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Crypto Accounting

What Might Crypto Accounting Look Like in 5 Years?

Bitcoin prices went up in May 2019, and 8 out of 10 panelists interviewed by Finder believe the surge was due to announcements made by companies like Microsoft and Bakkt at Consensus 2019 in New York. Fifty percent cited factors such as the U.S.-China trade tensions. Prices are expected to continue to climb, with a predicted price of $9,659 by December 31. Another source predicts that by 2020, Bitcoin will be priced between $16,500 and $17,500. 

Tim Draper, CEO of Draper Associates, believes that we are 2 years away from everyone buying their coffee in crypto. He debunks the myth that cryptocurrency is only used by criminals, asserting that transaction data on blockchain is public, making it far more secure and trackable than cash. 

While some see Draper’s vision as lofty or unattainable, what can we expect in the next 5 years?

Based on the current situation, fluctuations will likely continue.

BeInCrypto predicts that Bitcoin will face a downward trend that will break and start moving upward again around September 2019. A prediction of $16,500 to $17,500 by the end of 2020 is as far as BeInCrypto can comfortably predict at this time.

“Cyberspace” was a new battlefront in the 90s, and so will be cryptocurrency in the coming years.

Forbes predicts that governments will seek to regain control as crypto starts to replace much of the existing banking system. Crypto weapons could crop up in many forms: attempts to break currencies, mining attacks to cause chaos, secret crypto launches. The new frontier could be a volatile one.

Catastrophic crashes have happened and are still possible.

Bitcoin is using basic blockchain technology, which is now considered antiquated.Other cryptocurrencies are using new technology and unique privacy features, and the competition Bitcoin faces puts it at risk. As new technologies emerge, Bitcoin–once an innovator and a disrupter–is no longer a novel concept.

However, if performance is any factor, it is possible that Bitcoin would see an increase to over $100,000 in the next five years. It’s also possible that this number could be greatly exceeded.

Flexi

As crypto changes the financial landscape, you want an accounting solution that keeps up with the cutting edge. Keep abreast of emerging technologies and ensure that your finances are well accounted for. Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Submit your information and get a demo of the Flexi suite today. 

Category: Crypto

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