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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
21 months ago

33 answers

10

Bitcoin Core won't exist in 2020.

Michael Yabut
20 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. - Brian 20 months ago
^ Couldn't agree more. - Alex 20 months ago
Assuming markets are rational, yr right. But, they are not. - Thomas 20 months ago
Cryptokitty...need I say more? - Thomas 20 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. 20 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 20 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. 7 months ago
4

The newcomers to any investment type tend to buy what they see as the biggest, best, most popular asset.
You know nothing about car manufacturers but want to invest? You will probably buy Daimler, Toyota, VW or Ford. IT companies? Google, Apple, Microsoft. Banks? Citi, Deutsche Bank, BoA. Other companies in every category might represent a better investment but you don't know enough about the industry to make an educated decision. Same story with cryptocurrencies.
Don't underestimate the power of dumb money. Bitcoin is the least efficient or usable of all blockchains but the first, most expensive and popular one. To many people blockchain and bitcoin are the same thing.

I seriously doubt it will hit $1M by 2020 or ever but I do believe that it still has massive growth potential.

Vitali Auracher
20 months ago
BC has been treated as a commodity - the main difference being that commodities are real "things" and BC is vapor based on nothing at all. As for its growth potential, the power of unchecked greed will drive it up further, but the bubble will burst soon, and very likely this year. - Ross A. 20 months ago
True. At the moment we are still talking about establishing the basis for applications. No concrete customer-facing solutions are in place. And the underlying technology is still relatively inpenetrable to the general audience. A lot of people are marching to the beat of their drum. As a consequence, the bursting of a bubble is quite likely. Regardless, blockchain as a foundation will endure. - Vitali 19 months ago
While I like the libertarian freedom of the idea of a currency uncontrolled by government intervention, I don’t consider owning such a currency an investment. I do consider buying or selling digital currencies like Bitcoin a speculation. - Dr. David E. 7 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
21 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. 20 months ago
Regulations are required but the way Bitcoin is behaving in last few months, 1M looks far from the reality. - Charu 17 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 13 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. 7 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
18 months ago
Thank you. - Dr. David E. 7 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
21 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. 20 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. 7 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
19 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 18 months ago
Well said; me too. - Dr. David E. 7 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
18 months ago
Thanks - Dr. David E. 7 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
18 months ago
Iceland was another place of interest due to cheap energy and fast networks - Paolo 17 months ago
YEP - Dr. David E. 7 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
17 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. 7 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
8 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 8 months ago
Different strokes - Different folks. - Dr. David E. 7 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
8 months ago
Tend to agree on block chain tech more than cryptos. - Dr. David E. 8 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
21 months ago
OK - Dr. David E. 7 months ago
0

Yup!

George Kendall
21 months ago
YEP~! - Dr. David E. 7 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
20 months ago
Agree - Dr. David E. 7 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
20 months ago
Nice - Dr. David E. 7 months ago
0

Bitcoin is here to stay

George Kendall
20 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. 20 months ago
Bitcoin is booming, but a “battle for its soul” is looming - Dr. David E. 7 months ago
0
Paolo Beffagnotti
20 months ago
Thanks - Dr. David E. 7 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
20 months ago
OK - Dr. David E. 7 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
20 months ago
Yes-quoted often - Dr. David E. 7 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
20 months ago
Of course, the new business development cycle. - Dr. David E. 7 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
20 months ago
Beware: unreality, by its very nature, is without limits. I do agree with your point though. - Ross A. 20 months ago
NAH! - Dr. David E. 7 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
19 months ago
Agree - Dr. David E. 7 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
19 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 19 months ago
Maybe - Dr. David E. 7 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
19 months ago
Thanks - Dr. David E. 7 months ago
0

Anything and everything is possible in terms of Bitcoins.

Abhishek Raj
19 months ago
Yep - Dr. David E. 7 months ago
0

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

Paolo Beffagnotti
19 months ago
Very likely - Dr. David E. 7 months ago
0

Ethereum wants to change the world.
It’s running out of time.

A while back, Tech Review’s Mike Orcutt traveled to Prague to experience Devcon, the “family reunion” for Ethereum, the most famous cryptocurrency after Bitcoin. He spoke to the people at its heart and found that the entire undertaking is on a knife-edge.

The dream: Unlike Bitcoin, Ethereum’s disciples want it to serve as a general-purpose computing platform that could, they believe, enable entirely new forms of social organization. For the true believers, it could change the world.

Questions: But Ethereum is facing some big technical questions, including how to speed the entire process up and make it more energy-efficient. There are also some more existential questions that include: how can it organize more effectively without losing its prized decentralization, and how to stop relying on its enigmatic creator, Vitalik Buterin. Meanwhile many cryptocurrency investors have been scared away: Ethereum’s market value in dollars has fallen more than 90% since its peak last year.

The future: At Devcon, everyone still believes in the project (there is much hugging, idealism and unicorn-themed clothing.)

https://www.technologyreview.com/s/612507/ethereum-thinks-it-can-change-the-world-its-running-out-of-time-to-prove-it/?

But the truth is, Ethereum is running out of time. How long will they have to pull it off?

Dr. David E. M
8 months ago
Ethereum is probably the 2nd crypto currency now. Its value dropped in 2018, however Bitcoin faced the same issues. Difficult to foresee a trend for 2019, the situation is still unclear, it is a big bet. David, do you think it will be pulled off? - Paolo 8 months ago
Not sure: But, Bitcoin’s younger cousin has its own programming language that people can use to write so-called smart contracts, applications that run on processing power provided by computers on the network. - Dr. David E. 8 months ago
If betting, I would say that both will recover their value in 2019. Other crypto could fail. - Paolo 8 months ago
Likely - Dr. David E. 7 months ago
0

Not in 2020 not ever

Anthony Jaccarino
6 months ago
Agree - Dr. David E. 6 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
21 months ago
Agreed - Dr. David E. 7 months ago
Many thanks - Dr. David E. 7 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
21 months ago
Agreed - Dr. David E. 7 months ago
-1

How does $2.8M sound?

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

Eric Bujold
19 months ago
Not very likely - Dr. David E. 7 months ago
Pump and Dump - Dr. David E. 7 months ago
-2

Looks likelly

George Kendall
21 months ago
Sure thing; what could go wrong! - Dr. David E. 7 months ago
-4

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

Joseph Mullally
20 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. 20 months ago
YEP - Warren Buffett did same. - Dr. David E. 8 months ago
Jamie wants his own crypto - Anthony 6 months ago
Ha HA! - Dr. David E. 6 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. 6 months ago
No doubt! - Dr. David E. 6 months ago

Have some input?