Published on April 20th, 2020 | by Sumit Bhowal0
Is Bitcoin Set for An Epic Revival in Valuation In 2020: Here Is What Experts Think
When Bitcoin crossed the $20000 price valuation in 2017, it established that cryptocurrencies are here to stay. In the face of all adversities, a new disruptive financial asset was slowly making its mark.
Even with national governments banning the crypto, central banks dismissing them as trends and Wall Street Investors warning against the bubble bursting, Bitcoin has kept itself relevant. This is because Bitcoin has slowly gone mainstream and is now being accepted by merchants all over the world.
It has also proven itself a financial asset, which is free from external influences of recession and natural disasters. This has motivated even some of the best Wall Street Investors to ask their wealthy clients to give it a serious relook.
In this article, we are going to discuss the future of Bitcoin. In addition, we are going to look into what some critics have to say about Bitcoin.
Why Bitcoin is going to corner the entire Cryptocurrency Market in the next few years
The last great Bitcoin Revival happened in 2019. Experts have attributed to the price hitting $13000 USD because of certain important factors. We are mentioning these factors, because we believe that in the coming months, this is again going to play out in 2020. If you are interested in bitcoin trading then visit Bitcoin Future by given below form
Ever since the start of 2019, investors are selling off huge quantities of ‘Altcoins’. As of late 2019, if you would calculate the number of Bitcoins to other altcoins, the figure stood at 70%. This is a sharp increase from a little under 50% on 2018. For a casual observer, this might not mean a lot, but for a seasoned investor, it paints and entirely different picture.
It shows that the crypto ecosystem is trying to weed out the numerous altcoins and rallying its resources around Bitcoins. If you compare other altcoins to Bitcoins and want to push for a consensus candidate, the majority would hedge their bets on Bitcoin.
In 2020, this is going to rise, with people dumping other altcoins and investing in Bitcoins. This will increase the momentum, collate stretched resources in the crypto ecosystem and make Bitcoin further rise in value.
The next Bitcoin Halving is scheduled for May 2020
In Bitcoin’s twelve-year-old history, Bitcoin Halving has happened twice before. On 17th May 2020, this phenomenon is going to repeat itself in a grander way than ever before. Every four years, the number of Bitcoins, which can be mined and the miner’s block reduce by half.
We have already neared the 17million Bitcoin mark in a little over twelve years. The continuous halving is expected to make the world reach the full 21 million Bitcoin mark in 2140. In the past, every episode of halving had experienced a high appreciation in the value of Bitcoin.
This factor will be amplified by the resurgence of interest in Bitcoin by investors, nations and global financial institutions. With more and more governments looking to engage with cryptocurrencies and corporations like Facebook working on their crypto ‘Libra’, 2020 looks a hot year for cryptocurrencies in general and Bitcoin in particular.
Will the Coronavirus Pandemic affect Bitcoin’s drive?
Ever since the Coronavirus pandemic hit the global economic systems, Bitcoin has shown a mature resilience to the issue. As we speak, Bitcoin continues to trade above the $7000 mark confidently. This push is expected to continue well into the second half of the year. Experts and investors predict that 2020 is going to be a great year for Bitcoin prices.
The theoretical underpinnings of Bitcoin as an emergency free asset has been on show of late. Even policy makers who are looking at severe financial crisis post the pandemic are looking at ways and means of learning from Bitcoin.
The rise of Bitcoin Trading Platforms is making the transition towards mainstreaming the crypto an easier process. However, Bitcoin still has a long way to go when it comes to being recognized as a truly global digital currency.