How could bitcoin be shut down?
Under really extreme circ*mstances, there are few scenarios that could spell the end of Bitcoin as we know it. For instance, a massive global power outage shutting down all communications and the internet around the globe could prevent nodes in the network from contacting each other, causing the system to fail.
No, You Cannot 'Turn Off' the Bitcoin Network.
Although there is nothing that can stop a government or central bank from banning Bitcoin (& a few have already done so), most would not go that far for two reasons: The Streisand effect. A ban on Bitcoin is difficult to enforce.
However Bitcoin evolves, no new bitcoins will be released after the limit of 21 million coins is reached. This supply limit is likely to have the most significant impact on Bitcoin miners, but it's possible that Bitcoin investors could also experience adverse effects.
The End of Bitcoin Mining Rewards
However, once the maximum supply of 21 million bitcoins is reached, these block rewards will cease. Miners will then solely rely on transaction fees as their compensation for validating transactions and securing the network.
'Bitcoin will be increasingly important'
Bitcoin will be increasingly important as means of payment and an alternative asset, there is no doubt about that, but it is unlikely to displace the US dollar as the world's reserve currency.
Bitcoin is controlled by all Bitcoin users around the world. Developers are improving the software but they can't force a change in the rules of the Bitcoin protocol because all users are free to choose what software they use.
Can a government ban Bitcoin? They can try, but the very essence of Bitcoin is decentralization. Meaning there is no central authority that gets to control who can and cannot use Bitcoin, and what Bitcoin can and cannot be used for.
Bitcoin has flourished as digital gold. But, in the long-term, its biggest impact will be in denominating business and trade, says Zac Townsend, CEO of Meanwhile. Bitcoin is a global, decentralized currency that is beyond the control or guarantee of any country.
Who Owns the Most Bitcoins? Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.
How much will $1 bitcoin be worth in 2025?
| Year | Minimum Price | Average Price |
|---|---|---|
| 2024 | $78,299.17 | $81,358.86 |
| 2025 | $115,285.47 | $119,353.06 |
| 2026 | $165,756.42 | $171,724.83 |
| 2027 | $240,935.90 | $249,522.05 |
If Wood is correct and Bitcoin reaches $3.8 million, if you invested $1,000 in Bitcoin now, it would be worth $54,280 in 2030. This would result in a compounded annual growth rate (CAGR) of nearly 95%.
By 2040, the maximum price of the BTC Coin is projected to be around $5,69,240.60. Our average price forecast for Bitcoin is $5,57,632.74 in 2040. Conversely, if the market turns bearish, the minimum price level of BTC Coin could fall down to $5,42,838.40 by 2040.
Bitcoin (BTC) Price Prediction 2030
According to your price prediction input for Bitcoin, the value of BTC may increase by +5% and reach $ 87,239.62 by 2030.
When all 21 million bitcoins are mined, which is estimated to occur around the year 2140, the Bitcoin mining process will no longer generate new bitcoins as a reward for miners. At that point, miners will rely solely on transaction fees to earn rewards for validating and confirming transactions on the network.
Having slumped to about $15,000 in November 2022 as crypto exchange FTX collapsed, the digital asset has staged a strong recovery. Here we look at whether bitcoin and other cryptocurrencies are a good investment this year. As we begin 2024, the original crypto is worth more than double its recent low […]
Bitcoin is a risky investment with high volatility, and generally should be considered only if you have a high risk tolerance, are in a strong financial position already and can afford to lose some or all of your investment.
Edelman stresses that bitcoin is highly speculative, with a history of volatility, but he believes its potential makes it appropriate for a long-term portfolio, provided that investors limit it to 1% to 5%. "The risks are high, and if it fails, a low single-digit allocation won't cause material harm," he said.
Central bank digital currencies (CBDC) can replace physical money, especially in economies where cash deployment is costly, Managing Director of the International Monetary Fund Kristalina Georgieva said during a Wednesday speech.
Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token.
