The anniversary of the bitcoin boom of 2013 has seen the publication of many articles on the topic. In one of them, the MONEY portal of The Time Inc. observes that those who predicted fast growth for bitcoin were wrong.
The authors of a large overview published on Time MONEY remind us of some group forecasts that did not come true. A group of CoinDesk readers, for instance, predicted in January 2013 that one bitcoin would reach $10,000 in value before the end of year. “That’s about 3,000% of its current price”, note the overview’s authors.
Analysts from Bank America Merrill Lynch also made bold forecasts. They thought that the price would stay at $1,300 per one bitcoin while it is now closer to $300.
Lightspeed Venture Partners, an Indian venture capital firm, declared a year ago that one bitcoin would now cost between $4,000 and $5,000 which is even farther from the truth.
Still, bitcoin supporters were not the only ones who had made mistaken forecasts. Mark Williams, a finance lecturer and a known bitcoin opponent, said bitcoin would fall to $10 by the middle of 2014. He was also wrong – even more dramatically than the readers of CoinDesk.
The article’s authors also noted recent progress in bitcoin adoption in new industries: “MONEY’s parent company, Time Inc., has recently begun accepting bitcoin payments for subscriptions to some of its publications”.