Bitcoin 2020, Will skyrocket after halving?
Will bitcoin decline in the coming year 2020? This question will be a question that is much sought after by analysts in the crypto market, bitcoin prediction is a hot topic in the new year
Crypto trading lovers will always have hope in the new 2020 year.
There is good news from some analysts.
It is estimated that the price of bitcoin will rise in 2020 to reach the highest price in 2017 or even reach the highest price break.
Why they say that the price of Bitcoin will go up is because the coin blocks being mined are decreasing.
2019 might not be a good year for Bitcoin because the price of BTC tends to decrease throughout the year.
Overall, all cryptocurrency is still in a bearish trend for now.
Even though this year is one of the worst years for Bitcoin.
But Bitcoin investors still predict that 2020 will be a bullish year for Bitcoin.
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The development of blockchain technology 2019
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The growth of blockchain technology in 2019 gets a better response.
Because more institutions or organizations have the desire to develop blockchain technology for financial gain.
We have heard about Libra, this is digital currency from Facebook.
Everyone knows Facebook as the giant social network owned by Mark Zuckenberg has a big influence on business people.
There are even fears that Libra will be able to undermine the dominance of fiat money.
As disclosed by the senator Sherrod Brown
He said that Libra could disrupt the $ US currency payment system.
Bitcoin technology is in contrast to the central bank’s financial system.
Where the centralization of banks is no longer able to control the development of the digital economy with a decentralized distributed ledger blockchain technology.
According to the news, Facebook will launch Libra in 2020.
The analyst said In 2020 a trend of global economic crisis can occur and political tension in the American presidential election.
The Fed is likely to face a big shock when fiat money is absorbed by crypto and bitcoin in 2020.
The value of bitcoin will surge rapidly and is of very high value because the Fed does not have the power to control bitcoin technology.
Transparency of bitcoin blockchain technology data will get rid of the Fed.
Blockchain technology will threaten the banking system.
Next up is NASDAQ, this is the second-largest indices exchange in the United States, they launched a Bitcoin futures contract.
Nasdaq entered the crypto market due to increased demand from institutional investors in the US.
To launch this futures contract, Nasdaq requested regulatory approval to operate.
The rise of bitcoin as a digital currency of the future replaces fiat money naturally.
Trusted in digital currencies peer to peer transactions makes the countries of the world immediately adopt it.
Here are some countries that have developed blockchain technology
- To maximize digital finance People Bank of China (PBoC) has asked commercial banks to improve the application of blockchain technology.
- Norway has use crypto as a way of paying for plane tickets
- Bulgaria already has more than 200,000 bitcoins.
- Venezuela uses blockchain as an effort to avoid sanctions from America and launch crypto Petro in oil barrel transactions.
- Brazil uses bitcoin in transportation ticket purchases.
- Australia launched a blockchain and bitcoin cryptocurrency education program at Curtin University and even wants to be a global leader in blockchain technology.
- Central Bank of Egypt launched the crypto law and believes in digital transactions and cross-border payment cooperation between banks with the UAE and Saudi Arabia.
- Dubai has a bitcoin ATM.
- The Governor of Colorado welcomed the presence of the bitcoin blockchain technology.
- Bank of Argentina offers a money transfer system using bitcoin.
- California is developing bitcoin payment systems in retail businesses in more than 73 countries.
The countries of the world that adopt bitcoin are countries that prepare themselves for the global economic crisis.
Top prediction blockchain 2020
The year 2020 will come with various important events in the historical development of Blockchain technology.
If in 2019 the growth of Blockchain began many developers would spend a lot of money to make blockchain innovations.
The US Congress has also highlighted and discussed the benefits of the blockchain and digital assets.
China has spent a lot of money on developing blockchain technology.
The following are some important events that will occur in 2020
China will launch the Central Bank Digital Currency (CBDC)
China has the Asian tiger nickname China’s economic growth is very good compared to other Asian countries.
President Xi Jinping has given a statement supporting the development of the blockchain.
And to expand this operation they spend large amounts of money.
As recently the Bank of China (BoC) completed the issuance of an obligation equivalent to $ 2.8 billion.
