By Natalie Lord
As we start a new year and a new decade investors are considering what the future might hold for cryptocurrencies. We look at who’s said what to guide expectations.
Changpeng Zhao, Founder and CEO of Binance, thinks the outlook if bright in the crypto sphere with many governments around the world experimenting with blockchain in their own digital assets.
In a recent interview with Global Coin Research Changpeng said: “I think in 2020 we will see different experiments tried by many different governments around the globe for adoption. Some will work, some may not, but overall they will have a tremendously positive effect for crypto adoption.”
Ripple CEO, Brad Garlinghouse, is equally upbeat, predicting that ten of the largest twenty banks around the world will begin to actively hold and trade digital assets in 2020 as fiat currencies go digital. He has also indicated that he believes at least one G20 currency will become fully digitized by 2021.
Meanwhile, John McAfee, the British-American computer programmer and businessman who founded the software company McAfee Associates, has one year left to see whether his forecast that “the sky is the limit” with Bitcoin comes true. At the end of November 2017 he was quoted on his Twitter account saying: “When I predicted Bitcoin at US$500,000 by the end of 2020, it used a model that predicted US$5000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at US$1 million by the end of 2020.” He even added that he would eat his dick if he is wrong, which should make for interesting back-tracking as the year end approaches unless of course his prediction comes true.
Elsewhere, Bitcoin trader and analyst Bob Loukas, accurately predicated twelve months ago the price of BTC at the end of 2019. Looking ahead, he’s now predicated that it will hit an all-time high of US$20,000 by the end of 2020.
At the end of December Loukas said in an absolute bear-case scenario, after a six-month downtrend, we should expect a counter trend move towards US$10,000 – US$11,000 before another big downtrend.
Mike Novogratz, CEO of crypto investment magnate Galaxy Digital, is also bullish on Bitcoin. On December 28, 2019, he predicted that BTC would end 2020 above US$12,000. He also predicted that Trump would lose by more than 10 million votes, that USA Wrestling would win three golds in Tokyo and that Tom Hanks would win an Oscar for Mr Rodgers.
Bitcoin educator, Jimmy Song, is also an advocate of Bitcoin gaining ground. He believes that BTC dominance will hit more than 75% by the end of the year and further predicts “lots of altcoin de-listings”.
On December 31st 2019, Song claimed that Taproot would be activated without much controversy, that the price of Bitcoin would have a bottom to top difference of at least 100%, that the Bitcoin halving (anticipated in May) would have significant impact and be a big story, that IEOs would lose momentum, that some coins would be attacked and cause an exchange to lose lots of money with the coin falling less than 20% on the back of it; and that more coins would change to be merge-mined with Bitcoin. Whilst opinion is varied, there are still common threads and beliefs that indicate a positive future and certainly a year of intrigue in the cryptocurrency arena.