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2020: The year Bitcoin reaches a million dollars

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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

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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Bitcoin Chasing Green — First Positive Month Since July In Sight

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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

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