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Can Filecoin reach $1000?

Filecoin, the largest decentralized storage network, is set to launch smart contracts in March 2023, making it a full-fledged L1 chain. Filecoin aims to provide a credible alternative to centralized cloud storage, and it needs both the Internet scale and a full suite of data services to achieve this goal. His bet on decentralized physical infrastructure networks (DepIn) or physical labor tests (PopW) is a more effective way to coordinate the provision of increasingly scarce cloud services in a growing data economy.

Filecoin works in collaboration with other L1/L2 chains, providing storage services to the Web3 space and other L1 and exports its competitive advantage in storage services. The Filecoin virtual machine (FVM) is a critical upgrade that should allow for a variety of use cases such as perpetual storage, DeFi,
and DataDAO.

Filecoin Price Prediction: Is Filecoin a Good Investment?

Filecoin solves the storage problem by providing access to millions of storage devices (Peer to Peer networks) around the world. The storage devices could include your personal computer or something more dedicated just for this purpose.

Storage providers earn Filecoins to store other people’s files. The blockchain is used to track and validate these storage-related transactions, including if the providers are storing the
files correctly.

In the year 2021, Filecoin had 3600 storage providers. According to Messari’s latest report

  • Storage usage increased from 27 million gigabytes in the third quarter of 2021 to 231 million gigabytes in the third quarter of 2022
  • Protocol revenues in $FIL increased from 1.39 million FIL to 1.77 million FIL
  • However, in dollar terms, revenue fell from $95 million to $11 million.

Filecoin is better than Amazon AWS or Google Cloud in pricing on Filecoin because it’s an open marketplace for vendors.

FIL is the native token of the Filecoin network and is a deflationary resource, that is, FIL tokens are burned to pay network fees. As of today, 359,805,544 FIL tokens are in circulation. Below are the two use cases of FIL tokens
:

  • FIL tokens are used for the purpose of paying fees on the Filecoin network.
  • These tokens are used to incentivize users to ensure that data is stored reliably.

Who are FIL’s main competitors besides traditional cloud storage providers? Arweave, STORJ, SIA etc
.)

Here’s how Filecoin has performed in the last 5 years

  • 2020: (-56.7%)
  • 2021: +59.1%
  • 2022: (-91.7%)

Filecoin $FIL is currently priced at the same levels as in 2019.

It seems that FIL is taking big steps forward in terms of solving the consumer problem. However, protocol revenues need to grow even faster for FIL to start recovering. The storage market is worth more than $50 billion and therefore the opportunity for Filecoin remains enormous
.

Given how much FIL is growing and the target market it is targeting, Filecoin has a bright future. Given the current liquidity issues in the market, Filecoin will remain under pressure for some time. But in the long term, it seems to be a suitable case for investments.

Competitor analysis: Filecoin vs BitTorrent

Filecoin is a decentralized storage system that provides an open market for storing various user files. Here, users have to pay to store their files. One of its main competitors is BitTorrent, which is one of the oldest decentralized data storage networks. It is a P2P and torrent file sharing platform. Let’s make a brief comparison between Filecoin and BitTorrent
:

As we can clearly see that Filecoin failed to surpass BitTorrent for a year, despite the fact that both cryptocurrencies have fallen in price over this period.

Competitor analysis: Filecoin vs Render token

Render Network aims to revolutionize the digital creation process by allowing people to share their unused or extra GPU power with people who need GPUs. Let’s compare Filecoin and Render Token
:

The data above describes that both cryptocurrencies have fallen by more than 90% from a year ago and Filecoin, clearly, has not outperformed its competitor, namely the Render token.

Will Filecoin reach $100?

In theory, this is completely possible. Filecoin has been doing well (business) for the past 2 years. It operates in a very large market and has a very small share. So, potentially, it’s likely to work well in the future. With a CAGR growth of 25% per year, Filecoin could rise to $100 in
16 years.

Can Filecoin reach $1000?

Filecoin will have to increase 300 times to reach $1000. The current annual revenue for Filecoin is around $50 million. The global personal storage market exceeds 50000 million dollars. 300x of current revenues translate into about 35% of the market, which is impractical given the current competition. So while it’s very likely that Filecoin will rise from current levels, it might be quite difficult for it to rise to
$1000.

Filecoin Price Prediction 2023, 2025 and 2030 (Aggregate)

It is very likely that the global economy will recover in 2024 and 2025, increasing liquidity, which in turn will help Filecoin tokens, which have an excellent business model.

Filecoin 2023 price prediction is $8.1

Filecoin 2025 price prediction is $13.8

Filecoin 2030 price prediction is $43.1

FIL Price Prediction: How to Buy Filecoin?

Before we talk about where to buy Filecoin, you should know how to buy it. Mentioned below are the steps that you need to follow.

Step 1: Compare different crypto exchanges that offer the services to buy Filecoin. This way, you’ll be able to find a site that will offer the best features and that too at affordable rates
.

Step 2: The next step would be to create your account on the exchange. You must verify your email address and identity.

Step 3: After the verification is complete, you must make a deposit using a suitable payment method.

Step 4: Now you’re ready to exchange your funds to buy Filecoin.

Where to buy Filecoin?

Most premium exchanges these days offer their services to people who want to buy, sell, and trade Filecoin.

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