How many people own 1 Bitcoin?
However, some estimates can be made based on blockchain data and surveys of Bitcoin holders. According to data from Bitinfocharts, as of March 2023, there are approximately 827,000 addresses that hold 1 bitcoin or more, representing around 4.5% of all addresses on the Bitcoin network.
They operate in a grey area. While cryptocurrency is banned in mainland China and there are strict controls on capital movement across the border, people are still able to trade tokens such as bitcoin on crypto exchanges such as OKX and Binance, or through other over-the-counter channels.
Governments around the world are watching Bitcoin warily because it has the potential to upend the existing financial system and undermine their role in it.
The People's Bank of China argues that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability. However, China's cryptocurrency ban comes amid fears that cryptocurrencies were facilitating capital flight from its markets, bypassing conventional restrictions.
Governments Holding the Most Bitcoin
Governments across the world own an estimated 565,749 BTC, representing 2.69% of the total supply. The Chinese government reportedly holds 194,000 BTC that was recovered from the Plustoken scam in 2019. Members of the Ukrainian government privately hold roughly 46,351 BTC.
References
- https://cash.app/help/3106-bitcoin-withdrawal-instructions
- https://www.cryptodispensers.com/blog/withdraw-bitcoin
- https://www.masterscompare.co.uk/news/expert-view-is-bitcoin-really-a-threat-to-the-us-dollar/12686
- https://www.bitpanda.com/academy/en/lessons/can-a-cryptocurrency-like-bitcoin-get-hacked-or-shut-down
- https://changelly.com/blog/bitcoin-price-prediction/
- https://www.onlinemba.com/blog/bitcoin-explained/
- https://zerocap.com/insights/snippets/what-happens-all-bitcoin-are-mined/
- https://finance.yahoo.com/news/invest-1-000-today-bitcoin-180123693.html
- https://cash.app/help/3107-deposit-bitcoin-into-cash-app
- https://www.cryptodispensers.com/blog/how-much-does-cdreload-charge-to-buy-1-000-of-bitcoin
- https://malwaretips.com/blogs/warren-buffett-bitcoin-promo-code-scam/
- https://www.blockpit.io/en-us/tax-guides/can-the-irs-track-cryptocurrency
- https://koinly.io/blog/can-the-irs-track-cryptocurrency/
- https://www.miamiherald.com/news/business/article287777460.html
- https://www.morningstar.com/news/marketwatch/20240420263/bitcoins-price-stable-after-fourth-halving-heres-what-investors-need-to-know
- https://www.bitcoin.com/get-started/what-are-bitcoin-network-fees/
- https://www.gemini.com/cryptopedia/who-controls-bitcoin-inventor-satoshi-nakamoto-btc-explained
- https://swissmoney.com/how-to-withdraw-crypto-to-bank-account/
- https://www.usatoday.com/story/money/investing/2024/03/15/bitcoin-could-soar-to-more-than-1-million-before-2030-says-cathie-wood/72941530007/
- https://www.coindesk.com/markets/2024/03/12/this-bitcoin-bull-run-is-breeding-millionaire-whales-at-slower-pace-data-show/
- https://www.binance.com/en/price-prediction/bitcoin
- https://www.investopedia.com/news/should-you-buy-gold-or-bitcoin/
- https://www.nasdaq.com/articles/heres-how-much-%241000-invested-in-bitcoin-today-could-be-worth-in-2030-if-cathie-woods
- https://www.ibm.com/blog/why-central-banks-dislike-cryptocurrencies/
- https://www.bitdegree.org/crypto/tutorials/top-privacy-coins
- https://en.wikipedia.org/wiki/Economics_of_bitcoin
- https://cash.app/help/3103-bitcoin-fees
