Price Prediction: Filecoin will reach $100 Here is why!

Unraveling Filecoin’s Untapped Potential: The Road to $100

In the ever-evolving world of cryptocurrencies, Filecoin stands out as a game-changer. But what makes it poised to hit the $100 mark? This article delves deep into the mechanics, market dynamics, and unique offerings of Filecoin, shedding light on its promising trajectory. Join us as we explore the compelling reasons behind our bullish prediction. Let the journey begin!

The data storage industry is growing Super Fast!

The price potential for Filecoin’s FIL a crypto project that is revolutionising the data storage / cloud compute industry which is currently as a market valued at $524 Billion but set to grow by 2030 to $1.6 Trillion! Back in April 2021 Filecoin’s FIL token hit an all time high of around $180 per token and had a market cap of $12.3 billion. Today it sits at $4 per token and has a market cap of $1.4 Billion. Is there a huge opportunity here with Filecoin, we will explore this throughout this article!

What is Filecoin?

• Decentralized storage network designed to store humanity’s most important information.
• Filecoin is a decentralized storage protocol that allows anyone to rent out excess storage space on their computer and receive cryptocurrency (FIL, the native token) rewards in return
• Filecoin today sits at $3.37 and has a market cap of $1.4 billion dollars
• Amazon sitting at $1.38 trillion dollar market cap generated through there web services a whopping $80 billion in revenue and close to $23 billion in operating profits in 2022

A decentralized network like Filecoin offers:

1. A More Secure
2. Cheaper
3. More resistant to censorship (wokeism)
4. Solutions to this huge market!

FileCoin vs Amazon this is Massive!

When comparing the cost per GiB per month, FileCoin stands out with a rate of $0.0000522000, which is significantly lower than AWS’s rate of $0.0134217728. In fact, FileCoin’s cost is a mere 0.38892% relative to Amazon AWS. This cost efficiency means that with FileCoin, you can store approximately 257.122 times more GiB compared to what you’d get with AWS for the same price. If FileCoin’s data storage cost were equivalent to AWS, its price would skyrocket to a staggering $47,786.18.

How does filecoin work?

Differing from traditional data cloud providers like google, Microsoft and Amazon, that not only own but control users data. Decentralized solutions like filecoin provide hosts of data on a network of individually owned computers spread across the globe

Filecoin relies on a decentralized and distributed network of computers known as the InterPlanetary File System to host customer data. Unlike traditional storage systems, the IPFS is not owned by any one party

InterPlanetary File System (IPFS):

IPFS use filecoins native token FIL

Use cases are:

• To use the network customers pay storage providers in FIL
• To retrieve data users also pay a fee in FIL
• In order to become a storage provider and join the filecoin network providers must put up collateral in FIL and show consistently
• Proof of replication – providers show proof that they have encoded and stored the data requested
• Proof of spacetime – providers show proof that they continue to host the data

Filecoin aims to become a ‘full stack’ cloud service provider and competitor to google cloud, AWS and apple. Right now however they are very focused on decentralized storage network, it will end up offering compute aswell

Right now the industry is controlled by 4 main companies: Amazon 32%, Microsoft 20%, Google 9% and Alibaba 6%.

The estimate that by 2030 the compute market will be worth $1.6 trillion dollars and some player in this space like amazon’s AWS could eventually end up with a value of $500 billion to $3 trillion eventually!

Filecoin’s Potential and the blockchain cloud market is HUGE!

Filecoin offers a cheaper, decentralized more secure solution to the world of data storage and compute, right now filecoin is the number one provider for decentralized storage in the web 3 space! As the world moves towards decentralization and DLT Filecoin stands a good chance of capturing some of this colossal market and taking some share from the top 4 web2 providers of this service! The demand for Data storage and cloud computing is set to grow exponentially in the future and I can’t help but feel like filecoin may play a big role in offering a solution for this!

Filecoin’s tokenomics:

• Max supply of 2 billion
• Current supply is 443,160,856
• Filecoin’s FIL may never reach total supply and its pretty complicated how the issuance (inflation works)
• Filecoin is both deflationary and inflationary
• It burns a good amount of tokens each day for transaction fees

Filecoin Price Prediction:

Could filecoin capture around 20% of overall market share: its not impossible as web 3 is as transformative as the internet and just like the internet modernized and revolutionized the data storage space for ever, so will blockchain and web3. if we do reach 1.6 trillion by 2030 $1.6 trillion that would put filecoin at a implied market cap of over $200 billion!! that would be a 150x return if the supply stayed the same and a $FIL price in the $400s/$500s With a 20% market share of data storage market. with with 10% it would be over $100 billion with a $FIL price of $200/$300s, and with 5% over $60 billion theoretically with a $FIL price of $100/$200s. That’s without all the hyper and speculation…. Current market cap is $1.4 billion. 

Sins Filecoin reach its all time highs of around $180 and $12.3 Billion in market cap, its supply has nearly quadrupled! so for filecoin to go back to 180$ it could have nearly a $50 billion dollar plus market cap! if filecoin went back to its all time high market cap each token with the current supply would be worth $45ish which is nearly a 15x from todays price of $3.20! this is a very concervative and achievable price prediction of $45 per $FIL and one we feel comfortable with making! however the sky really could be the limit with filecoin if it become a majore playing in the data storage and computing space!

How much Filecoin to be a millionaire

The current price of Filecoin (FIL) is approximately $4 USD. So as we speak the you would need approximately 299,311 FIL to be a millionaire at the current price.

Many investors are curious about the potential of Filecoin (FIL) and how much of it they’d need to achieve the coveted millionaire status. The answer, of course, varies based on the current market price of FIL. To provide a clearer perspective, we’ve broken down the amount of FIL you’d need at different price points to have a net worth of $1 million.

Check out the table below for a detailed breakdown:

Conclusion of the price Prediction:

Our price prediction for Filecoin’s $FIL token is a very conservative $45! Although we acknowledge the potential for filecoin to capture a significant share of the data storage and cloud compute market which could see its price reach estimates in the $100s! web3 and DLT are truely disrupting the world and thsi is a big area that is only set to get bigger and we think filecoin will play a role in facilitating this!

One of the Most Promising Cryptocurrencies

As we wrap up our analysis on Filecoin’s potential, it’s evident that the cryptocurrency landscape is both exciting and unpredictable. While we’ve provided some hypothetical scenarios based on current and potential prices, the future of FIL, like all cryptocurrencies, remains uncertain. We’d love to hear your thoughts and predictions on where you see Filecoin heading in the coming years.

Do you believe it has the potential to reach some of the higher price points mentioned? Or do you have a different perspective? Drop your predictions and insights in the comments below. Engaging in these discussions not only enriches our understanding but also fosters a community of informed and collaborative crypto enthusiasts.