The year 2019 saw Bitcoin and other cryptocurrencies tumbling to new lows amid crackdown from central governments, uncertainty, and panic around the future of digital currencies. Let’s see what that future holds for cryptocurrency in 2020, based on predictions from Bitcoin experts and analysts.
The China Factor
China is betting big on cryptocurrency. The world’s fastest-growing economy will launch it’s Central Bank Digital Currency (CBDC). Reports suggest that China was working on the “digital Yuan” for the last five years, and now it is ready to launch the currency. The tokenized currency will be fully backed by the central bank of China. If China throws its weight behind cryptocurrency, Bitcoin and other digital currencies could surge to new highs as China will set a trend that will be followed by every other major economy in the world. President Xi Jinping recently said in a speech that blockchain is the future. This speaks volumes regarding China changing posture toward digital currencies.
Bitcoin To Cross $12K Mark?
Michael Novogratz, famous investors, ex-hedge fund manager of Fortress Investment Group, said in a tweet that Bitcoin price would cross over $12,000 mark in 2020. This value shows a huge upside when compared to the current levels. Novogratz’s prediction could not be completely ignored due to his investment experience. The investor has worked with famous firms like Goldman Sachs in the past.
Bitcoin to Touch $1 Million?
John David McAfee came into the limelight in 2019 with his rather outlandish prediction, which claims that Bitcoin price will hit $1 million in 2020. The famous computer programmer and founder of McAfee security program still stands behind his prediction. In an interview, McAfee said that the demand for Bitcoin is increasing exponentially while there remains a scarcity in supply. This would, according to McAfee, give a sudden rise to Bitcoin.
Jacob Canfield’s Prediction
Famous Bitcoin expert Jacob Canfield said in Dec. 28 tweets that Bitcoin halving would give a massive boost to Bitcoin price in 2020. Bitcoin halving means that after every four years, the reward (number of bitcoins generated as a reward for Bitcoin miners) would be cut to half. In June 2020, Bitcoin halving would take place. This would result in a drop in the total number of bitcoins available, resulting in a price surge.