Bitcoin Price Will Hit $50,000 In Under A Year? Who You Gonna Believe, This Economist or Your Lying Eyes?

It’s official, folks – an economist has come out and predicted that the price of Bitcoin will hit $50,000 in less than a year. Whoa. Hold up. Before you go dump your life savings into cryptocurrency, let’s look at a few possible reasons why this economist might be a little off their predictions.

1. Bitcoin Price is Extremely Volatile

Crypto prices are notoriously unstable, so any prediction about its future is risky business. If a butterfly flaps its wings in China, Bitcoin goes down. If a tech mogul tweets about Bitcoin, then the price goes up. You get the idea. No one can predict the future, so the idea of Bitcoin hitting a certain target in under a year is a bit of a stretch.

2. Economics and Supply & Demand Don’t Always Follow the Script

Economists love to talk about their predictions based on supply, demand and other factors, but they don’t know everything. In fact, they get it wrong quite often. This doesn’t mean economists are dumb; it just means that the numbers and reasoning don’t always tell the full story.

3. Has This Economist Been Wrong Before?

Like any profession, it pays to investigate the prediction maker’s track record. Have they been wrong before? If so, how often? What were the consequences? These questions are all important when trying to determine the veracity of a prediction, and it’s best to err on the side of caution.

All of this isn’t to say that Bitcoin won’t hit $50,000 in the upcoming year – it could, it just depends on dozens of factors. But as risky as investing in Bitcoin can be, staking your future on this one economist’s judgement is even riskier. Caution is advised!