Will Bitcoin hit $1M by the end of 2020?

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Will Bitcoin hit $1M by the end of 2020?

Bitcoin
Bitcoin Technology
Blockchain
Tam Tran
78 months ago

34 answers

10

Bitcoin Core won't exist in 2020.

Michael Yabut
77 months ago
With 1MB blocks, hash power centralized in China, and $17.00 transaction fees, Bitcoin Core has no utility outside speculation. Mike is right. It will soon not be a thing. - Assoc. 77 months ago
^ Couldn't agree more. - Alex 77 months ago
Assuming markets are rational, yr right. But, they are not. - Thomas 77 months ago
Cryptokitty...need I say more? - Thomas 77 months ago
I agree. Now that South Korea has elected to block BC, the move by governments to essentially outlaw officially unregulated currencies has begun. - Ross A. 76 months ago
here it is with the story of the Bitcoin ban until the beginning of 2017, http://bitcoinbans.com/. Bitcoin was banned 23 times - Paolo 76 months ago
Here are some of the risks to evaluate before considering it as an investment. These include the relative novelty and lack of track record of digital currency, the possibilities for hacking and fraud, the uncertainties of future regulation, and the competition of other developing virtual currency systems. - Dr. David E. 64 months ago
It seems to matter precious little that the cryptocurrencies are pure vapor backed by nothing real other than the technology. And "banning" them does not appear to have any appreciable effect. People are making serious money with them. I would like to see it vanish before the global financial system is seriously destablised. But unlike clouds and fog, this vaporware won't. - Ross A. 55 months ago
And I do not trust governments saying they ban or block it. They are quietly investing in them as well as tracking what is going where - cryptos are a superior means for terrorists and cartels to transfer funds clandestinely via Dark Web exchanges. - Ross A. 55 months ago
Agree with you Ross A. Leo, government won't ban it - Paolo 55 months ago
Considering the current trend Bitcoin won't hit such goal. by the end of 2020 - Paolo 53 months ago
As long as there is money to be made or laundered, BitCoin will persist. Meanwhile, others are finding a more valuable and meaningful use for this technology - like all things tech, application and functionality evolution is normal and inevitable. But the greed aspect will not vanish. - Ross A. 53 months ago
Bitcoin has been banned by some government in this year 2021. - Marcel 38 months ago
Did I say bitcoin? Oh the ban was on crypto. Lolz - Marcel 38 months ago
Saudi, Qatar, Vietnam and Pakistan are the main countries having banned crypto so far. - Paolo 38 months ago
Nigeria has become the latest addition to countries that has banned crypto thus far - Marcel 38 months ago
Funny thing. Governments banning something like BitCoin does not ever seem to actually stop it. There will always be a haven that will launder the currency.. It has already hit a new high in 2021 after some bubble-venting (if not actually bursting) last year. It is not going away any time soon, if ever. - Ross A. 38 months ago
3

Who knows? But the way this crypto coin is running it is possible. However, I think also it depends on how regulators or governments take it. Today, we know that regulators can not enter into this territory (technically) but they always have the power to control the things. To protect investors etc, they can jump strongly and manipulate the whole cryptosystem with the law. In such scenarios, nothing can be predicted.

Hitesh Mathpal
77 months ago
Regulators will move aggressively into this area since BC is an unregulated, non-government-backed currency. Having such a thing in existence threatens the stability of the world financial systems, and government regulators know this fact very well. As you say, nothing can be predicted - except that governments will move to stablize and maintain control. - Ross A. 76 months ago
Regulations are required but the way Bitcoin is behaving in last few months, 1M looks far from the reality. - Charu 74 months ago
Toally agree, once it reaches a certain size regulators will have to deal with it cause other wise it will hinder the goverment ability to control money flow. - Rafael 70 months ago
Unlike government-created currencies where a central bank controls the creation of the currency, Bitcoins are uncontrolled or tracked by any government. This allows people to send or receive money across borders freely, with none of the restrictions, tracking, or caps that are normally placed on transactions by governments. - Dr. David E. 64 months ago
2

11 arrested in Icelandic bitcoin heist March 5, 2018

Police in Iceland say they have cracked the case of the largest series of thefts ever in the country — and it's over bitcoin. Nearly 600 computers used to mine cryptocurrencies have been stolen from data centers in Iceland in four burglaries, the AP reported. A security guard and 10 others were arrested, although the stolen computers worth almost $2 million have not been found. Police are monitoring electric consumption with the hopes of finding unusually high energy usage, a clue that could lead to an illegal bitcoin mine.

