REUTERS\/Bogdan Cristel <\/p>\n
Bitcoinis trading at record highs on Monday, but the cryptocurrency may still be far from hitting its ceiling. <\/p>\n
It rallied 16.19% since July 31, despite last week's fork that split it in two. It's up 465% since last year. <\/p>\n
According to analysis by Dennis Porto, a bitcoin investor and Harvard academic, bitcoin's price could hit $100,000 per coin if it continues to follow one of tech's \"golden rules\" - Moore's law. <\/p>\n
The rule, which was devised in 1965 by Intel cofounder Gordon Moore, describes the exponential improvements of digital technology. <\/p>\n
\"Moore's law specifically applied to the number of transistors on a circuit but can be applied to any digital technology,\" Porto wrote in an email to Business Insider. \"Any technology that is growing exponentially (i.e., 'following Moore's law') has a doubling time.\" <\/p>\n
Typically, however, the rule applies to a technology's computing power or capabilities. This is the first time Porto has noticed a technology's price following Moore's law. <\/p>\n
Since bitcoin's inception, according to Porto, its price has doubled every eight months. <\/p>\n
Dennis Porto <\/p>\n
\"This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,\" Porto said. <\/p>\n
Porto expects that this doubling trend could continue until bitcoin reaches mass adoption. Of course, another cryptocurrency could usurp bitcoin in the meantime. <\/p>\n
By February 2021, Porto believes, it could be worth over $100,000. <\/p>\n
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See the article here:<\/p>\n
Bitcoin can get to $100000 if it keeps following one of tech's golden rules - Markets Insider<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" REUTERS\/Bogdan Cristel Bitcoinis trading at record highs on Monday, but the cryptocurrency may still be far from hitting its ceiling. It rallied 16.19% since July 31, despite last week's fork that split it in two. Continue reading