A Recent Poll On Bitcoin Trading Price - Essay Example

According to the new poll that has been conducted by Coindesk, it was revealed that about 62% of the bitcoin enthusiasts believe that by the end of the year, 2015, the price of bitcoin will stay below $500.

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The results of the survey show that out of 2,702 respondents, 1,682 of them has predicted that by the end of this year the price of bitcoin will be under $499.

About 10% of the respondents value bitcoin at $400, this was followed by $500 and $350, with 277 and 232 votes, respectively.

Only 11.5% of the respondents predicted that the price would fall below $279, whereas 88% of the respondents predicted that by 31st of December the price of bitcoin will be higher than $279.

Thus, a large majority of respondents estimates that bitcoin will be valued somewhere between $279 and $500 at the the end of 2015.

The price of bitcoin returned to spotlight after the high speculation that digital currency purchases in Greece have been driving its recent surge in value.

For three months the price of bitcoin has hovered around $250 and has recently broken the $300 resistance with the Greece situation. Bitcoin prices are currently evolving near $280 on all major exchanges.

However, it has decreased after the announcement that the Eurozone leaders has reached an agreement for the third bailout for Greece.

Almost 10% of the respondents of the survey stated that by the end of the year, the price of bitcoin will be over $1,000 and 1.5% of them believed that it will be above $11,000.

However, about 11.4% of the respondents believed that the price of bitcoin would decrease to between $0 and $100.

A respondent who predicted that the value of bitcoin will be $180 by the end of the year stated, “I think the price is still overvalued based on available and foreseeable use cases and the corresponding user base. In the next year, I think some of the pump and dump culprits will run out of money and a real correction will bring a further dip in the price below $120 with a slow resurgence from that point as the global user base grows organically.”

Another respondent stated, “Economic instability would help drive digital currency’s price as people looked to bitcoin for an alternative. Continuing global financial crisis will highlight advantages to the public, while innovation will make bitcoin easier to become involved.”