From the very day it appeared, Bitcoin has been gaining prominence and importance as the leader among the digital currencies. More than a decade later, it is still the most common and sought-after virtual currency on the globe. Over the last 11 years, millions of investors have turned their focus and attention to BTC, rightfully believing it is the next big thing capable of making them rich.
Bitcoin has a finite amount of coins, and not many newcomers are aware of this. The total amount of Bitcoins is approximately 21 million, meaning it is a deflationary currency whose value increases or decreases based on the supply and demand. In comparison, traditional currencies like the euro or the US dollar are inflationary currency. When short in supply, more can always be printed. This of course means that the supply ins increased while the value drops. This is one of the biggest differences between digital and fiat currencies, and one of the things to think about when predicting the future value of BTC.
Now, the value of Bitcoin has increased by a staggering 700% during the last five years. This is enough proof to see how big of a return an average investor can earn. However, many are still quite wary and overly careful with their investments, dreading the “eventual” downfall of BTC that will seemingly never come. The latest topic on everyone’s collective mind is whether or not BTC can fall during 2020.
This year has been everything but kind to the human race and nothing is safe from its ongoing punishments. Here, we will try to determine what is in store for BTC by the end of 2020, and if it will fall or rise in the coming months and beyond. To learn more about Bitcoin and maybe try your luck in investing, visit primeadvantage.app.
Right now in the cryptocurrency community, the most famous cryptocurrency is expected to rise continuously. The record value of BTC happened towards the end of 2017. Back then, one Bitcoin was worth nearly $20,000. Prior to this, the halving event took place in July of 2016, after which the worth exploded in an all-time high. Another halving event has been in the talks recently, which is why many are optimistic one again.
The stimulus packages in the US as a result of the coronavirus pandemic caused an upward in the price of BTC. This further suggests that the price of Bitcoin could increase, making those who already have them a passive income. Many citizens have invested their $1,200 stimulus bonuses in BTC instead of household items like food or gas, another reason why BTC might increase in 2020. Russians are doing the same, as millions withdrew large amounts of their savings. Some then took that and invested largely in BTC.
During the lockdown and quarantine measures, more people than ever turned to modern ways of investment and business, the largest of which is of course Bitcoin. During the height of the pandemic, online courses dealing with digital currencies and Bitcoin, in particular, grew by more than 300% in popularity and visits. It is obvious that everyone is finally recognizing how beneficial BTC could be in the future.
The history of Bitcoin is very interesting, and there are numerous events that make it even more special. On May 22 of this year, it was the 10th anniversary of Bitcoin Pizza Day. So why is this day so special? On May 22, 2010, Laszlo Hanyecz, now famous as the Bitcoin Pizza Guy, 10,000 BTC for two big Papa John’s Pizzas. This seems like a tall tale today, but a decade ago, one BTC was worth a mere $0.0041. If he had held on to his incredible amount of BTC, he would have had about $90 million today.
On June 8, 2011, a new record was set for the value of BTC, when one BTC reached $32. However, before the first-ever halving event that happened on November 28, 2012, the value diminished and stopped at $12.76. About a year later, however, on November 30, 2013, Bitcoin wet on its first incredible streak when the value reached a then-staggering $1,167.
When the second halving took place on July 9, 2016, the price was $664. People started to see a trend developing there when on February 23, 2017, the all-time value record was broken one more time, now sitting at $1,167.50. By the end of the year, nothing was the same since BTC was worth nearly $20K per coin by the end of 2017.
Therefore, the halving points indicate that BTC always rises up from the ashes, reaching new heights after every value drop. It now sits at around $9,300, so who is to say how much it is going to be worth by the end of 2020?
Forecast for 2020 and Further
The future is largely bright, despite many believing that Bitcoin cannot prosper indefinitely. Experts’ forecasts suggest that by the end of this year, in December of 2020, BTC will have a value of nearly $13,000. Therefore, to simply answer the question of the tile, no, Bitcoin is not going to fall this year. It is actually going to rise like many times before.
Multiple sources are sure that the value is going to be between $10,000 and $12,000 however, but even if this is the case in the end and BTC never reaches the aforementioned $13,000, it is still a great increase for everyone involved right now, as well as those looking to make a move soon.
Back in 2018, some early predictions for the near future claimed that BTC is going to be worth about $250,000 by the end of 2022 and the start of 2023. If we take into consideration the sudden jump in 2017 after two halving events, and the current state of the world economy caused by the many disasters of 2020, we are on the right trajectory to make these once-considered-crazy predictions true. There is no time like the present to get involved in the BTC game!