This situation prevents Bitcoin from rising

The $ 6,000 Bitcoin (BTC) price is still impressive for crypto users, but there is a major problem preventing the leading cryptocurrency from rising. Jeffrey A Tucker, the editorial director of the American Economic Research Institute, said he was not affected by Bitcoin trading at $ 6,000. But Tucker had shown great enthusiasm in the past even when BTC was only $ 30.

I’m not unimpressed by a $ 6K price of BTC. I was blown away when the thing reached $ 30.00. But can you imagine the price today if the thing had properly scaled?

– Jeffrey A Tucker (@jeffreyatucker) March 30, 2020

At this point, it can be said that there is actually no limit for Bitcoin (BTC), but there is a big bottleneck “lack of scalability.” In short, this is one of the issues that prevents the price of BTC from rising.

Bitcoin etc. Bitcoin Cash

The Bitcoin network can only perform about seven transactions per second. But when there are too many unapproved transfers in the pool, BTC can be ridiculously slow and expensive (that’s exactly what happened in December 2017).

This undermined Bitcoin’s main purpose, peer-to-peer currency, and led to the creation of Bitcoin Cash (BCH). Roger Ver backed fork tried to increase Bitcoin’s processing capacity by increasing the block size from 1 MB to 8 MB. The scaling experiment did not work well, given that BCH touches only a small part of BTC. Tucker says this network will not shed light on the original cryptocurrency.

1 million dollars may be possible

Tucker estimated that the price of Bitcoin could reach $ 1 million on Boom or Bust. The same goes for controversial forks. However, the economist admits that it is difficult to value cryptocurrency, as it is still a new and complex technology.