Friday, 14 February 2020

5 Predictions For Future of Bitcoin In 2020 And Beyond

Despite the volatile and unpredictable nature of Bitcoin, there have been predictions from experts in the year 2020 and beyond. Ever since it came into being in the year 2008, bitcoin has been attracting lots of headlines due to its perceived value. This post will be aiming to take a critical look at some of the predictions about Bitcoins in 2020 and beyond.

1. McAfee’s prediction

You must have heard about John McAfee who happens to be the brain behind McAfee antivirus. However, you probably never knew that he is deeply into the cryptocurrency market. A proof of this is the predictions about cryptocurrency prices which he makes on Twitter.

In the year 2020, McAfee predicted bitcoins to hit $500,000. He was even very confident up to the extent of claiming he would eat his private parts if such prediction ever fails to be true. After that, he made another prediction about bitcoin's 
future for 2020. This time around, he predicted that
bitcoins would hit $1million.

2. Bitcoins acceptance

Experts are predicting that 2020 isn’t the year when
bitcoin will be accepted as a form of currency. There are countries that have banned the use of bitcoins as a medium of payment. Although this number seems to be reducing, there is no sign that bitcoins will be widely accepted any time soon.

Although cryptocurrency is increasingly becoming popular in recent times there is still a long way to go before its global acceptance becomes a reality. Most countries are still
maintaining the status of “Cash is King”.

3. Tom Lee’s prediction

Another prediction about bitcoin future was put 
forward by Tom Lee who has become popular in recent times by making various predictions about bitcoin price on television based on available market statistics. One of such is the prediction he made about bitcoins hitting $25,000.

Furthermore, Lee’s bitcoin forecast 2020 highlights how bitcoins will hit $92,000. He analyzes charts by observing the relationship of BTC to USD over a given period of time. In other words, he looks at the bitcoin price movement and then makes predictions.

The predictions are majorly based on how the coins
must have moved previously.

4. The popularity of blockchain technology

One of the reasons why experts see bitcoin future as being bright is the emergence of blockchain technology. This is a technology that works based on bitcoins. According to them, most systems are working towards adopting the blockchain technology in order to ensure a higher level of efficiency in various sectors.

This has made experts predict that people will pay more attention to BTC price in 2020. Some of the countries supporting blockchain technology at the moment are the USA, United Kingdom, China, Australia, and Switzerland.  

5. Diminishing of central banks’ roles

Experts have predicted that once bitcoin is accepted as the primary method of payment, the roles of central banks will be reduced in various countries around the world. 

Whether this is true remains to be known though as the central bank is responsible for the formulation of monetary policies.

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Author, Bfazal

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