Here's Bitcoin's Only Path to $300,000
As the S&P 500 just had its worst first-half performance of any year since 1970, the cryptocurrency market has also fallen off a cliff. After approaching a total value of nearly $3 trillion last November, the entire market is now worth just $888 billion as of this writing. Amid the bear market, investors are fearing a recession is on the horizon, causing them to sell off risky assets.
The world's most valuable cryptocurrency, Bitcoin (CRYPTO: BTC), has also cratered. However, I think there's a good chance that it eventually bounces back. Its price (on the afternoon of July 12) was $19,907 down from an all-time high of $68,790, but there's a clear path for it to one day reach $300,000. And that would equate to a monster 15-fold return.
Launched in January 2009, Bitcoin's creation was truly revolutionary. A borderless, peer-to-peer internet-based currency completely upends the traditional monetary and financial system, one that is controlled by governments. While the idea was sound and made sense, Bitcoin's actual adoption in commerce has been unimpressive.
Source Fool.com
