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How much is 1 bitcoin and what are the prospects for its growth

Published: 8 августа 2023
3 min

How much is 1 bitcoin and what are the prospects for its growth How much is 1 bitcoin and what are the prospects for its growth

Independence of currency

Today, the whole world is already accustomed to bitcoin an innovative form of money freed from the influence of government agencies. This decentralized currency backed by blockchain technology is available for mining and its total amount is strictly limited.

Bitcoin price growth

Perhaps this is why the price of bitcoin has continued to skyrocket for years. In 2010, 1 bitcoin was worth just a few dollars, and in 2021, its value reached an impressive $68,997.

How much is 1 Bitcoin?

At the time of writing this article, according to the AWEX service, its value was $29,802 (Chart 1) or 2,899,047 rubles.(Chart 2) Since the beginning of the year, the price in dollars has increased by 80%, and in rubles by 141%.

This amazing growth is due to the effect of a low starting point, because the cryptocurrency experienced a downturn in 2021-2022. The crisis of regional banks in the US and active sanctions policy also contributed to the interest in using cryptocurrency as a means of payment.

How much is 1 bitcoin and what are the prospects for its growth How much is 1 bitcoin and what are the prospects for its growth
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Chart 1 - Bitcoin price in dollars

 

Price Forecast

Bitcoin's long-term price forecast remains very encouraging. Limited mining, upcoming halving, and the instability of the global financial system make bitcoin an attractive asset for investors.

Mining costs

The cost of mining 1 bitcoin now averages around $15,000. After halving, these costs will double. Consequently, the minimum cost of a bitcoin will be $30,000 if we don't take into account the increase in other costs, although inflation also has an impact.

Interestingly enough, it is possible for US exchange-traded funds to support miners in a post-halving situation. All interested institutional investors have already applied to create a Bitcoin-ETF. The capitalization of BlackRock alone exceeds the capitalization of the entire cryptocurrency market by 9 times!

How much is 1 bitcoin and what are the prospects for its growth How much is 1 bitcoin and what are the prospects for its growth
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Chart 2 - Bitcoin price in rubles

 

The risk of buying bitcoin

Admittedly, there is some risk of cryptocurrencies being banned at the level of some countries, but the existence of p2p exchanges makes a massive cryptocurrency ban impossible.

Although some link cryptocurrencies to criminal activity, professionals are increasingly inclined to believe that bitcoin is the future of money. It has several advantages over traditional currencies:

  • Bitcoin is independent of central banks, inflation, and political interference.
  • Blockchain guarantees a high level of security and the impossibility of counterfeiting transactions.
  • All bitcoin transactions are transparent and publicly available, which reduces the risk of fraud.
  • Bitcoin transactions are fast and inexpensive.

So what will happen to bitcoin?

There is a bit of a lull in the cryptocurrency market right now. After an impressive rise at the beginning of the year, bitcoin has slowed down a bit. Some players have left the market, but their assets have been acquired at bargain prices.

The upcoming halving, inflation, distrust in banks, sanctions and integration into payment systems say that we are on the verge of a new upswing in the cryptocurrency market. Bitcoin, which embodies all these benefits, could soon experience the next bull run. When exactly? We'll find out very soon.

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