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The price of bitcoin has soared up by 520 % as compared to last year and has beaten all class assests and investments . It is quite possible that after the correction that took place after the ban on china exchanges ,the price of bitcoin may soar as high as 10000$ and here are some factors .
LIMITED SUPPLY - there are about 21 million bitcoins in total and right now lets say about 16 million is in circulation . And added to this is the fact that almost 20 % is lost in improper calculation , lost keys etc. So scarcity plays a huge role in demand .
ACCESSIBILITY - bitcoin is becoming easier to acesses as it can be bought really easily . And according to a report there are atms that actually support bitcoin .
LIQUIDITY - due to its intence demand and economic , bitcoin can be easily sold or purchased and can be converted to local currency with relative ease .
UTILITY VALUE - compared to banking and the transaction costs involved , it is quite possible that bitcoin will be adopted to reduce these costs .
So , in my opinion it is possible for bitcoin to soar upto 10000$
THIS IS NOT INVESTMENT ADVICE .
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Also important not to forget about lost bitcoins. I assume there has been a substantial amount of bitcoin lost from deceased owners or user error early on. So while there may be 16 million in circulation at the moment, not all of those are guaranteed to be accessible.
Yes , completely possible . And also Rumour is that the creator of bitcoin or so as he is referred " SATOSHI NAKAMOTO " has a huge stash of bitcoin and is regulation demand