To be fair, 2018 wasn’t a good year for Bitcoin Nigeria investors. In fact, it was a terrible year…
Remember how Bitcoin was trading at $19,500 at the start of 2018? Well, it has come down to $3,793 at the time of this writing (4th January, 2019).
That’s a remarkable fall. What goes up, has to go down…
What’s also true is that what goes down, goes up, especially if it is an asset as popular as the Bitcoin, the world’s #1 cryptocurrency.
While Bitcoin has fallen by a lot, it has still performed better than many other cryptocurrencies – see where Ethereum, labeled as an alternative to Bitcoin, is now.
It’s not just Bitcoin that is down…the Dow Jones and NASDAQ, as well as many other stock markets around the world, have fallen by quite a bit in recent months. This is especially true here in Nigeria, where the Nigerian Stock Exchange has depreciated by almost 20% in 2018 because of the uncertainty surrounding the 2019 general election.
That is why…
At NairaEx.com, the #1 Bitcoin Nigeria Exchange, we have noticed a major revival in interest in Bitcoins among Nigerian nationals. Indeed, at just under $4,000, we believe that the Bitcoin is in the right range for a long-term investor.
The question is how far can this cryptocurrency go from here?
That’s hard to tell. Most experts say that it is going to go up, not down, and has in fact bottomed out.
Boris Hristov, a leading Bitcoin technology expert says that this cryptocurrency is going to do very well in 2019 thanks to the support from institutional investors. According to sources, many pension funds in the US are planning to invest a part of their portfolio in Bitcoins.
John McAfee, founder of the top software company McAfee Associates and one of the biggest investors in Bitcoins, is very bullish about this cryptocurrency. He predicts Bitcoins to hit $1 million by the end of 2020, believe it or not!
Michael Novogratz, a top hedge fund manager, has what we believe to be a more realistic prediction. He says Bitcoin will hit $10,000 in the first quarter of 2019 and $20,000 by the end of 2019.
Bobby Lee, CEO of China’s first exchange Bitcoin Exchange, BTCC, actually expects Bitcoin to fall to $2,500 by the end of 2019.
But here’s the good news – Mr. Lee says Bitcoin will start going up again in 2020 and hit an incredible $333,000 by the end of 2021. What that means is that in 2 years time, Bitcoin will have a market cap of $7 trillion, which is higher than that of gold.
What do we think?
Well, we have always been optimistic about Bitcoin Nigeria and there are many reasons for this.
Reason #1: Bitcoin is the world’s #1 cryptocurrency and the Bitcoin network gets faster every year. Most of the technical challenges have been solved and you can now have transactions in Bitcoin at the speed of light, especially at NairaEx.com.
Reason #2: Many institutional buyers are showing interest in BTC. The New York Stock Exchange will soon come out with BAKKT – Bitcoin (USD) Daily Futures Contracts – which is expected to make this cryptocurrency more acceptable to traditional investors.
Reason #3: At a time when the entire world is going through a great deal of political and economic uncertainty, BTC can act as a store of value, a valuable asset that could help you in your time of need, and serve the same purpose as gold.
Reason #4: The supply of Bitcoin is limited. You can have only a fixed supply of 21 million Bitcoins. This artificial scarcity is going to drive up the value of this cryptocurrency.
So how far could Bitcoin go in 2019? We think $10,000 to $12,000 would be a realistic target. But you never know!