Bitcoin just soared to a new $1,600 high — but the first investor in Snapchat thinks it could hit $500,000 by 2030

Jeremy Liew. Getty Bitcoin has been the top-performing currency in the world in six of the past seven years, climbing from zero to a new high value of about $1,600.

But the cryptocurrency isn't anywhere close to its potential, according to Jeremy Liew, the first investor in Snapchat, and Peter Smith, the CEO and cofounder of Blockchain.

In a presentation sent to Business Insider, the duo laid out their case for bitcoin exploding to $500,000 by 2030.

Their argument is based on increased interest in bitcoin, thanks to:

Bitcoin-based remittances

Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years to 0.76% of gross world product, data from the World Bank shows.

"Expats sending money home have found in bitcoin an inexpensive alternative, and we assume that the percentage of bitcoin-based remittances will sharply increase with greater bitcoin awareness," the two said.

Uncertainty

Liew and Smith said increased political uncertainty in the UK, US, and developing nations would help elevate the level of interest in bitcoin.

"We believe bitcoin awareness, high liquidity, ease of transport, and continued market outperformance as geopolitical risks mount will make bitcoin a strong contender for investment at a consumer and investor level," the two said.

Mobile penetration

Liew and Smith said the percentage of noncash transactions would climb from 15% to 30% in the next 10 years as the world becomes more connected through smartphones.

The global smartphone penetration rate is 63%, and the total number of smartphone users is expected to increase by 1 billion by 2020. The GSMA, a trade body that represents the interests of mobile operators worldwide, says 90% of these users will come from developing countries.

This would make it possible for nearly everyone to have a bank in their pocket, and that should provide a boost for bitcoin as well. Liew and Smith say bitcoin could account for 50% of all noncash transactions.

Here are the basic model drivers Liew and Smith used:

A bitcoin price of $1,000 in 2017.
Network users will grow by a factor of 61 from now until 2030. "Put another way, we need a population of bitcoin users around a quarter of the Chinese population (or 5% of the global population) in 2030 to see bitcoin at $500k," Liew and Smith told Business Insider. Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017, or by a factor of about 54, and this could be just the beginning. Growth of that magnitude would mean 400 million users in 2030.
The average value of bitcoin held per user will hit $25,000. "As institutional investor cash in bitcoin, sophisticated investors trading bitcoin, and bitcoin-based ETFs proliferate, we think the average bitcoin value held will increase to around $25k per Bitcoin holder," Liew and Smith said. Currently, with bitcoin's market cap of $16.4 billion, each of its 6.5 million users holds $2,515 worth of bitcoin on average.
Bitcoin's 2030 market cap is decided by the number of bitcoin holders multiplied by the average bitcoin value held.
Bitcoin's 2030 supply will be about 20 million.
Bitcoin's 2030 price and user count will total $500,000 and 400 million, respectively. The price was found by taking the $10 trillion market cap and dividing it by the fixed supply of 20 million bitcoin.

But a lot could go wrong, too. News surrounding bitcoin has been rather negative as of late.

China, which is responsible for nearly 100% of trading in bitcoin, has been cracking down on trading. The three biggest exchanges recently announced a 0.2% fee on all transactions and blocked withdrawals from trading accounts.

The US Securities and Exchange Commission also rejected two bitcoin exchange-traded funds and will rule on another one in the future. It's not expected to be approved.

However, Smith says bitcoin is still in its early stages.

"The SEC's ruling wasn't a surprise to us," he told Business Insider. He said that "getting that sort of approval" could take a long time.

"In the meantime, bitcoin is already simple to buy and hold, and as the asset continues to mature, we'll continue to see an increase in the development and deployment of surrounding products," he said.

And while bitcoin hasn't been granted regulatory approval in the US, it is catching on elsewhere. On April 1, the cryptocurrency became a legal payment method in Japan.

Another threat to its future is developers who are threatening to set up a "hard fork," or alternative marketplace for bitcoin. This would result in the split of into bitcoin and bitcoin unlimited. However, Smith isn't worried.

"Bitcoin has strong economic incentives to prevent this," he said. "If the last two years of healthy contention and debate lead to a conclusion, it's that bitcoin is incredibly resilient and stable. In fact, the bitcoin blockchain has operated for seven-plus years with no downtime, a feat no other back-end system operating at this scale can claim."

But the cryptocurrency sees violent price swings uncommon among the more traditional currencies. Bitcoin rallied 20% in the first week of 2017 before crashing 35% on word that China was cracking down on trading.

The cryptocurrency has regained those losses and is trading up about 67% so far this year.

