Bitcoin is still soaring. What’s the limit?

At the close of 2017, eight years on from its original launch, Bitcoin’s future looks stronger than ever. Following years of stagnation, its value has skyrocketed more than 1,000 percent over the past 12 months, and has surged over $2,000 in just the last few days.

Though it’s a relatively new phenomenon, many claim to know what the future of Bitcoin holds. Despite that confidence, should it be invested in freely? Anyone who remembers the hype train of the dot com bubble will remember too well the dangers of investing in the next big thing.

Then again, many of today’s biggest technology giants were spawned in that era, and survived to become billion-dollar companies. Is Bitcoin, like Amazon or Google, on the leading edge of a revolution? Or is it, like Lycos and GeoCities, a good idea doomed by fundamental flaws?

Up, up, and away!

Some have theorized the launch of many new alternative currencies – which now number in the hundreds – have helped push up the value of Bitcoin and other more established currencies, like Ethereum. Ironically, the Initial Coin Offerings (ICO) of new currencies are often funded by existing coins. However, according to host of the Bitcoin News Show, Vortex, that’s only part of the picture.

“What’s happening now is reminiscent of the dot com bubble in 1998.”

“The ICO craze has died off in the past few months after bitcoin started ripping past $5,000 […] Since Ethereum and most ICOs have little fundamentals, the value would inevitably be driven back into Bitcoin, once people slowly realize how valuable Bitcoin really is.”

Ultimately, he said, the main reason for Bitcoin soaring in value throughout 2017 is a growing realization of the potential for cryptocurrencies, the age-old supply and demand, and a better understanding of the digital scarcity that is an intrinsic part of Bitcoin. The way it was designed means that one day, sometime in the next couple of decades, the last coin will be mined, leaving us with a global total of 21 million coins – if we ignore the many millions that are said to have been ‘lost’ over the years.

That factor alone could be the reason Bitcoin’s value has surged. The slowing rate of mined coins, and an understanding that new ones will eventually be unavailable, creates scarcity and adds a certain built-in value.

History repeats itself

The mixture of a distant, but impending end may help drive investment of Bitcoin, but it’s nothing new to business investment in general.

“It reminds me of the old internet days,” CEO and founder of CryptoBnB, Tariq Alwahedi, told DigitalTrends. “It was something exotic […] What’s happening now is reminiscent of the dot com bubble in 1998, when you saw a huge money flowing into the dot com companies. Yes, there was a bubble that happened, but let’s be frank, what’s happening in the industry today, is that many of those companies that formed during that time are shaping the online industry today.”

CEO and founder of CryptoBnB, Tariq Alwahedi

Alwahedi also drew comparison with booms and busts in the stock market, but he wasn’t sure we’d see a similar crash in Bitcoin’s future. Cryptocurrency has historically risen to new heights, only to crash down again — often severely — before making its way to new record values. He’s not sure that’s something we’ll see in this instance.

“I can’t say if it’s a bubble or not, but there is a huge rush towards it. The market is very bullish right now,” he said. “Corrections always can happen, but this is not hype any more. We think this is a fundamental change to the economy, and definitely this will set the scene for the future.”

Vortex, on the other hand, sees a correction in the currency as inevitable, but not something that will put much of a dent in its meteoric rise.

“Bitcoin’s been on a pretty visible stair step pattern for the second half of this year following a more long-term textbook parabolic trend. There will be pull-backs of course, but they are becoming increasingly short lived as the thousands fly by now, that we’ve surpassed the $10k price point. The dot com bubble at its height was in the trillions, and the crypto market cap is still only roughly $300 billion at the time of this writing. We’ve still got a long way to go.”

$15,000 today, $150,000 by 2020?

These two aren’t the only ones with serious confidence about Bitcoin’s (and other currencies’) potential for the future. During a Bitcoin’s most recent tear — itself an astounding spike following an unprecedented year of growth – we’ve seen incredible confidence from some interesting parties.

When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD

— John McAfee (@officialmcafee) November 29, 2017

John McAfee, known to some as the founder of McAfee anti-virus, and to others as the man who dodged Belize authorities on a murder rap, believes that we could see a single Bitcoin be worth more than a million dollars by 2020. Hedge fund manager and venture capitalist James Altucher agreed with his sentiment, and expects Bitcoin to break seven figures by 2020.

Vortex was a little more conservative in his estimations of Bitcoin’s future, but he sees it as more a question of when Bitcoin will be worth these figures — not if.

