Bitcoin (BTC) has been stagnant at around $9,500 for the last few days, after drastically falling from last month’s high of around $14,000. At a time when the world is talking about whether Bitcoin would survive or continue to fall, CNBC’s co-host for the Squawk Box Program, Joe Kernen predicted that Bitcoin would touch $55,000 apiece in May 2020, after the next Bitcoin halving.
While these optimistic predictions aren’t are something new in the crypto industry, coming from a business media house is not a common thing. While speaking on the show, Kernen said,
The next Bitcoin halving in May 2020 indicates $55,000.
While many on the program were surprised, people from the industry wouldn’t be. There have predictions that Bitcoin would touch a million-dollar mark in a couple of years, and would cross $40,000 by the end on this year. After the halving expected in May 2020, block rewards for miners will reduce from 12.5 BTC a block to 6.25 BTC. The reduced profitability of miners will push the prices further up, and hence, Kerren’s predictions aren’t shocking.
After a disastrous 2018, Bitcoin ended its six months-long losing sprees in February this year and went on to triple its price by mid-June. However, since late June, prices have been tumbling down, though industry leaders don’t necessarily worry about it.