Bitcoin (BTC) has an unlimited price potential, stated Binance’s CEO Changpeng “CZ” Zhao. He believes the limited supply of coins means the nominal price is not constrained.
https://twitter.com/cz_binance/status/1206416065095299073
BTC has no predetermined price, or any fundamentals that could determine a “fair” value. The asset is in an almost constant state of price discovery, and there is no way to tell which phase the price is going through.
But BTC prices also depend on the size of global finance, as well as local price discovery mechanisms. BTC has traded at a premium based on LOCALBITCOINS deals, especially in countries with hyperinflation, where crypto assets are a hedge against the weak local currency.
BTC traded at $7,113.39, mostly reflecting the attitudes of market speculators. But extraordinary prices may be reached in cases of widespread BTC adoption. One of the vectors for wilder appreciation is the potential to allocate portfolios into BTC, as millennials come of age.
https://twitter.com/CryptoMute/status/1205503918119301121
BTC remains highly volatile, and active trading means price action follows short-term speculation. But if the world economy grows, and especially if liquidity is injected, BTC nominal prices may also get a boost.
The expectation for much higher BTC prices also means that beyond trading, there remains significant “hodling” behavior. Large-scale wallets still store BTC to make use of eventual future appreciation, away from the risk of daily trading.
BTC scarcity will be felt in about 150 days, when the halving of the block reward is expected.
https://twitter.com/digitalikNet/status/1206350069471035398
After May 15, the BTC reward will drop to 900 coins for all miners, diminishing both selling pressure, as well as the supply of new coins with a clear history.
BTC inflation is now below 2%, under the target inflation of most central banks, as the coin potentially serves to store value in a world of deepening indebtedness.
