“Bitcoin will reach its all-time high in the year 2020”,
Thomas Lee bullishly declared in a recent interview with CNBC.
Lee, who is a renowned crypto bull and the co-founder of Fundstrat Global, an independent research boutique, providing market strategy and sector research, has declared significant key factors that have been taken into strong consideration when making this prediction.
Increased Trading Volumes
There has been a strong increase in the amount of trading volumes for BTC, which can be attributed to increased adoption, especially in countries such as Turkey and Venezuela, where a more secure option is required due to their current, traditional fiat currency systems.
This increase in trading identifies that people are now becoming enthusiastic about the idea of decentralised currency in the form of Bitcoin.
The Halving Of The Bitcoin Reward
Every 4 years the reward given to miners for solving crypto algorithms and adding a new block to their Blockchain is halved. By halving the cryptocurrency this lessens the supply of Bitcoin in circulation, which in turn spikes the price higher.
The next Bitcoin halving is expected to occur in 2020, and as history has already proven to us, and is expected to repeat, Bitcoins price begins spiking a year before the halving occurs.
At the very beginning of May we saw the price of Bitcoin spike to $6,000 plus, a major gain that is only expected to be the start of the upcoming bull-run.
Lee does not stand alone in his bullish predictions for the price of Bitcoin come 2020. John McAfee, one of the world’s biggest names in cyber security predicts that it will reach as high as $1 million.
McAfee stated in an interview with Anthony Pompliano, founder of Morgan Creek Digital,
“I don’t care if it’s a penny today, it’s going to be two million dollars very soon. What’s happening in the market has nothing to do with the reality of its value”.
McAfee further went on to explain,
“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020”.
So hold on tight, the future for the price of Bitcoin has been seemingly set, and we can expect for the bull-run to hit in 2019 and into 2020, as per the predictions of the experts.