David Barckhoff-Sag-Aftra/Producer, Director
75 months ago
Thank you. - Dr. David E. 64 months ago
Thank you. 85% of bitcoin has being mined. - Marcel 38 months ago
1

I believe that it will - and maybe even sooner than that. Once you realize that once the maximum amount of Bitcoin has been mined (21 million coins), the laws of supply and demand (global population of 8+ billion), I can see it going even higher.
The only barrier to general usage as a currency is that is is difficult to use contextually. I grok a coffee at $4, but how can my poor human brain get around a coffee costing 0.00025 bitcoin today and 0.000004 bitcoin once it hits $1M
If we want this in general circulation, we need to start using fractional bitcoin amounts, but do most people understand the value of a tonal or a satoshi?

Chris Kalaboukis
78 months ago
Having BC in general circulation will not happen once governments outlaw it, though it will move further underground as the black market currency it is fast becoming even now. - Ross A. 76 months ago
Well, The solution is a type of open source, public ledger that tracks every Bitcoin transaction from the beginning of Bitcoin time. It makes it virtually impossible to cheat. The creation of new Bitcoins is controlled via a process called mining. Only a limited number of new Bitcoins are allowed into the system annually, similar to how the precious metal supply gradually expands annually based on - Dr. David E. 64 months ago
1

first of all i am not a big supporter of bitcoin or any other cryptocurrency at this time , lots of fraud and scams and security breaches . some word gov. already stop there citizens to play on this platforms .i might agree on it . we need to support our national currency us dollar and support our national stock exchanges nyse and nasdaq with investments in our national companies and national infrastructure with upgrades long overdue .this is what i think

amit patel
75 months ago
I agree with you. I'm not a big fan of investing in something that I can't either see, touch or hold in my hands. Bitcoin has been hacked several times and people"investors" have lost their cryptocurrency without any recourse. This is especially true since there are no government regulations for it. The closest is the U.S. Securities & Exchange Commission. Some US bitcoin outlets have closed. - David 75 months ago
Well said; me too. - Dr. David E. 64 months ago
1

https://apnews.com/55117fb55a714e909fb9aaf08841a5d6/Bitcoin-heist:-600-powerful-computers-stolen-in-Iceland?lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_content%3BcJ59WcvUQciU1eLyy%2Bh8LA%3D%3D

David Barckhoff-Sag-Aftra/Producer, Director
75 months ago
Thanks - Dr. David E. 64 months ago
1

https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230

David Barckhoff-Sag-Aftra/Producer, Director
74 months ago
Iceland was another place of interest due to cheap energy and fast networks - Paolo 74 months ago
YEP - Dr. David E. 64 months ago
1

I agree with most here. Bitcoin will not reach those heights. Blockchain and distributed ledgers are the important part of this technology. They are viable.

The cryptocurrency part is something that many governments don't like. The mining is essentially done in one country - not good from the financial viewpoint for a system that is supposed to be "distributed." And as we have seen, squabbles can produce forks.

I always thought that the initial implementation was nice as a trial. But bitcoin blocks are still too small and transactions too slow for real industrial strength use. Quite frankly, the other crypto blocks aren't big enough either for many industries. Still, I think that we are seeing that most industries are interested in the blockchain. If cryptos move from proof-of-work to proof-of-stake or proof-of-X? then real blockchain apps can be developed for something other than registering "coin." We can also save the world from the huge power drain to mine those last coins.

Tom Muscarello
74 months ago
The market in trading Bitcoins is probably as “free” as a currency market can get. The price of Bitcoins is based on supply and demand. Since Bitcoin was only created in 2009, it has less than a decade of performance to evaluate, but throughout its short history the price has fluctuated wildly. For example, it reached $31 in July of 2011, then dropped back to $2 by that December. In November of 20 - Dr. David E. 64 months ago
1

PROBABLY NOT!