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Bitcoin price to SOAR: Cryptocurrencies 'will REPLACE Euro, dollars and pounds by 2030'

More than £289billion ($400bn) across the world is already invested in cryptocurrencies. Of this total, £121billion ($168bn) is tied up in Bitcoin, £53bn ($73bn) in Etherum and £24bn ($33bn) in Ripple, according to CoinMarketCap. A fierce debate is still raging over whether these digital coins would be suitable as an actual currency since they are subject to volatile and unpredictable swings in value. But futurologists have predicted investors will continue to plough money into
Thu, 8 Mar 2018 17:06:52

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Your search engine does not find any satisfactory results for searches. It is too weak. Also, the server of bing is often off

I created a yahoo/email account long ago but I lost access to it; can y'all delete all my yahoo/yahoo account except for my newest YaAccount

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be 'secure' then it'll be 'unfair' gaming and I'll lose because of the insecurity can be a 'Excuse'. Hope y'all understand my explanation!

chithidio@Yahoo.com

i dont know what happened but i can not search anything.

Golf handicap tracker, why can't I get to it?

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RYAN RAHSAD BELL literally means

Question on a link

In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?

Repair the Yahoo Search App.

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I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and I signed in so he could try to fix the Yahoo Search App not working. He also used another phone, installed the app from the Google Play Store to see if the app would do any kind of search thru the app. The Yahoo Search App just wasn't working.

I also had At&t try to help me because I have UVERSE for my internet service. My internet was working perfectly. Their Technical Support team member checked the Yahoo Search App and it wouldn't work for him either.

We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.

I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.

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I noticed that right after I accepted the agreement that said Oath had joined with Verizon I started having the problem with the Yahoo Search App.
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WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
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Yahoo needs to fix the problem with their app.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

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Bitcoin splits in 2

Bitcoin-themed balloons at the "Inside Bitcoins: The Future of Virtual Currency Conference" in New York. Reuters/Lucas Jackson

Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by Tuesday morning's deadline.

As such, the digital currency has officially forked and split in two: bitcoin cash and bitcoin.

Miners were able to seek out bitcoin cash beginning Tuesday morning, and the cryptocurrency-focused news website CoinDesk said the first bitcoin cash was mined at about 2:20 p.m. ET.

"There seems to be some technical issues that might be slowing it down, but yes, the fork has happened," Peter Borovykh of Blockchain Driven, a blockchain technology company, told Business Insider earlier on Tuesday.

Miners are the folks who solve complex computer problems using software to unleash digital coins into the market. It took a couple of hours after the official fork for miners to unlock the first bitcoin cash coins.

"It seems as if people overestimated the mining power, or the support from miners — hence, it is taking far longer than most expected," Iqbal Gandham, the UK managing director at the social investment network eToro, said in a statement sent to Business Insider just before the split.

Bitcoin was the first digital currency built on blockchain technology, in which transactions are independently verified by the network without the need of a middleman like a bank. Bitcoin cash is built on the same blockchain network as bitcoin, but the new software increases the size of the "blocks" that make up the network to allow it to process more information.

Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds.

Bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network.

On one side are the so-called core developers. They are in favor of smaller bitcoin blocks, which they say are less vulnerable to hacking. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable.

Until last week, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, seemed to have universal support.

Servers for data storage seen at Advania's Thor Data Center in Hafnarfjordur, Iceland. Thomson Reuters

Then bitcoin cash came along. The solution is a fork of the bitcoin system. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes.

Bitcoin cash came out of left field, according to Charles Morris, a chief investment officer of NextBlock Global, an investment firm with digital assets.

"A group of miners who didn't like SegWit2x are opting for this new software that will increase the size of blocks from the current 1 megabyte to 8," Morris told Business Insider.

To be sure, only a minority of bitcoin miners and bitcoin exchanges have said they will support the new currency.

Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin. But that doesn't mean the value of investors' holdings will double.

Because bitcoin cash will initially draw its value from bitcoin's market cap, it will most likely cause bitcoin's value to drop by an amount proportional to its adoption. Bitcoin was already trading down by 5.78% at $2,715 on Tuesday following word that bitcoin cash had gone live. Morris told Business Insider that bitcoin cash was trading in the futures market for about $200 to $400 last week, suggesting that's the range it would fall in during regular trading.

Kraken, a bitcoin exchange, tweeted Tuesday morning that it was experiencing delays getting bitcoin cash to show on user's accounts.

"Please note," the exchange said, that bitcoin cash "balances have not been credit yet." It added that it was "working to credit as soon as possible."

Numerous exchanges have said they won't back bitcoin cash.

"In the event of two separate blockchains after August 1, 2017 we will only support one version," David Farmer, the director of Biz Ops at Coinbase, a cryptocurrency exchange, wrote in a blog post. "We have no plans to support the bitcoin cash fork."

Coinbase has served nearly 9 million customers across 32 countries, according to the firm's website. The firm has enabled the exchange of over $20 billion worth of digital currency.

But just because some big players won't get behind it doesn't necessarily mean bitcoin cash will be a dud or that it couldn't eventually usurp the original bitcoin. Miners may rally behind bitcoin cash if it turns out to be the better digital currency.

"Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network," Borovykh of Blockchain Driven said. "Due to, at least temporary, solution of the scalability issues, bitcoin cash could attract more new capital to the entire crypto space, thus helping increase overall market cap."

Arthur Hayes, the CEO of BitMEX, a bitcoin derivative exchange, told Business Insider he thought a fork would benefit the cryptocurrency in the long run after some short-term volatility and confusion.

"There are people with billions of dollars of skin in the game," Hayes said. "And they will ultimately go with the superior bitcoin network, and the market will follow."

Bitcoin steuern?

Hallo, ich bin zu einer sehr großen Menge bitcoins gekommen (mehr als 10) und es war gratis (ich werde nicht sagen wie oder so. glaubt es oder lasst es. ) naja jedenfalls will ich die verkaufen nun hab ich die Frage ob ich steuern zahlen muss? Offiziell sind bitcoins ja keine Währung als theoretisch ist es ja ein Produkt welches ich verkaufe muss ich da ganz normale Verkaufssteuern zahlen (kenne mich damit nicht aus) und wenn ja wie viel an wenn etc?

3 Antworten

Die Frage lässt sich so nicht eindeutig beantworten.

Daszu müsste man wissen woher die Coins stammen um feststellen zu können ob und welche Steuern anfallen.

Ferner ist es wissenswert wie lange die Coins bereits gehalten wurde.

Der Betrag würde in etwa 24.805 Euro entsprechen. Für gratis ein ordentliches Sümmchen.

Über PN lässt sich möglichweise die Frage klären, falls gewünscht.

Ich glaube nicht das hier Steuern anfallen, so lange man keinen Handel mit diesen Dingern betreibt, auch Schenkungssteuer wird nicht fällig, da der Betrag dafür zu gering ist.

Finanzen + Geld Freizeit Finanzen Geld … Währung bitcoin

Bitcoin Price (BTC - USD)

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About Bitcoin Price

What is Bitcoin? By Markets Insider

Bitcoin keeps coming back in the headlines. With any Bitcoin price change making news and keeping investors guessing.

In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Only bitcoin is entirely digital; no one is carrying actual bitcoins around in their pocket.

Bitcoin is divorced from governments and central banks. It's organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place. Every time anyone buys or sells bitcoin, the swap gets logged. Several hundred of these back-and-forths make up a block.

No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins.

Why bother using it?

True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker, cheaper, and more reliable form of payment than money tied to individual countries. In addition, it's the only form of money users can theoretically "mine" themselves, if they (and their computers) have the ability.

But even for those who don't discover using their own high-powered computers, anyone can buy and sell bitcoins at the bitcoin price they want, typically through online exchanges like Coinbase or LocalBitcoins.

A 2015 survey showed bitcoin users tend to be overwhelmingly white and male, but of varying incomes. The people with the most bitcoins are more likely to be using it for illegal purposes, the survey suggested.

Each bitcoin has a complicated ID, known as a hexadecimal code, that is many times more difficult to steal than someone's credit-card information. And since there is a finite number to be accounted for, there is less of a chance bitcoin or fractions of a bitcoin will go missing.

But while fraudulent credit-card purchases are reversible, bitcoin transactions are not.

Bitcoin is unique in that there are a finite number of them: 21 million. Satoshi Nakamoto, bitcoin's enigmatic founder, arrived at that number by assuming people would discover, or "mine," a set number of blocks of transactions daily.

Every four years, the number of bitcoins released relative to the previous cycle gets cut in half, as does the reward to miners for discovering new blocks. (The reward right now is 12.5 bitcoins.) As a result, the number of bitcoins in circulation will approach 21 million, but never hit it.

This means bitcoin never experiences inflation. Unlike US dollars, whose buying power the Fed can dilute by printing more greenbacks, there simply won't be more bitcoin available in the future. That has worried some skeptics, as it means a hack could be catastrophic in wiping out people's bitcoin wallets, with less hope for reimbursement. Which could render bitcoin price irrelevant.

The future of bitcoin

Historically, the currency has been extremely volatile. But go by its recent boom — and a forecast by Snapchat's first investor, Jeremy Liew, that it will hit a bitcoin price of $500,000 by 2030 — and nabbing even a fraction of a bitcoin starts to look a lot more enticing.

Bitcoin users predict 94% of all bitcoins will have been released by 2024. As the total number creeps toward the 21 million mark, many suspect the profits miners once made creating new blocks will become so low they'll become negligible. With bitcoin’s price dropping significantly. But with more bitcoins in circulation, people also expect transaction fees to rise, possibly making up the difference.

One of the biggest moments for Bitcoin came in August 2017. When the digital currency officially forked and split in two: bitcoin cash and bitcoin.

Miners were able to seek out bitcoin cash beginning Tuesday August 1st 2017, and the cryptocurrency-focused news website CoinDesk said the first bitcoin cash was mined at about 2:20 p.m. ET.