The price per Bitcoin has reached the expected target of 2,000 US dollars and is not only causing euphoria in the digital currency market. On early Saturday morning, the price broke through the magical 2,000 US dollar mark for the first time with 2,014 US dollars and a market capitalisation of 34 billion US dollars.
There had been speculation for quite some time that the 2000 mark would be reached in a timely manner, and the price stabilised at around 1,800 US dollars.
It was only on Friday that the value of the digital token broke through the 1,900 mark and thus started the rally in the direction of 2,000 US dollars.
What does the strong price increase mean for Bitcoin, the entire community and the ecosystem of the digital currency? The opinions of the experts differ widely here.
No healthy growth according to Bitcoin news
Vinny Ligham was not very pleased with the Bitcoin news about the rapid course of the share price and regards it as detrimental to the Bitcoin news ecosystem: “I don’t think the price increase is healthy, but I’m sure everyone else knows that better. I observe and wait.”
Malcolm Macleod: Problems still persist
Gulden Wallet developer Malcolm Macleod believes that without a fundamental basis, the price has been pushed up too much, ultimately damaging the system. He referred to the continuing scaling problems and the resulting number of unconfirmed transactions in the Bitcoin network. Currently, a maximum of 7 transactions per second can be processed in the network.
“The whole thing is a double-edged sword, it has something good, but also something bad,” says Malcom.
More money inflow via Bitcoin formula
Alexandro Colorado of Bitcoin Mexico thinks differently about the Bitcoin formula scam. Although Bitcoin certainly has a scaling problem, he sees the rising share price as a logical consequence: “It’s logical because more and more money is flowing into the Bitcoin formula system,” Alexandro told Cointelegraph.
Nathan T. Freeman of Cryptopulco says:
“Bitcoin’s value is rising as more and more people agree to part with their Fiat currencies and invest in Bitcoin. If you try to explain why people are already willing to do this, you are projecting a motive for their subjective value and you can’t. Even if the motive may be right, you can’t prove it. It is a sea of individual decisions. It’s all good.”
Will the Bitcoin bubble come in 2019?
“A bubble is created by manipulation, but what we are currently seeing is something completely different. Companies also growing by billions a month, why shouldn’t that be possible for a crypto currency? Just because many people don’t yet understand or trust digital currencies doesn’t mean we’re in a bubble.”
Vinny Hingham responded to CoinTelegraph’s question whether we were in a bubble with the following answer:
“Yes, but also the people who screamed in 2011 that we were in a bubble were wrong. It took 2 years until the big bang.”
Malcolm McLeon showed himself insecure about whether it was a bubble. He can’t explain for sure what triggered the recent course rally..:
“I think there’s a big chance we’re in a bubble, but I hope I’m wrong.”
Nathan T. Freeman makes Bitcoin’s future especially dependent on an event:
“There is only one big event that will significantly shape Bitcoin’s future and that is the blocksized debate. All other factors are beyond Bitcoin’s control and cannot be influenced. However, we are already talking here about predicting global effects and major political shifts.”
“Predicting a bubble is like throwing a die and anyone who claims they can predict a bubble is a coin thrower.”