Here is why?

Too few people use digital currencies for them to really threaten the world’s financial stability.

That’s the conclusion of a new report from the Financial Stability Board (FSB), an international body that keeps tabs on the global financial system and makes recommendations to the G20. Still, the market is developing so quickly that “vigilant monitoring” is needed, the FSB warns.

The primary risks posed by crypto-assets are low liquidity, the use of leverage, volatility, and technological risks like vulnerability to cyberattacks. If the financial system regulators don’t properly account for these risks and they then materialize, it could undermine confidence in financial institutions.

But the most important words in the conclusion may be the caveat that the report is “based on the available information.”

Assessing risks is difficult because there is so little available data, particularly on the extent to which investors are borrowing money to buy cryptocurrency, and how exposed financial institutions are. Crypto-specific regulations could force more transparency.

Until then, the FSB is developing a new “monitoring framework,” which it says is based mostly on the sliver of public data that does happen to be available.

So, I doubt it.

Dr. David E. M
64 months ago
Different predictions available here, from $15K to over $30K, https://coinswitch.co/news/bitcoin-price-prediction-2019-btc-price-to-touch-23500-in-2019 it makes me think that could be possible to foresee the trend. - Paolo 64 months ago
Different strokes - Different folks. - Dr. David E. 64 months ago
1

I think the worst aspect of the entire bitcoin/crypto-currency bubble (and it is indeed a bubble headed for bursting) is that the frenzy of greed over it overshadows the real and potential value of the blockchain technology that underlies it.  If you forget the hype that seems endlessly to swirl, many are developing new applications that show real promise,  It should be said with equal candor and haste that blockchain will not be the long-sought after silver bullet many of the hypers shout that it is.  That notwithstanding, a great many positive uses of it will likely result and those would probably be worth investing in. 

Ross A. Leo
64 months ago
Tend to agree on block chain tech more than cryptos. - Dr. David E. 64 months ago
1

Not in 2020 not ever

Anthony J
63 months ago
Agree - Dr. David E. 63 months ago
IF Bitcoin should ever reach even half of that, ever, the crash will be heard on Pluto. Anything with such imaginary value that is propped up by nothing, literally nothing, cannot be sustained by any means indefinitely. The bubble will burst. - Ross A. 49 months ago
0

"legitimate" trading starts over the weekend of BTC....so it can be shorted now....lets see
Supply says it can - i.e its limited, but will another Crypto take over???

Antony Welfare
78 months ago
OK - Dr. David E. 64 months ago
0

Yup!

George Kendall
77 months ago
YEP~! - Dr. David E. 64 months ago
0

My short answer is no. Bitcoin right now has a very similar pattern as the .com buble that happened between 1997 and 2001. It is a very volatile share (in several hours the price can vary $1000) which is just showing that the current value is the result of the speculation of people that does not really know what is going to be used for. The fact that there are new strong criptocurrencies, like Ethereum, that solve several problems of Bitcoin, shows that Bitcoin will drop dramatically when one of those criptoccurencies win the spot. The real value of all this is the blockchain technology itself.

Ricardo Santos
77 months ago
Agree - Dr. David E. 64 months ago
0

It depends on how inflation fares in the next 2-3 years and if BTC remains the main value store / medium of exchange vs other tokens/coins. It's hard to draw fundamental reasons for BTC to increase 70x in the next 2 years and reach a market cap of $21 trillion, but then again its rise to 5 digits dollar values was hard to predict, too. That kind of rise means that the whole crypto market will have to rise to ~$40 trillion to maintain the dominance proportion of BTC. The problem is that the global market cap is "just" $100 trillion - ( http://www.businessinsider.com/global-market-cap-is-about-to-hit-100-trillion-2017-12 ), so the extra trillions needed for the rise might just come from the traditional stock market.