Funds obtained for the development of Digital Currency / Electronic Payments (DC / EP)
It is likely they will launch a Central Bank Digital Currency in 2020.
Facebook will launch Libra in limited functionality
It has become hot news that Facebook will launch Libra as their digital currency in 2019.
But this idea faced many obstacles from regulators in the United States and Europe.
But they still to be developing this slowly and away from the media.
Their GitHub repository is committed to regular development.
However, it seems that Libra will be launched in one jurisdiction and with very limited scope, partners and functionality.
Libra is not a means of payment and onboarding as was the original purpose of this idea.
Bitcoin ETF will still not be approved in 2020
There is a lot of rumor whether the US Securities and Exchange Commission (SEC) will approve one of several Bitcoin ETF submissions.
So far the SEC has refused the submission of the Bitcoin ETF, all for the same reason there was not enough financial oversight and manipulation in the underlying market.
Defi and Open Finance ecosystem will the growth
More than $ 290 million is locked in various applications that live in the Defi ecosystem.
This growth was largely by DAO Maker and Dai Stablecoin.
Open Finance is also hot in the venture capital space (VC) and this trend will continue.
Ethereum 2.0 will continue
The Ethereum 2.0 development team is increasingly vocal in continuing to develop Ethereum 2.0 for the better by sharing the progress achieved.
This gives better confidence for Ethereum blockchain which is better so reading optimism on this platform.
Lightning network will grow
The lightning network applies two layers to the bitcoin network which provides instant bitcoin transaction and payment services.
This network will dramatically increase the speed of bitcoin transactions which utilizes off-chain data and enables low costs.
By 2020, there will likely be a large increase in the number of applications, nodes, and channels created on this layer 2 networks.
This trend is developing in the bitcoin development ecosystem because companies and tools such as SSR and Exonum use the bitcoin network as a base.
Will Bitcoin skyrocket in 2020?
2018 and 2019 are quite black years for bitcoin prices, after the bubble that occurred at the end of 2017, bitcoin prices tend to fall until the end of 2019 yesterday.
Then what about Bitcoin 2020? will it skyrocket and return to the highest price?
From several sources analyzing the change in the price of bitcoin in 2020, it will again rise.
There is a reason that says that this has happened several times during halving.
Where when the halving took place for the first time in 2012.
Miners who previously get reward 50 Bitcoin, then drop only got reward 25 Bitcoin.
This condition turned out to trigger the price of bitcoin to rise.
Halving Bitcoin reward blocks may occur in May 2020.
The number of Bitcoin rewards now is 12.5 coins, which after halving will be a drop by half, to 6.25 coins.
The halving day is a day when the calculation of block rewards is reduced by half.
This event occurs every four years or 210,000 blocks.
But that was not the only factor, because at that time demand increases which was also a factor in rising prices.
Bitcoin is designed with a certain number, in contrast to fiat money that is designed to always increase, so that from year to year mining it will decrease.
And when the supply has started to decrease then the possibility of prices will rise if demand increases or equals.
A crypto market analyst Tone Vays said that the price of BTC would be more than $ 10,000 by the end of 2020.
Vays also believe that BTC prices are more likely to go up than down to $ 2,000 and add an all-time high (All-Time High) to occur in 2021.
But Alessio Rastani gives an opinion if BTC can reach $ 14,000, there is a high probability that the price exceeds $ 20,000.
If the price reaches $ 20,000 then possible for BTC reaches $ 50,000.
Look interview in youtube
If you pay attention to the current price conditions, bitcoin has technically reached a low price, thus it is likely that buyers will start coming, boosting prices back up.
And more, many crypto market analysts are optimistic about the rising bitcoin 2020, this is also possible to increase demand this year.
Positive news about the development of Blockchain technology also allows providing added value to skyrocketing bitcoin prices.
But despite all that, whether bitcoin will skyrocket or even weaken even deeper, we can only follow the further market.
Because after all, not all countries have used Bitcoin, even many countries consider bitcoin to be illegal.
So that these factors will also be considered by investors before they will buy Bitcoin.
Sources Forbes, Aljazeera, CNN.