Since the creation of Bitcoin in early 2009, the financial community has seen how its price values escalate over time. There's an increasing number of people who have adopted the cryptocurrency in their daily lives. From buying goods or services to using them for investments, Bitcoin has undoubtedly surged in popularity. However, the future of Bitcoin is bound to change in the coming years. That said, the best thing you can do is to do your own research before investing.
In this article, we'll discuss the expectations and predictions for Bitcoin in 2020 from some of the crypto's legendary experts.
Understanding Bitcoin And Its Value
Before going through the predictions for Bitcoin, it can be a great idea to understand the cryptocurrency in its entirety. Primarily, Bitcoin dominates the crypto industry with its blockchain technology. It's a popular digital currency that works without the intervention of any third-party authority while making a transaction.
Because of BTC's popularity, many consider it as a great financial tool. Below are the reasons why Bitcoin is a unique cryptocurrency these days:
- BTC is unique in itself. Users, for instance, can easily and quickly transfer funds to anyone else in the world without having to work with a trustworthy intermediary like banks and governments.
- Bitcoin has grown in value throughout the years. Due to blockchain, the system becomes more resilient against malicious authorities who may want to shut the network down.
- When sending BTC, the whole transaction will only take a few minutes. You don't need to wait for days before it can be sent entirely to another person.
- Once the transaction is processed, you can no longer take the Bitcoin back from the recipient. This what makes the digital currency irreversible and transparent.
- The price of Bitcoin is extremely volatile. It can go up and down now and then. This is what makes the cryptocurrency an excellent investment option. With proper trading strategies and a reliable trading platform like Bitcoin Profit, you can make use of BTC's rising price by earning high returns.
- Bitcoin can make your transaction anonymous and private. There's no need to provide personal information before you can complete the process. BTC comes in a string of letters and numbers to protect the user.
Bitcoin Expectations And Predictions For 2020
So, now that you know the essentials of Bitcoin and its price value, the next part is the discussion of its expectations and predictions. As the crypto market continues to face volatile conditions, you must have an idea of what to expect about it in the years to come. That way, you can figure out the best investment strategies you should start using.
Here are some Bitcoin expectations and predictions in 2020 from reliable experts:
- John McAfee – Price Will Increase To $1 Million
McAfee is the founder of the popular anti-virus software McAfee. He's a famous person in the crypto space because of his predictions on a social media platform. In 2020, McAfee has predicted that the Bitcoin price will go up to $1 million. It means that the cryptocurrency has to increase its value by over 4,900% to reach that million mark.
Since the price of BTC had increased to more than 2,000% in the year 2017, the prediction of McAfee may be bound to happen if the current market trend continues.
- Fran Strajnar – BTC Will Reach A New Price Of $200,000
CEO of a cryptocurrency research organization Fran Stajnar believes that Bitcoin will improve by the year 2020. Its price value will grow to $200,000. He predicts that the adoption rates of BTC will keep on increasing from time to time as more people use the network through an increase in apps and wallets. This can be a reasonable expectation since more users buy and use Bitcoin. And by having more people who adopt BTC, its price will definitely appreciate.
- Tom Lee – Bitcoin's Price Will Go Up To $91,000
Tom Lee works as the head of research of Fundstrat, a crypto research organization. He believes that Bitcoin will be valued at $91,000 moving forward to 2020. This is based on his chart analysis, which outlines the price movements of BTC in the past. Lee also considers the possibility of Bitcoin's rapid growth because of the increasing number of institutional investors who add in the crypto's user base.
- Ronnie Moas – Bitcoin Will Have A Price Of $50,000
Moas is known for being the director of research at Standpoint Research. It's an equity research firm for traditional investments and new ones. He projects that the price value of Bitcoin by late 2020 will reach $50,000. On top of this prediction, Moas predicts that the market cap of all cryptocurrencies will go up to $2 trillion in the next 10 years.
Although Bitcoin keeps on experiencing price fluctuations, many still believe that Bitcoin will continue to soar just like the predictions mentioned above. Through the years, the pros of using BTC has outstripped the cons brought about by the fact that the crypto is being used for illegal purposes.
Because of the market's optimism by the year 2020, people may probably expect central banks and governments to embrace digital currencies like Bitcoin, which means that the demand will be more.
All in all, knowing what to expect from the cryptocurrency depends on several factors. You need to see the future of BTC from real-world events such as regulations surrounding it, the technical advancements it has been experiencing, the extent of the people's adoption, and the competition among other digital currencies. Thus, these are some of the crucial factors you need to look into to understand the price trends of Bitcoin in 2020.
In any point of Bitcoin's history, predicting what will happen to it shouldn't be taken lightly. Many experts may have been accurate in their projections while some may be otherwise. However, with the performance of Bitcoin today, along with the expectations and predictions listed above, there seems to be a consensus that 2020 will be a great year for the crypto currency's price development.
If you've read this article from the very beginning, you should know by now what Bitcoin is, its price growth, and the things it can achieve in the near future.
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