Titus Capilnean
77 months ago
Nice - Dr. David E. 64 months ago
0

Bitcoin is here to stay

George Kendall
77 months ago
I don't agree. Cryptocurrency might be, blockchain will be around for a long time. But the whole concept of cryptocurrency will change once a) governments move in to regulate it (and they will), and b) some blackhat figures out how to break it. And, like it or not, research in that area is well underway and a way to break cryptocurrency will be found. - Ross A. 76 months ago
Bitcoin is booming, but a “battle for its soul” is looming - Dr. David E. 64 months ago
0
Paolo Beffagnotti
77 months ago
Thanks - Dr. David E. 64 months ago
0

it continues to go up and down, again the Chinese Government plans to limit power use by some bitcoin miners as are concerned that bitcoin miners have taken advantage of low power prices in some areas (source: https://www.bloomberg.com/news/articles/2018-01-03/china-is-said-to-curb-electricity-supply-for-some-bitcoin-miners)

Paolo Beffagnotti
77 months ago
OK - Dr. David E. 64 months ago
0

An article just released by Forbes about this, https://www.forbes.com/sites/quora/2018/01/05/how-likely-is-it-that-bitcoin-will-hit-500k-in-three-years/#133c85355b4b
The discussion is if Bitcoin could jump to 500K in 3 years, "How Likely Is It That Bitcoin Will Hit $500k In Three Years?"

Paolo Beffagnotti
77 months ago
Yes-quoted often - Dr. David E. 64 months ago
0

Emerging technologies follow an adoption trend over time that starts extremely slow, proponents and enthusiasts grow a community of early adopters, mainstream pressures institutional investors, and eventually a plateau will occur. We have yet to see this plateau with the internet...

Think about computers. The most complex of computers were not in the hands of everyday people for several decades. The first use cases required significant investments and knowledge.

Now - enter Bitcoin and the world of blockchain. What is the emerging technology? Blockchain - NOT Bitcoin.

Bitcoin is a use case of blockchain, that frankly, I'm not the biggest fan of. Bitcoin will always be a decentralized project that will challenge existing financial institutions as they adopt blockchain POCs across their value chain. The most significant value in blockchain will be when institutions invest far more in progressing it's value. Once blockchain is a mainstream development tool, we will see even more projects spinning use cases.

We are living in a thrilling time. Bitcoin is not the only project out there. It is the scapegoat for the average person. There are more potential use cases in Ethereum, IOTA and Tangled Networks, as well as Ripple and partnerships with financial institutions in my mind than I see with Bitcoin.

Eric Bujold
76 months ago
Of course, the new business development cycle. - Dr. David E. 64 months ago
It succeeds because it was the first application of the technology that was monetized, if only in science fiction terms. The rest of us will figure out the real uses of blockchain that will provide real lasting value. - Ross A. 49 months ago
0

I believe that BitCoin will collapse much like the "Tulip Bubble" in the 17th century. I believe it's massive growth right now is due to speculative exhuberance. I cannot see continuing it's stratospheric growth.

Donald Wedding
76 months ago
Beware: unreality, by its very nature, is without limits. I do agree with your point though. - Ross A. 76 months ago
NAH! - Dr. David E. 64 months ago
0

I am not clear how a system (i) which is not well aligned with government bodies and financial institutions, (ii) lacking proper regulatory clearance, (iii) only staying with niche section of world's populations and (iv)with so much of uncertainty in people's mind will get success in the world market. On the other hand competitors (e.g.Ripple,  Ethereum, Litecoin) are also coming up with much more structured approach. Therefore the market will be highly competitive and Bitcoin might have to face tough challenge in the market. Under this circumstances, it will be very difficult the market scenario for the all the crypto-currencies.

Samares B
76 months ago
Agree - Dr. David E. 64 months ago
If you want to imagine how it will succeed, just think of the barter system, and money laundering. If everyone in a given circle believes in a thing's value (bit-whatever) and tacitly agree amongst themselves on a manner of conversion to another thing of more generally accepted value (dollars), the system works. Regulation hardly matters if they all choose to ignore it, which they largely are. - Ross A. 49 months ago
0

As a Senior Chinese Central Banker stated again that digital currencies need to end, their values crushed down once more. Ethereum is now -14% and Bitcoin is -10%
Source: https://www.cnbc.com/2018/01/16/peoples-bank-of-china-virtual-currency-trade-report.html