“If we look at what Bitcoin is truly competing against, which is the gold market amongst many other industries, we can see that the market cap of that is in the trillions,” he said. “If Bitcoin is to fulfil its purpose of being both a store of value and a medium of exchange, it’s market cap must rise to something similar to that of gold, or the U.S. dollar. The limited supply combined with the upcoming halving in 2020 will see to Bitcoin in the six digits by 2021.”

For Alwahedi’s part of things, he preferred to suggest that it would grow no matter if corrections happen or not, but wouldn’t be drawn on speculations of true figures.

“Are we going to see [Bitcoin value hit] $30,000 [by next year]? I think it’s all possible,” he said. “Nobody would have expected a Bitcoin to move from $600 to $10,000 plus in 1.5 to two years, this is massive growth. Whatever correction will happen will not remain, and it will not drop drastically because the fundamentals are there […] it’s a matter of supply and demand.”

Don’t count out the little coins

Though Bitcoin is important, Alwahedi thinks the real potential with cryptocurrencies is in the alternatives, the so called, “alt-coins.” He means the likes of Dash, Ethereum, Bitcoin Cash, and other advanced cryptocurrencies that offer more than just a store of value and a transactional medium.

“Other blockchain currencies that are available, like Ethereum for example, offer a new layer of smart contracts that you can use, and can give you enhanced experiences as well,” he said. “It’s not only about cashless [or] about paying for transactions, but what else can you bring? Can you minimize friction? Can you make it more efficient? Can you make it truly smart?”

It’s fair to say that he would say that, considering CrypoBnB’s potential success would be built off the ability for its own cryptocurrency to find acceptance among the millions of cryptocurrency owners around the world. Yet while the jury might still be out on the potential for niche, industry-specific currencies like his own and DentaCoin, Alwahedi is committed to the idea of smartening up the global economy. In the future he envisions, our money will be able to do much more than just buy things for us, regardless of what currency or cryptocurrency we hold it in.

“Bitcoin is a fundamental change to the economy, and definitely this will set the scene for the future.”

“I see Ethereum as giving the first insight of smarter currencies than Bitcoin. Bitcoin opened the wide space […] but will it be a smart enough of a currency, or token as other currencies? I don’t know, [but] tomorrow’s money is smarter and will recognize its owner. More than just the financial influence that it has today.”

As for Vortex, he’s made his views to clear to Digital Trends in the past — Bitcoin trumps all.

“Let me be clear. After nine plus years of Bitcoin’s existence, there is absolutely no competition for its main value proposition of being the world’s censorship resistant, permissionless open and global store of value,” he said. Nay-sayers may claim its now too old-school, but he believes the latest and greatest isn’t always the most revolutionary.

“We only have one TCP/IP stack,” Vortex noted. “Google, Facebook and Amazon didn’t go out there and each build their own networking protocols, they simply built atop and improved the existing ones […] When everyone speaks the same protocol language, that’s where the emergent innovation can take place anywhere, and everywhere.”

Is it time to invest?

With many talking heads suggesting Bitcoin’s latest tear is the sign of an even brighter future, you might be looking to invest. It’s only natural to want to ride the wave when there seems to be so many people making so much money, with a comparatively small investment. It is important, however, to exercise caution, and make sure you know what you’re getting into.

“There is a lot of hype happening today, reminding me of the penny share stock market bubble, where people were creating companies and jumping on them because they are cheap and can make lots of money, develop in volume,” Alwahedi told Digital Trends. “Today my advice to everybody is you have to look at the fundamentals of the business itself.”

Fees and transaction issues must also be considered. Steam recently ended its acceptance of the cryptocurrency due to ballooning fees, and its volatile value, and hacks of Bitcoin-connected companies remain common. Unlike your bank account, which is protected by law to guarantee you don’t lose your cash to theft, Bitcoin provides no recourse.

Vortex, however, that pitfalls are to be expected, and balanced by cryptocurrencies’ unique ability to solve problems facing today’s investors. “Bitcoin is not Paypal 2.0, nor should it be looked at that way in the short term,” he said. “There’s only so many places people can store their wealth these days, where it cannot be seized by any government or corporation, and thus Bitcoin is becoming more attractive to the people by the day.”

Ultimately, he thinks we’ll all be using Bitcoin. “Like the internet, if you don’t have email or a website, the world has passed you buy. So too will be the case with Bitcoin.”

