#bitcoincuration

We are at a time when centralization is falling apart. Financial markets have gone south as everyone who is working is doing so remotely and there is still more to end in sight as regards COVID-19 and many think that Bitcoin will also end up getting battered like other assets.

Bitcoin prices have currently rebounded from the doldrums. The financial markets are still tanking despite $2 Trillion in stimulus in America alone. Around the world, billions of dollars are being spent by governments to revive the markets while a solution is being found for the COVID-19 pandemic.

By the time one is found, the world would have experienced either an extreme recession or an outright despondency. Bitcoin prices meanwhile will double due to several reasons.

Firstly, the stay-at-home restrictions are making people look into the wonderful world of cryptocurrencies. Many of these people are going to wonder what the fuss about digital currencies was about. They will hop on the cryptocurrency train. These new guys will bring new life into the crypto space. It is happening already and Bitcoin is the first place they’d make a stop at.

Secondly, Bitcoin prices have already improved. Why the naysayers and skeptics still believe that COVID-19 will affect the crypto space negatively is still a mystery to many true cryptocurrency adherents.

It is now obvious that cryptocurrency prices are uncorrelated with other assets. This will give people the confidence to check the crypto space out as more adoption is already on the way.

More people will realize that dealing with cryptocurrencies is easier than traditional banking (which is already in crisis). They will join the train. Halving will only increase their excitement about the crypto space.

Investors are looking for a haven to park their funds. Bitcoin and altcoins offer great alternatives. The halving event is a great PR opportunity for Bitcoin anyway.

While the amount of Bitcoin owned by BitMEX continues to grow, there is a similar trend on other major crypto exchanges including major crypto exchange Binance. As reported by Cointelegraph, as much as 7% of the entire circulating supply of Bitcoin was held in the wallets of eight cryptocurrency exchanges in October 2019.

According to the blockchain data provider Token Analyst, major global crypto exchanges such as Poloniex, Kraken, Bitstamp, Bittrex, Bitfinex, BitMEX, Binance, and Huobi have continued to accumulate crypto in 2019 and were the “biggest HODLers” as of October.

HAVVEN FOUNDER KAIN WARWICK

“I expect that the market cap of bitcoin will begin to significantly erode gold and potentially even sovereign bonds; at that point a market cap of 1T+ for bitcoin is not unlikely. By the end of 2020, BTC having 20% of the gold market cap is possible. A 1.4T market cap divided by the potential supply of 18.4 million bitcoins yields a price of $76,000 per bitcoin.”

WAWLLET CREATOR AND FOUNDER MIHAIL LALA

“The increase will not be proportional, as nowadays the ratio between Bitcoin, ETH and altcoins is not natural. By balancing the ratio, Bitcoin will lose a little bit of ground to ETH and altcoins, but will keep its lead on the market up to a cliff of 50,000 USD, which will be very fast pulled back, probably until the beginning of 2019. As more and more entities are building channels for regular customers, the late majority will enter the stage during the second half of 2019, which will push Bitcoin to 6 digits in 2020.”

NARRATIVE NETWORK FOUNDER TED O’NEILL

“As the preeminent crypto brand, Bitcoin will continue to increase in value. We’ll see an increase in adoption of crypto in general, despite the churning regulatory environment. With Bitcoin futures being added to the CME, we should see more rapid adoption on the institutional side as well. Though of course there will be many ups and downs, I expect the value to double each of the next three years, and thus project a price of around $75,000 by the end of 2020. That would give Bitcoin a $1 trillion market capitalization.”

TRADE.IO DIRECTOR OF RESEARCH AND BUSINESS DEVELOPMENT JOHN MULLIN

“As we know, Bitcoin has a finite amount of 21 million tokens. This is similar to gold, which also has a finite amount. When people lose faith in a country’s currency, they will often turn to gold and it can be used as a hedge against inflation. I like to call Bitcoin the millennials’ version of gold. I believe next year we’ll continue to see more and more institutional money move into bitcoin and other cryptocurrencies, and this trend will only continue until 2020. While I don’t like to speculate too much about the price of cryptos, I believe it’s entirely possible to reach above 25K.”

CROWDWIZ CO-FOUNDER SLAVENA SAVCHEVA

“It’s becoming a popular opinion that Bitcoin will reach $50,000 by 2020 and I am inclined to agree with it. The potential to do so is there. A lot could happen in 2 short years and there is still doubt, uncertainty and fear as to what steps major regulators will make, but the decentralized nature of cryptocurrencies makes it very hard for any government to have a long-term effect and we clearly saw that earlier this year with the China ban.”

COLU CO-FOUNDER AND VP OF BLOCKCHAIN MARK SMARGON

“Taking into account the assumption that it will remain resistant to regulation and censorship by governments in the future, there should be no reason for Bitcoin not to continue its climb as it replaces gold as an attractive store of value. Enough for 5% of all gold holders to exchange it for Bitcoin, for its value to reach about $25,000, by 2020 I would imagine this number to be higher.”

CELSIUS FOUNDATION FOUNDER ALEX MASHINSKY

“There are about 15m current Bitcoin holders and on average each holds 20 coins with the new disciples adding less than 1 coin into new accounts. As there is a limited supply of coins, the price move-up resulting from $36B added to the existing pie of $135B should be between a 6.5-7x increase in price over the three-year period.”

THETA LABS CO-FOUNDER AND CEO MITCH LIU

“Bitcoin now is like the World Wide Web in 1995. I think by 2020 Bitcoin will surpass $100,000. Blockchain technology will disrupt not only digital business models but also traditional industries like insurance, transportation and manufacturing.”

ICO HEADSTART FOUNDER NAWID HABIB

Some of the more liberal governments such as Switzerland, Australia, Denmark and many others appear to be somewhat supportive of bitcoin, while China, Russia, India, and some of the more controlling regimes, appear to be set against it. 

Like Jamie said, “governments like to know what, where, how, and why you are spending your money”, however, in a free and democratic society does this really make sense? I would argue that citizens of a free society should be able to do whatever they like with their money, without any kind of oversight or scrutiny from the government. 

Moreover, we live in a globalized world and where is it written that only governments have the legitimacy to create currencies? It seems like a normal occurrence from an evolutionary point that an alternative global currency would immerge to supplement the current system of fiat government created money. 

The most widely used digital currency will now cost you about $6,125 apiece after blowing past the $5,000 and $6,000 price levels for the first time earlier this month. Bitcoin’s total value is just over $100 billion, meaning it makes up more than half of the overall cryptocurrency market

As Bitcoin prices remain stable, experts predict a continued increase in value. In a recent interviewfeatured in CNBC‘s “Fast Money” segment, former Fortress Investment Group hedge fund manager turned cryptocurrency investor Mike Novogratz said the rise in value isn’t likely to stop any time soon.

“I’m pretty confident to say it’s going higher,” he said on Wednesday, adding that “It would not surprise [me] if in the next six to 10 months we’re over $10,000.” Just last week, other experts predicted bitcoin prices would reach $6,000 by the end of the year, though still warning against volatility.

Indeed, many have pointed out that cryptocurrencies tend to be unstable. For Novogratz, however, this volatility is normal. “Yes, it’s a bubble, it’s going to be one of the great manias of all time,” he explained. “Bitcoin happens to be the bellwether of this entire decentralized revolution, so it’s the easiest way people get gain exposure to it. […] Things like Ethereum I think will be the public utility of this new space.” This blockchain revolution, he added, would “change the way we live.”