Paolo Beffagnotti
76 months ago
Hi Paolo, there are too much of information floating around media in favor or opposite to this topics. It is really confusing everyone. This will never go to mass, it will stay in the niche level. I agree with you there are economic experts across the globe, who are talking about stopping the digital currency (Cryptocurrency), as there is a chance of losing money. - Samares 76 months ago
Maybe - Dr. David E. 64 months ago
That Chinese banker said that even while his institution was buying and selling positions in cryptocurrency. - Ross A. 49 months ago
Now Bitcoin and Ethereum are seeing as the worst investments in 2020 after crude oil - Paolo 49 months ago
If they really think that, they need to demonstrate their intent though action. As long as there is money to be made or laundered through these vehicles, the farce will continue. - Ross A. 48 months ago
0

Bitcoin's future is bleak! Hacks on crypto currencies is rising! India announced today that it not legal tender! South Korea did that a while back. Crypto currency future is uncertain but the blockchain technology is here to stay! Eventually I feel bit will just become another commodity that is traded. Its below $ 10K now and it may double in the next 2 years but don't expect anything exponential.

Prashanth Kumar
76 months ago
Thanks - Dr. David E. 64 months ago
An update - I am not concerned about countries declaring it nonlegal tender - they will track it and invest in it anyway. I am concerned with terrorist and criminal elements that are already expert in money laundering with legal tender. As long as they have a conversion method for crypto to real, and they do, what countries say about it will matter as much as a whisper in the wind. - Ross A. 49 months ago
0

Anything and everything is possible in terms of Bitcoins.

Abhishek Raj
75 months ago
Yep - Dr. David E. 64 months ago
You had best include "cratering like Tunguska" in that prediction. Harsh realities come to every investment vehicle: from tulips to real estate. It will come to bitcoin as well, and the sooner, the better. - Ross A. 49 months ago
0

The bubble exploded and Bitcoin dropped from 20K to 6K in less than 2 months

Paolo Beffagnotti
75 months ago
Very likely - Dr. David E. 64 months ago
0

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Marchelle Vukovich
35 months ago
-1

1M is probably too much however if considering its price volatility everything could happen, https://charts.bitcoin.com/chart/price-volatility

Paolo Beffagnotti
78 months ago
Agreed - Dr. David E. 64 months ago
Many thanks - Dr. David E. 64 months ago
-1

That's like asking what will be the wind speed in Chicago on December 5th, 2020. There are too many forces impacting the trajectory to effectively parse and analyze. Basically, we are left to our intuitions - unless you believe you have identified the primary influences and can map out the trendline. Nonetheless, that would still have to include assessing its impact, directly, on the US dollar in order to change the overall context.

Joseph Urban
78 months ago
Agreed - Dr. David E. 64 months ago
-1

How does $2.8M sound?

https://www.theepochtimes.com/trace-mayer-bitcoin-can-become-reserve-asset_2418481.html

Eric Bujold
75 months ago
Not very likely - Dr. David E. 64 months ago
Pump and Dump - Dr. David E. 64 months ago
-2

Looks likelly

George Kendall
78 months ago
Sure thing; what could go wrong! - Dr. David E. 64 months ago
-2

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55 months ago
Somehow, the words "hacker" and "trusted" don't seem to go together very well.. Also, one that advertises and open referrals? Not bloody likely, I think. - Ross A. 49 months ago
-4

When Jamie Diamond dismisses Bitcoin that’s enough for me.

Joseph Mullally
77 months ago
I have met Mr. Dimon, and I agree he is a pretty smart fellow. But it's worth mentioning that even Einstein wasn't right about everything in the field he know so well. Time will tell. - Ross A. 76 months ago
YEP - Warren Buffett did same. - Dr. David E. 64 months ago
Jamie wants his own crypto - Anthony 63 months ago
Ha HA! - Dr. David E. 63 months ago
Jamie may have dismissed it as a valid investment vehicle since it has no intrinsic value, but rest assured JPMC technical staff are researching it and keeping an eye on its behaviors in the market. Friends close and enemies closer, you know. - Ross A. 63 months ago
No doubt! - Dr. David E. 63 months ago

Have some input?