Editors’ Recommendations

• Bitcoin Cash surpassed Ethereum as world’s second most popular cryptocurrency
• Bitcoin’s latest boom sends it scorching past $9,000
• You’ll soon be able to bet on Bitcoin’s future value on NASDAQ
• Sell! Sell! Sell! This AI tries to predict when the bitcoin bubble will pop
• Bitcoin suffers another setback as South Korea bans ICOs

‘Firewatch’ studio Campo Santo is building an Egyptian adventure

Campo Santo, the independent studio behind Firewatch, is working on a new game called In the Valley of Gods. It’s a first-person adventure set in the 1920s that takes players through the abandoned, ancient deserts of Egypt. Here’s how Campo Santo describes it:

“You play as an explorer and filmmaker who, along with your old partner, has traveled to the middle of the desert in the hopes of making a seemingly-impossible discovery and an incredible film.”

In the Valley of Gods is due to hit PC in 2019, though the studio hasn’t ruled out a launch on consoles.

Campo Santo’s first game, Firewatch, was also a first-person adventure, and that approach served the studio well. The game found commercial and critical success in 2016, coming from a team of veteran developers and artists including Olly Moss, Sean Vanaman and Jake Rodkin.

Source: In the Valley of Gods

‘PUBG’ rival ‘Fortnite’ adds 50 v. 50 team deathmatch

Fortnite: Battle Royale may have caught some flak from the makers of PlayerUnknown’s Battlegrounds, but that didn’t stop it from becoming an instant hit. To build on that success (and steal some of PUBG’s thunder, ahead of its arrival on Xbox One), the free-to-play title is adding an insane new game mode. Instead of a 100 player free-for-all, it will be two squads of 50 scrapping it out till one team is left standing. The free mode is available until December 17th on PS4, Xbox One, PC, and Mac.

The game continues to amass fans as well. Epic Games latest numbers reveal Battle Royale has added 20 million additional players since October, bringing its grand total to 30 million. As long as it doesn’t alienate any more (14-year-old) gamers with lawsuits, its star could keep rising — even as the battle royale field gets a little more crowded with upcoming The Darwin Project.

Tonight’s ‘Zelda’ DLC gives you a motorcycle

The next add-on pack for The Legend of Zelda: Breath of the Wild takes the champions from the base game (Goron, Rito and Zora) adds a slew of new challenges. And best of all, it’s available incredibly soon. More than just additional shrines, the pack brings in new costumes for the Hero of Time and his trusty steed, and it pulls the King of Hyrule and Princess Zelda into the mix too. “The Champions Ballad” will be released tonight on Switch and Wii U and should give you some extra bits to play through as you’re scouring Hyrule. Oh, right, and as Link you’ll get to tool around the overworld on a motorcycle. There isn’t a lot more you could ask for, really.

Source: Nintendo (YoutTube)

‘Soul Calibur VI’ hits Steam, PS4 and Xbox One in 2018

The next, long-awaited entry in the Soul Calibur franchise is on its way. Soul Calibur VI is scheduled to land on PlayStation 4, Xbox One and PC in 2018, Bandai Namco announced tonight during The Game Awards. The new fighting game is all about that fancy swordplay, and the debut trailer showcases some potential new mechanics, as weapons power up in different ways throughout the fight.

Soul Calibur V, the previous game in the series, hit Xbox 360 and PlayStation 3 in 2012.

Escape prison in ‘A Way Out’ next March

A Way Out, the prison break co-op game we first saw at EA’s press conference at E3 this year, will be available as a digital download starting on March 23rd, 2018. As a great bonus, you’ll be able to get a friends pass free trial when it launches, giving you a way to play the whole game even with a pal who hasn’t purchased it.

See, game developer Hazelight designed A Way Out to be a co-op experience through and through — you and a friend play two inmates, solving puzzles and evading cops to escape from prison on a splitscreen interface. You can play with a friend side-by-side on a couch or online, but bottom line is that you can’t play it on your own (or even with your best canine buddy). A free friends pass means you won’t have to stress about finding a pal who’s also willing to shell out to buy the game.

Hazelight founder, writer and director Josef Fares said in a statement:

“We developed the game to be experienced with a friend on the couch, but since that isn’t possible for everyone, those who download the friend’s pass free-trial will be able to play the entire game online with a friend who owns the full game and still get an awesome experience.”

While that’s mighty generous of Hazelight, the studio behind critically acclaimed Brothers: A Tale of Two Sons, take note that you and your friend will need an Xbox Live Gold or a PlayStation Plus account if you’re playing on Xbox One or PS4. On PC, you’ll need to have EA’s Origin program to be able to enjoy it. If you’re all set, though, you can pre-order the game and start making plans with a pal.

