2020: The year Bitcoin reaches a million dollars - Global Coin Report
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2020: The year Bitcoin reaches a million dollars

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Bitcoin

Earlier this year, John McAfee, the world’s pioneer in digital security, famously (and controversially) predicted Bitcoin’s price to reach a million USD per token by the end of 2020. This forecast looks very dubious at a time in which Bitcoin is struggling to stay over 5,000 USD, let alone 10,000. So how can you make sense of this in the current crypto climate? Let’s try and find out.

In this article, we will take the million dollar predictions seriously, look at current and past data and explain to you why it’s actually possible for BTC to reach the million dollar mark, even if it doesn’t look very probable as things stand right now.

The token’s growth would need to be small but exponential for it to reach the million mark by December 2020. More specifically, it should grow at 0.048% daily. The thing is: Bitcoin has had that kind of growth for most of its existence.

We’ll take this May as a reference point. On that month, the price was at $9,000, and at that moment the prediction curved fitted perfectly with the coin’s market performance. And before May the actual price outperformed the exponential prediction curve seriously. Then it started to go down, and it’s been way away from the expectations ever since.

For BTC to be back on track with McAfee prediction, it should be at $35,000 in three months, and break the $100,000 barrier by next September. It doesn’t look like the most plausible way for the market to develop. But let’s remember the past.

There was a time in which it seemed impossible for Bitcoin to reach the value of a single dollar. But it happened. Then the new psychological mark became 10.00 USD, and it also happened.

Then in time, it reached 100, 1000, 10,000 and got as high as 17,000. Each of those prices was considered to be an impossible milestone at some point in the past, and they all happened anyway. And the same thing happened every time: every Bitcoin aficionado ended up wishing they would have entered the market earlier.

Bitcoin has shown tremendous resilience. It’s had four serious bear runs over the last ten years, and it’s come back with a vengeance reaching unsuspected heights every time.

You also have to take into account that the crypto market is still in diapers. It’s yet to mature. Adoption in the mainstream is happening all over the world but it’s not high enough for the market to respond to real-world usability and economic principles, but it’s still driven by speculative pressure. This will happen as the market matures and it will change the game not only for Bitcoin but everybody as it will drive demand and market value up.

So, will BTC surpass the million mark by December 2020? We think it will. But we are not your financial advisors, so you should do your own research and homework so you can decide correctly if this is a good time to enter the market or hodl Bitcoins you already own. Just remember that this is a market in which the rational and patient players will win big, and speculators that take gut decisions will lose heavily. Which kind would you like to be?

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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