Do currently hold bitcoin and wondering what is going to happen with its price in next few years? Did you know that bitcoin price increased by 2000% in 2017? In this bitcoin prediction 2020 article, I am going to give you a quick overview of what bitcoin is? After that, I will show you some popular people predictions about bitcoin price in 2020 and then discuss some of the upcoming real-world events that affect its price movement going forward.
Bitcoin was created in 2009 by an anonymous developer called “Satoshi Nakamoto” and was the first cryptocurrency. Bitcoin allows people to send and receive funds without a third party intermediary and as such, it is a decentralized payments system.
The network is controlled by no single person or authority, nor is it backed by any central bank. Instead, transactions are verified by a community of “miners” who use their computational power to confirm transactions.
The technology that supports Bitcoin is called a Blockchain. Every single transaction that has ever been processed on the Bitcoin network is available to view on the blockchain. Furthermore, once a transaction has been added, it can never be changed or removed – which makes it extremely transparent.
The Bitcoin was released in 2009, its price was less than 1 cent. 8 years later in 2017, it reached an all-time high of around $20,000! Not only this, but the creation of Bitcoin has encouraged more than 1,600 different cryptocurrencies to enter the market to date.
Bitcoin price predictions
In reality nobody can predict the future of cryptocurrencies, if we would, we would all become billionaire. In the cryptocurrency world, Fluctuations in prices are a common phenomenon in the cryptocurrency world. The most important thing is that you always perform your own independent research before making an investment. Never buy a cryptocurrency just because a price prediction excites you, or because your favorite YouTuber told you to! At the end of the day, everyone has a different opinion and there is no guarantee that anyone will get it right.
Let’s talk about popular people predictions about Bitcoin price in 2020
McAfee Bitcoin price prediction
John McAfee, the creator of anti-virus software McAfee. He is well-known in cryptocurrency world because of his lots of insane predictions such as $500,000 in 2020 for Bitcoin price. He persisted on this price and then he increased his bitcoin price prediction to $1 million for 2020.
He seems really confident about his prediction. He claims that his bitcoin price predictions is based on his model, and nobody knows what it is. If Bitcoin price reaches $1 million then the total market capitalization would be $15 trillion. Market capitalization is used for total value of an asset or business.
Tom Lee Bitcoin price prediction
Tom Lee works for the cryptocurrency research organization Fundstart and he is known for discussing the price performance of Bitcoin live on TV. According to Tom Lee bitcoin prediction in 2020, its price reaches $91,000. He is very professional of chart analysis. In reality, Bitcoin is probably the only cryptocurrency that you can do chart analysis for. This is because other coins do not have enough trading volume or enough historical data, whereas Bitcoin has a track record of 9 years!
Osato Avan-Nomayo Bitcoin price prediction
He is the analyst of Bitcoinist. This prediction is based on bitcoin halving reward in 2020 that the reward will be halved from 12.5 BTC to 6.25 BTC. As you will see from the chart below, the Bitcoin mining reward has halved twice in its history. In 2012 it went from 50 BTC to 25 BTC and then in 2016, it went from 25 BTC to 12.5 BTC. The historical price chart shows that when these two events happened, the price of Bitcoin experienced new heights shortly after.
The CEO of Brave New Coin, Fran Strajnar, has predicted Bitcoin price new highs of $200,000 by the year 2020. Strajnar argues that adoption rates are increasing all the time, which includes more and more people using the network and an increase in wallets and apps. This is a good argument because as more people buy and use Bitcoin, its price will of course increase.In fact, in countries such as Japan, there are more than 200,000 stores that you can spend Bitcoin in the real world. So, this also helps increase the price as it gives the cryptocurrency real-world usage.
So, what do you think about these predictions of Bitcoin price in 2020? Do you agree with them, or are you still not convinced?