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Bitcoin and Crypto Spectulation 2020: An Overview

Price speculation has always been a dominant topic of conversation in cryptocurrency media. It’s a trend that can be traced back to December 2017: when the price of Bitcoin shot up to its highest ever per-coin value of $19,783.06 before sharply falling down below $11,000 by December 22nd the very same year.

Despite the tumultuous year that followed; these movements greatly contributed cryptocurrencies placement on the proverbial map of finance

It’s the moment when mainstream news outlets (general, news, technology and finance media) started to report a then-new ‘wonder currency through which even those with little to no understanding of finance could enjoy substantial, passive dividends.

Now is no different, with various firms and independent investors announcing their respective expectations of bitcoin’s price through the year 2020, and beyond. Here is a summary of what some of the largest and most influential names in cryptocurrency have predicted about the price of Bitcoin and cryptocurrency.

In early December, CCN reporter Joseph Young reported on how a cryptocurrency analyst (who uses the hande ‘EX’ @icoexplorer) had reason to believe that the bitcoin is in for a sharp plummet in 2020 – with the homophonic citation that its price may go as low as to match the number of the year: $2020.

Young concluded that the market’s recent downturn was likely to continue as bitcoin miners seek to sell their holdings to turn a profit during the forthcoming halving, citing similar examples from earlier halving events.

A halving event occurs after a predetermined number of blocks have been mined and recorded onto the blockchain, when the rewards allocated to miners are reduced by 50% as a means of counteracting inflation.

For bitcoin, the next halving is expected to take place in June 2020.

Ross Ulbricht, Founder of Silk Road

Ross Ulbricht, the presently incarcerated founder of one of the (formerly) most popular markets on the darknet ‘Silk Road’, published his predictions regarding where the value of bitcoin may go in the  year 2020 in a blog series called ‘Bitcoin by Ross’. In the first post ’Read This First’, published December 10, 2019, Ulbricht broadcasted that he had predicted bitcoin’s “meteoric rise” in value as far back as October 2013, only to be proven right.

After various explanations through a handful of graphs, analyses and theorem, he finally concludes that:

We have a price and target for the end of wave 1 of ~$100,000 some time in or near 2020.

On December 16, 2019: research, investigations, and analysis company Chainalysis posted an article which claimed that  ‘PlusToken Scammers Didn’t Just Steal $2+ Billion Worth of Cryptocurrency. They May Also Be Driving Down the Price of Bitcoin’. It referred to a Ponzi-like scheme which took place in China, which it suggests could have played a key role in “driving down the price of Bitcoin” and the information is excerpted from the ‘Chainalysis 2020 Crypto Crime Report’.

In line with Ross Ulbricht, renowned venture capital financier Tim Draper appears to have a similarly positive outlook on the price of bitcoin in 2020. Via an interview with CNBC, Draper dropped the prediction that the bitcoin price could possibly reach as high as $250,000 by 2022 although blockchain consultant Tone Vays was quick to dismiss this in a tweet posted on December 21, 2019.