Source: EA Originals

‘Bayonetta 3’ is a Nintendo Switch exclusive

Get ready for some much-needed hack and slash action on the Switch. Platinum Games Bayonetta series is getting a third instalment exclusively for Nintendo’s console. Not only that, but the first two Bayonetta games are also heading to the gaming machine, marking the first time they’ll be playable on the go.

Bayonetta 3 footage (starring the titular character and her dual wielding pistols) was teased by Nintendo of America president Reggie Fils-Aimé at tonight’s Game Awards, together with a Bayonetta and Bayonetta 2 digital bundle, which lands on February 16. Nintendo is also promising a Bayonetta 2 physical copy.

Source: Nintendo (YouTube)

Watch The Game Awards right here

It’s been a fairly fantastic year for video games — so let’s celebrate. The Game Awards kick off tonight in Los Angeles at 9 PM ET, though the pre-show begins at 8:30 PM ET across a variety of live-streaming platforms, including Twitch, Twitter and YouTube (in 4K, no less).

The show honors the year’s most influential, creative video games and the people who create them, as voted by 51 international media outlets, including Engadget. There are a total of 30 categories, including Best Multiplayer, Best Narrative, Best Art Direction, Trending Gamer, Best Independent Game and a handful of eSports-specific awards.

Titles up for Game of the Year are The Legend of Zelda: Breath of the Wild, Super Mario Odyssey, PlayerUnknown’s Battlegrounds, Persona 5 and Horizon Zero Dawn, while nominees for Best Performance are Melina Juergens (Senua in Hellblade), Laura Bailey (Nadine Ross in Uncharted: The Lost Legacy), Claudia Black (Chloe Frazer in Uncharted: The Lost Legacy), Brian Bloom (BJ Blazkowicz in Wolfenstein III) and Ashly Burch (Aloy in Horizon).

Presenters include a lineup of high-profile gaming and Hollywood names: Hideo Kojima, Guillermo del Toro, Norman Reedus, Andy Serkis, Felicia Day, Aisha Tyler and Zachary Levi are all set to hit the stage tonight. Those first three are building Death Stranding together, so go ahead and get your hopes up for news about that game during the show. It happened last year, after all.

On top of trailer debuts and statue distribution, the Game Awards is also a giant party — the rock band Phoenix will perform throughout the night, complete with some seriously retro set design.

Why Qualcomm’s Tech Summit this week mattered

Qualcomm had so much news to share this year that it decided to throw a three-day “Tech Summit” in Hawaii for hundreds of press and analysts. In addition to unveiling the latest generation of its high-end mobile processor, Qualcomm also announced new Snapdragon-powered laptops from HP and ASUS, a new dedicated Hi-Fi audio DAC and a partnership with AMD. Speaking of partnerships, many of the companies that work with Qualcomm also attended the event to discuss the future of technologies like AI, 5G, AR and VR.

Given the battle Qualcomm is waging against Apple, as it fends off a potential takeover from rival Broadcomm, the Tech Summit has been as much a news announcement event as it was a show of force. Qualcomm isn’t just a mobile chip maker, and it sure as hell wants you to know. Catch up on all you may have missed from the company’s big event this week in under four minutes with this short video!

YouTube to Launch Music Subscription Service in March 2018

Apple’s streaming music service will soon face another major competitor, as YouTube prepares to launch a paid music service in March of 2018, reports Bloomberg.

YouTube has already inked a deal with Warner Music Group and is in talks with Sony Music Entertainment, Universal Music Group, and Merlin, a group of independent labels. The service will allow YouTube to better compete with Spotify and Apple Music, and it will provide more revenue to music labels that have been pushing for more money from the video site.

Yet major record labels say the growth would be even more significant if not for YouTube, which they criticize for not compensating them enough, considering how much people use the site to listen to tunes. Music is one of the most popular genres of video on YouTube, which attracts more than a billion users a month.

YouTube is referring to its new service as “Remix” internally, and it is said to include Spotify-style on-demand streaming along with YouTube-only elements like video clips. YouTube has already been contacting artists for help promoting the service.

According to Bloomberg, YouTube will need to overcome “several hurdles” to meet its March 2018 launch date. YouTube has been stuck in negotiations with Universal and Sony for more than a year.

Tags: YouTube, Apple Music
Discuss this article in our forums