Predicting the future of Bitcoin and blockchain technology is not an easy task. The value of the digital coins, including Bitcoin, is quite volatile. It keeps on changing regularly, and many times, there is no logical justification behind the increase or decrease in the price.
That said, most of the crypto enthusiasts are quite confident about the bright future of these technologies. The debate, whether Bitcoin and blockchain will change the future of the financial industry, is on with both sides (backers and detractors) clinging to their positions. We observe some of the interesting developments in this debate and give you a brief overview of where things could head in the future.
Prediction About Bitcoin and Blockchain:
Matty Sats, a radio host and cryptocurrency speculator, predicted that Bitcoin and blockchain are going to become an essential part of people’s lives in the future. Sats cited the Prophecy of Mark R. Sullivan (president and director of Pacific telephone and telegraph Corporation), who predicted in The Tacoma News Tribune in 1953 that telephone in the final development would ultimately evolve to be able to see each other. Referring to that prediction, Sats tweeted that in the future, Bitcoin and blockchain will also become a common thing, just like today when imagining life without mobile phones is not possible.
— Matty Sats (@matthewryancase) December 1, 2019
Not only Sats, but we also have several experts who vouch for the bright prospects of crypto and open-ledger technology. John McAfee, Founder of the McAfee antivirus, is one of the avid supporters of the cryptocurrency. McAfee predicted that cryptocurrency is the future, and it is not possible for any government authority or central banks to stop the digital revolution. He also said that Bitcoin’s price would reach $1 million in 2020. If that happens, Bitcoin needs to have an increase of around 4,900% in its highest valuation of around $20,000 that it achieved in December 2017.
Tom Lee makes another enthusiastic prediction. Lee is a cryptocurrency researcher and well known for sharing its view about cryptocurrency on TV debates. Back in 2017, Lee predicted that Bitcoin would reach the level of $25000, and now according to his latest prediction, Bitcoin value can reach the level of $91,000 in 2020. Lee predicted this value based on his chart analysis, although there are many other factors too that affect the prices of Bitcoin and other cryptocurrencies in the market.
Crypto analyst Avan-Nomayo predicts that the value of Bitcoin will be at least around $20,000 in 2020. The prediction is based on the fact that the next year, mining rewards for the Bitcoin will be halved that will provide the necessary push for its prices. Currently, Bitcoin mining rewards are at 12.5 BTC, and in 2020, these will be halved to 6.25 BTC. Another very optimistic prediction about the prices of Bitcoin has come from the chief executive officer of Brave New Coin, Fran Strajnar. According to the Strajnar, Bitcoin will reach the level of $200,000 by the next year.
Despite all these enthusiastic predictions, it is very difficult to get an accurate picture of the future prices of Bitcoin and other cryptocurrencies. However, there is no denying that digital coins and blockchain are spreading their wings very fast. The expert opinion might differ in terms of the prices and the intensity of the blockchain revolution, but nobody can take away the fact that these technologies are going to have a profound impact overall economic ecosystem of the future.