- https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/
- https://www.techopedia.com/cryptocurrency-bans-explained-which-countries-have-restricted-crypto
- https://www.quora.com/What-is-the-US-governments-stance-on-Bitcoin-What-could-be-the-potential-consequences-if-the-government-successfully-bans-crypto-trading-through-companies-like-Coinbase-and-Gemini
- https://www.cryptodispensers.com/blog/how-long-does-bitcoin-take-to-send
- https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp
- https://www.quora.com/What-would-happen-if-governments-globally-banned-cryptocurrencies-like-bitcoin-Would-it-be-possible-for-anyone-to-use-them-anymore-anywhere-in-the-world
- https://www.chainalysis.com/blog/2024-crypto-money-laundering/
- https://www.linkedin.com/pulse/how-send-receive-bitcoins-cash-app-using-lightning-network-onutali-nhj6e
- https://www.nerdwallet.com/article/investing/bitcoin-taxes
- https://portal.ct.gov/DOB/Consumer/Consumer-Education/Cryptocurrency-Risks
- https://blog.avast.com/cryptocurrencies-cybercrime
- https://www.binance.com/en/square/post/1307374
- https://www.cryptodispensers.com/blog/how-to-withdraw-money-from-bitcoin-atm
- https://www.coindesk.com/consensus-magazine/2024/04/01/bitcoins-future-as-currency/
- https://money.usnews.com/investing/cryptocurrency/articles/bitcoin-vs-ethereum-which-is-a-better-buy
- https://bitcoin.org/en/about-us
- https://finance.yahoo.com/news/heres-much-bitcoin-become-millionaire-173014879.html
- https://www.paypal.com/us/cshelp/article/what-can-i-do-with-crypto-on-paypal-help893
- https://support.nexo.com/article/what-are-the-withdrawal-fees-for-credit-line-crypto-and-fiatx-withdrawals
- https://www.weforum.org/agenda/2022/01/what-s-behind-china-s-cryptocurrency-ban/
- https://www.investopedia.com/terms/b/bitcoin.asp
- https://coincodex.com/convert/usd/bitcoin/500/
- https://www.creditkarma.com/investments/i/pros-and-cons-of-bitcoin
- https://www.ledger.com/academy/topics/crypto/who-owns-the-most-bitcoin-the-largest-bitcoin-wallet-addresses
- https://www.cato.org/blog/overstating-crypto-crime-wont-lead-sound-policy
- https://finance.yahoo.com/news/warren-buffett-says-wouldnt-pay-175917403.html
- https://www.brookings.edu/articles/the-brutal-truth-about-bitcoin/
- https://www.bankrate.com/investing/how-to-cash-out-crypto-bitcoin/
- https://www.cbsnews.com/news/crypto-scam-risk-bbb-report/
- https://www.euronews.com/business/2024/02/06/bitcoin-price-predictions-how-much-more-can-the-cryptocurrency-rise-in-2024
- https://zengo.com/withdraw/cash-app/
- https://www.thetimes.co.uk/money-mentor/cryptocurrency/is-bitcoin-crash-coming
- https://finance.yahoo.com/news/cash-crypto-bitcoin-154906515.html
- https://river.com/learn/what-is-backing-bitcoin/
- https://www.binance.com/en-IN/square/post/1117034
- https://cash.app/help/us/en-us/5134-understanding-investing-account
- https://www.quora.com/If-I-invest-500-per-month-in-bitcoin-starting-today-and-the-price-rises-to-1-million-dollars-per-coin-in-10-years-how-much-do-I-earn
- https://www.nerdwallet.com/article/investing/is-bitcoin-a-good-investment
- https://www.britannica.com/money/cryptocurrency-scams
- https://localcoinatm.com/blog/bitcoin-atm-withdrawal-guide/
- https://www.visualcapitalist.com/worlds-largest-corporate-holders-of-bitcoin/
- https://www.forbes.com/sites/johnhyatt/2024/04/02/the-richest-crypto-and-bitcoin-billionaires-in-the-world-2024/
- https://internationalman.com/articles/can-the-government-ban-bitcoin-four-things-you-need-to-know-today/
