The rapidly surging hash rate, increasing market confidence, new regulations in the pipeline and the crucial halving event: Bitcoin Price is set to boom and cross $2,000,000 by 2020/21, thereby sparking a gold rush.
Bitcoin was founded by the mysterious Satoshi Nakamoto in 2009. Most of us had a share of the Bitcoin craze in 2017 when the prices of the cryptocurrency torch-bearer soared to unprecedented heights.
In fact, the daily growth rate of Bitcoin was more than what traditional stock markets can imagine.
Bitcoin hit an all-time high of $19700 on 17th December 2017. The price on 1 January 2017 was $1,000. But then Bitcoin surprised everyone with a 1970% increase in 2017 alone.
Bitcoin set for a 2017-like price boom in 2020
While many dived into the money-minting crypto-world, a number of us missed out on the initial mining rush. However, if you think that you’ve forever missed the golden business opportunity of becoming a bitcoin millionaire, you cannot be more wrong.
Analysts and several market reports opine that Bitcoin is in for a grand bull run that will rejuvenate the global crypto market in 2020/21.
Factors behind Bitcoin’s expected 2020 Boom
This is not random speculation in the air. There are certain factors behind the next Bitcoin boom that can predict the cryptocurrency crossing $2,000,000 in 2020.
Watch: Bitcoin is about to Explode in 2020:
Demand and Supply
Bitcoin is a peer-to-peer electronic (digital) currency that can be sent to anyone without any permission from third parties (Government, banks and other authorized parties).
Watch: Bitcoin’s Supply and Demand Explained:
Due to Bitcoin’s anonymous nature, it is very hard to track transactions. Consequently, it is used in buying and selling of products/services on the dark web. People also use Bitcoin in cross border payments because of low fees.
Corporations warming up to Crypto
All these use cases increase the demand for Bitcoin in the market. The total supply of Bitcoin is very limited and set to 21 Million, which means there are only 21 million Bitcoins in existence.
Watch: Why Microsoft is building on Bitcoin:
However, as with time, many websites and companies start accepting Bitcoin as a payment for their services. Some of the big names that accept Bitcoin as payment are Microsoft, Wikipedia (as a donation), Namecheap and many more.
Regulations and New Markets
The Bitcoin market is very new and not regulated in many countries yet. There are a few countries like Australia, Brazil, Canada, Denmark, Germany, HongKong where crypto-trade is thriving. As per data provided by research, Bitcoin is legal in 148 countries around the world.
According to the above data, Bitcoin is still restricted in China and India. Both these countries have a combined population of 2.80 Billion that is 38 percent of the total population of the world. However, China is looking at legal Blockchain technology and Bitcoin in 2020.
As both India and China set about the process to legalize Bitcoin, prices could see a huge boom within the next year.
Similarly, the Indian government has also made a team to study blockchain and bitcoin. As both these countries set about the process to legalize Bitcoin, the stock prices could see a huge increase within the next year.
Bitcoin halving is an event that takes place every four years. As per protocol, the event halves the inflation rate of the Bitcoin supply. The last bitcoin halving happened in 2016 which heavily influenced the 2017 boom. Bitcoin Halving is certain to see a major price increase over the next year.
Watch: Bitcoin Halving 2020 Price Prediction:
The next Bitcoin halving is likely to happen in May 2020. We can be sure the Bitcoin will follow the protocol with a 2017-like bull run.
Bitcoin Hash Rate
Bitcoin hash rate is the total computing power of the bitcoin blockchain network. In easy words the more the hash rate of a network the more secure and inevitable it becomes for hackers.
Recently, as per Blockchain.com, the Bitcoin hash rate has continued to rise since December 2018. This is a big sign of the upcoming Bitcoin rush.
Market emotions play an important role in deciding the price trajectory. As the Bitcoin market is decentralized and peer-to-peer (P2P), it basically depends on the people’s sentiments.
A number of positive news, good luck is set to come to the Bitcoin market. This will certainly turn the market sentiments green and rapidly push the price higher.
Bullish Bitcoin Sentiment in 2020
Price-wise, it could be the most bullish Bitcoin halving incoming in May 2020. The demand will increase with time as more and more companies start accepting Bitcoin payments. All major media outlets publish about Bitcoin and blockchain. This too will bring new investors to the market.
Furthermore, regulators are closely studying the bitcoin market and blockchain technology. New rules and regulations are likely in 2020.
$2,000,000 by 2020 end or the start of 2021
The Bitcoin hash rate continues to rise. This shows the strength and increasing trust of the general public and lawmakers in the bitcoin network. The market sentiments are turning positive. The correction period is over.
Watch: John Mcafee predicts Bitcoin to touch $2,000,000:
Gathering all the factors, Bitcoin is set to see a price boom and a consequent crypto-rush in late 2020 or early 2021. Who knows, it might be bigger than the 2017 spectacle.
Note: The post is only for information purposes. Please do your own research before investing in any market. We are not responsible for any profit/loss.
Writer: Harsh Sangwan