“Stay away from it. It’s a mirage basically. It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?” Buffett said on CNBC in 2014.
And that goes for a whole lot of other billionaires, investing whizzes, and business execs who have taken a hardline negative stance on Bitcoin price predictions. These men and women are all successful in their own right and very intelligent people, but with BTC, we’re experiencing something totally new here that includes potentially industry-defining technology and a potentially limitless future in terms of applications. So anyone who claims to know exactly where BTC will end up is at least taking a few liberties. Or at least, is being lax with the definition of the word “exactly.”
Bitcoin Price Predictions
With all that out of the way, what can we reasonably expect from Bitcoin going forward?
Looking at the Bitcoin price chart, we see that BTC has suffered a bit of a tumble lately. That was due to the China ICO block, where the country has banned ICOs within its borders. Obviously, China essentially shutting itself out from the cryptocurrency market is bad news for cryptocurrencies. Having said that, this is not surprising given China’s protectionist monetary policies that strongly favor strict currency control, with very prohibitive laws in place meant to prevent the flight of wealth from the country.