and BTC could serve as a good investment target.

• In 2020: $10723.46
• In 2021: $13404.32
• In 2022: $20106.48
• In 2023: $26808.64
• In 2024: $33510.80
• In 2025: $53617.28

#2. BTC price forecast from CoinPredictor.io at the beginning of 2020

Will the currency rise? According to the source, the price of BTC will decline and reach $7552.5 by March 3, 2020.

# 3. Bitcoin price forecast from LongForecast for 2020-2023

According to LongForecast, in January the price of Bitcoin will range from $6,871 to $9,757. Throughout 2022, the price of BTC will fluctuate and reach $9,306 by December 2022. Next year, the price of the coin will decrease again and will be worth only $5,032.

• In 2022: $4,935-5,032
• In 2022: $11,107-12,884
• In 2023: $22,390- 25,972

#4. DigitalCoinPrice. Forecast for 2020-2025

The DigitalCoinPrice forecast for December 2022 ($17,239.27) clearly did not come true. However, he offers many positive BTC price predictions for 2022 and beyond:

• In 2022: $17,770.67
• In 2022: $20,112.19
• In 2022: $24,444.14
• In 2023: $26,137.76
• In 2024: $18,053.73
• In 2025: $17,872.83
• In 2026: $12,713.82

#5. Price forecast from Bitcoin Jack

An analyst nicknamed Bitcoin Jack believes that BTC could fall to $7,400, but the weakening will be short-lived. As soon as the largest digital currency touches a new “bottom”, the breakout will begin almost immediately.

#6. Roger Ver: Bitcoin price forecast

In October 2015, Roger Ver said that Bitcoin could cost $2,500, $25,000 or even $250,000 per coin. According to him, this cryptocurrency has great potential.

#7. BTC price forecast from the Winklevoss brothers

Tyler Winklevoss claims that Bitcoin is gold 2.0. He also says that BTC is better than gold simply because Bitcoin is portable and convenient.

#8. Vinnie Lingham: Bitcoin price forecast

Vinnie Lingham, co-founder of Civic, claims that by 2030 the price of Bitcoin could be between $100,000 and $1 million.

#9. Price forecast for 2022 from Tim Draper

According to Tim Draper, a billionaire investor, Bitcoin will reach $250,000 by 2022. He is confident that people will be able to buy coffee with Bitcoin in 2022.

#10. Anthony Pompliano on the future price of Bitcoin

Anthony Pompliano shared his opinion on the future of the currency. He believes that Bitcoin's price growth has stopped. People should be prepared for the fact that its value could fall to $3,000. Pompliano is confident that Bitcoin will become stronger as the price decreases.

Maximum Bitcoin rate - December 2017

Experts compare the rapid growth in the value of the currency, when the chart approached 20 thousand dollars, with the increased level of public confidence in Bitcoin. Cryptocurrency has been recognized by many countries of the world: Japan, Canada, the United States, and a number of European countries.

The number of transactions has increased significantly. If we convert the all-time maximum Bitcoin rate into rubles, it turns out that digital gold at the end of 2022 was worth over 1.1 million rubles.

BTC educational program

Here are our answers to the most common questions about Bitcoin prices.

Will Bitcoin return to its price level on December 17?

How low will Bitcoin fall? According to leading cryptanalysts, Bitcoin will gain momentum after the halving in 2022.

According to Joe Kernen , host of CNBC's Squawk Box, the Bitcoin exchange rate is expected to increase by 500% in the next 10 months. In May 2022, the price of the coin will reach $55,000 thanks to the mechanism for changing the dynamics of supply and demand, which is built into the BTC blockchain.

Morgan Creek Digital founder and partner Anthony Pompliano suggested that the halving of the number 1 cryptocurrency will have a positive impact on its growth over the next 12-18 months.

What are the goals of Bitcoin as a project?

Bitcoin is now developing in areas where it has real prospects, namely:

• Every day the number of projects accepting Bitcoin as a means of payment is growing. Bitcoin transactions that bypass traditional financial institutions help avoid funds being blocked.
• Bitcoin provides features similar to banking services . In some regions, people already have access to Bitcoin ATMs, where they can withdraw funds from their wallet or transfer them to a BTC card. Such cards can be an alternative to debit bank cards.
• Bitcoin is a ready-made solution for those who do not want or cannot use fiat . For those who have lost faith in central banks. For those who live in a country with a deteriorating economy or in a region where there is no stable currency.

Will BTC go out of business soon?

Bitcoin is still in the red zone (as of November 25, 2022). During the day, its average market value decreased by 2.01% to $8,024. Most of the largest altcoins by capitalization also show depreciation.

After reaching $8,391, the price of BTC quickly returned to the $7,000 position. Bitcoin needs to do something to trigger further growth.

We hope for a successful outcome of the halving. Closer to a certain date, the price of the currency should rise and catch up with the market.

Is Bitcoin a financial bubble?

Well-known economists often call Bitcoin a “soap bubble.” For example, the American economist and former Fed Chairman Alan Greenspan called Bitcoin a bubble without its own value. Nobel laureate economist Robert Shiller argues that Bitcoin has many characteristics similar to a market bubble.

Journalist Matthew Besler refuted the popular opinion and stated that the rapid growth of Bitcoin is due to normal economic processes. Journalist Timothy B. Lee wrote in a memo for The Washington Post that sharp rises and falls in prices do not define an economic bubble.

Final words and price expectations

Bitcoin is an asset that should go beyond “speculative gains.” It's clear that people are looking to make promising investments, and Bitcoin seems like a great choice.

It is clear that Bitcoin has come a long way since its invention in 2009. It has become a popular alternative to cash around the world, and regulators are slowly but surely giving in to the crypto revolution. However, despite this, much remains to be done for its full adoption. At the moment, it is difficult to seriously predict whether the price of Bitcoin will reach a higher level in the future. In connection with the upcoming halving, we expect a rate increase in the near future.

Bitcoin is not just a price chart - it is a new type of money that is available to anyone and operates free of government borders and regulations. It will be helpful for you to understand how this may apply to you and invest according to these factors.