- https://www.nicehash.com/support/general-help/wallet/how-to-make-a-bitcoin-deposit-withdrawal
- https://www.security.org/digital-security/cryptocurrency-annual-consumer-report/
- https://www.thestreet.com/crypto/innovation/no-you-cannot-turn-off-the-bitcoin-network
- https://www.quora.com/How-can-you-tell-if-a-Bitcoin-is-real-or-fake
- https://www.linkedin.com/pulse/can-bitcoin-replace-us-dollar-farzad-vajihi-6mzmf
- https://www.binance.com/en/square/post/1303963
- https://www.iacpcybercenter.org/wp-content/uploads/2018/03/Bitcoin.pdf
- https://coincodex.com/convert/bitcoin/usd/5000/
- https://www.wealthprofessional.ca/investments/alternative-investments/crypto-holdings-have-made-some-people-billionaires-but-how-many/379427
- https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf
- https://coinswitch.co/switch/crypto/what-happens-when-crypto-value-goes-to-zero/
- https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/
- https://www.quora.com/What-will-happen-to-Bitcoin-mining-when-all-coins-are-mined
- https://www.cnbc.com/2023/09/06/six-bitcoin-btc-billionaires-in-the-world-new-crypto-super-rich-report-says.html
- https://www.techopedia.com/crypto-billionaires-11-individuals-who-struck-it-rich-with-cryptocurrencies
- https://finance.yahoo.com/personal-finance/should-you-invest-in-bitcoin-151647017.html
- https://www.coinbase.com/converter/btc/usd
- https://primexbt.com/for-traders/what-happens-if-bitcoin-crashes-to-zero/
- https://www.coindesk.com/policy/2023/11/15/central-bank-digital-currencies-can-replace-cash-offer-resilience-imf-chief/
- https://www.quora.com/Is-it-possible-for-the-US-government-to-make-it-illegal-to-own-Bitcoin-or-other-cryptocurrencies-in-the-future
- https://cryptowallet.com/academy/use-bitcoins-on-amazon/
- https://www.nasdaq.com/articles/if-you-invested-$1000-in-bitcoin-when-it-launched-heres-how-much-youd-have-now
- https://www.investopedia.com/articles/investing/050715/can-bitcoin-kill-central-banks.asp
- https://fortune.com/crypto/2023/09/06/henley-partners-6-bitcoin-billionaires-world-new-report/
- https://cs.stanford.edu/people/eroberts/cs181/projects/2010-11/DigitalCurrencies/disadvantages/index.html
- https://cointelegraph.com/learn/bitcoin-atms-a-beginners-guide-to-bitcoin-teller-machines
- https://www.cfr.org/backgrounder/crypto-question-bitcoin-digital-dollars-and-future-money
- https://nbx.com/crypto101/how-many-people-own-1-bitcoin
- https://www.coindesk.com/markets/2020/12/11/wallets-with-over-1000-bitcoin-have-hit-record-number-chainalysis/
- https://www.chainalysis.com/blog/2024-crypto-crime-report-introduction/
- https://dl.acm.org/doi/fullHtml/10.1145/3465481.3465774
- https://finance.yahoo.com/news/heres-much-1-000-bitcoin-210311605.html
- https://www.cnbc.com/2024/02/15/how-much-money-1000-dollars-invested-in-bitcoin-10-years-ago-would-be-worth.html
- https://www.quora.com/How-can-one-determine-the-owner-of-a-bitcoin-wallet-address
- https://cointelegraph.com/news/simply-wow-10000-bitcoin-investment-in-2010-now-worth-200-million-gold-9900
- https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp
- https://www.investopedia.com/news/tesla-billionaire-elon-musk-reveals-how-much-bitcoin-he-owns/
- https://river.com/learn/who-owns-the-most-bitcoin/
- https://primexbt.com/for-traders/what-to-expect-if-i-invest-100-in-bitcoin-today/
- https://www.fastcompany.com/90949038/bitcoin-price-billionaires-list-crypto-wealth-2023
