In January 2021, Bloomberg Analyst Mike McGlone predicted that the price of bitcoin would hit $50,000 at some point this year. At the time, the value of the leading crypto asset was merely hovering above $30,000, and the $50,000 mark felt a very long way off. Less than a full month later and the cryptocurrency king has not only passed $50,000 — a major price milestone — but exceeded $56,000. And it appears as if nothing can stop it from going even further.
The price rise that has seen bitcoin nearly double in value since the beginning of 2021 started in late 2020, when the cryptocurrency industry as a whole witnessed a bull run that surpassed any cycle from the past, particularly that of 2017.
So, with bitcoin hitting the $56,000 mark, the question on everyone’s mind is: What’s next? What does the future hold in terms of price, regulation and adoption of this “digital gold?”
A Brief Bitcoin Price History
One of the things that has contributed to the appeal of bitcoin is its status as the first-ever cryptocurrency. Created in 2009 by a pseudonymous person or group known as Satoshi Nakamoto, the idea behind its creation was to serve as an alternative to the failing traditional banking system.
However, its rise to the top and acceptance by the public hasn’t been simple or straightforward. The cryptocurrency barely existed, without any significant value for years. It was only in 2011 that its value increased significantly, with its reaching a meager $10 that year.
The economic crisis in Europe in 2013 allowed the asset to make inroads into other markets outside of the U.S. And the view that it could serve as a viable alternative to traditional fiat currencies helped in its early adoption. Simultaneously, several other cryptocurrencies were emerging based on the Bitcoin open-source code with little tweaks.
But bitcoin’s rise in value was a steady one (even if it is notoriously volatile in the shorter…