(Newswire.net — July 15, 2020) — The world witnessed a decline in the price of Bitcoin towards the second half of 2019. However, it is reckoned that crypto assets still nearly doubled in value over the course of the entire year. According to statistics, Bitcoin was outperformed by two other cryptocurrencies in 2019.
According to Antoni Trenchev, the co-founder of Nexo, the Bitcoin price will continue to rise in the year 2020. In an interview, Trenchev said he thought that it was very easy and they could see Bitcoins moving up to $50,000 by that year.
His company, Nexo, provides a platform where users can easily borrow fiat currency in return for their cryptocurrency holdings. Nexo believes that owing to the upcoming halving event, there would be a massive rise in the Bitcoin price. In a halving event, every ten minutes the amount of Bitcoin that is generated by the network is cut in half. Halving happens every four years.
As Bitcoin does not correlate with the rest of the market, the cryptocurrency holders receive asymmetric returns. Over the years, it has not grown much as a suitable option for payment but certainly, there are signs of huge development in the main selling point of Bitcoin.
In an interview, the entrepreneur said that their first idea was to use bitcoins for paying for coffees. However, it failed to transpire, sooner to that they realized Bitcoin was the new gold. The news about bitcoins rating the same as gold has startled them. If the crypto asset manages to gain control of 10% of the current gold market, the Bitcoin price is expected to reach the $50,000 level.
According to his analysis, people will be capable enough to afford whole Bitcoins for their portfolios in the near future. Besides many people who are not a part of the cryptocurrency space, members of many government bodies are looking forward to a world where Bitcoin will make a huge contribution to society.
Bitcoin Price Prediction
Saxo Bank
According to Saxo Bank, Bitcoin will witness a hike this year. However, the prediction is lesser than that of John McAfee does. They predict that the Bitcoin price can touch $60,000 in 2020! There is more! The Bitcoin price is expected to crash after that and it may end up losing more than 98% of its value.
Saxo Bank analysts said that bitcoin will not fall and keep rising high this year. However, there are chances of Russia and China to collaboratively architect a crash. Owing to the new cryptocurrency regulations/laws from governments, the price of Bitcoin is expected to crash.
Bitcoin Price Prediction by Spencer Bogart
Most analysts have come to the conclusion after thorough market speculation that Bitcoin price will increase and can cross the $50,000 in 2020. Blockchain Capital partner, Spencer Bogart does not expect anything different. The price is likely to increase because of the huge investments made by big organizations and investment banks. Looking at the results gained by so many people after investing in Bitcoin, banks do not want to miss out.
Mihail Lala’s Bitcoin Projections in 2020
Most experts are saying that Bitcoin will see a huge rise in the near future. However, how will Bitcoin perform in the long-run? The founder and CEO of Wallet, Mihail Lala, has predicted the chances of a price hike are very high and it can get to over $100,000 by 2020. Compared to John McAfee’s prediction, this is still less.
David Garrity’s Prediction of Bitcoin price
Unlike most experts, David has a different prediction. The CEO at GVA Research believes Bitcoin’s price can drop significantly and reach as low as $5,000 this year. However, he does not consider it to be all bad news. According to his prediction, the price will go up again by the end of 2020 and can reach as much as $20,000, i.e. similar to the end of the year 2017.
As we have witnessed in the past, such changes in the price of Bitcoin is completely normal. If you want to deal with Bitcoin and more earn money, visit platforms like the Anon System – Live in freedom.