In November 2021, Bitcoin (CRYPTO: BTC) surpassed $68,800. Since then, a marketwide retreat from high-risk investments brought bitcoin's price down 70% in nine months.
Some bitcoin bears think this is the end. Diamond-handed Bitcoin enthusiasts HODL their crypto currency, awaiting another market boom.
Time will reveal how Bitcoin's chart develops over time. Investors worry whether Bitcoin will reach $100,000 per coin
Limited supply drives Bitcoin's value. 19.2 million of 21 million Bitcoins have been generated. Between 2013 and 2022, the money supply doubled. Bitcoin's supply can never expand by more than 9.8%.
This makes Bitcoin like gold, which can't be manufactured in a lab and has finite quantities even if we dig out every ounce. Limited supply and increased demand cause rising prices.
That's up from $386 billion today, leaving possibility for Bitcoin values to more than fivefold — topping $100,000. Estimates might be more or less liberal, but that's the ballpark.