7 Bitcoin predictions for 2020

7 Bitcoin predictions for 2020

While society in general has had a problematic start to the year (tension between Iran-United States, Fire in Australia, earthquakes in Puerto Rico and some other misfortunes), bitcoiners are gloating with a beginning of the year that has brought a very attractive Price increase in the first cryptocurrency market, Bitcoin.

However, you have to ask yourself, will it stay that way throughout 2020? Let's look at some of the Bitcoin predictions that the main industry players have for this year that is just starting.

Mauricio Di Bartolomeo, CEO of Ledn

I personally see it bullish. I think halving will have an impact but it will be before and after the event. During the event as such I hope the market will sell.

And among my Bitcoin predictions I see it bullish also for macro issues. I don't think it's a coincidence that the halvings coincide with electoral cycles in the United States. The presidential campaign years tend to be good economically speaking. I hope that capital markets and commodities remain up this year in large part because of that.

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Franco Amati, co-founder of Signatura and Bitcoin Argentina

Bitcoin in 2020 will have its 3rd halving (50% reduction in its monetary issue), and although we are already accustomed to this event that happens every 4 years, it is still relevant and affects miners, users and investors. The different variables (price, commissions, profitability of mining equipment) will be adjusted to this inevitable event, but not automatically but through a gradual process that is already happening. Halving is usually seen as a positive process in Bitcoin, I suspect that because being a fundamental pillar of it, those who do not value it stayed away from this technology. I agree to be positive, and it is my belief that 2020 will then be a beneficial year thanks to this variable that ends up affecting the entire ecosystem.

On the other hand, from the 2020 technical aspect it will probably bring us the definition of a new soft fork, the previous one having occurred in 2017, with the arrival of SegWit. The new soft fork is being discussed to include new technologies such as Schnorr and Taproot, and perhaps some surprise as bugs whose solution involves a change in the Bitcoin consensus rules. I think this soft fork, although it would be defined in 2020, can only be activated in 2021.

Finally, one of my Bitcoin predictions for 2020 is that it will be another year where the Lightning Network (LN) wallets will continue to progress in ease of use. I don't think they can be popular this year, but they are necessary improvements for the coming years, and for the scalability of Bitcoin. In fact, with the aforementioned soft fork, LN can probably update its protocol to a more optimal version (derived from the idea of ​​an opcode nicknamed SIGHASH_NOINPUT).

Alberto Toribio, director of the UNIR Blockchain expert course

I think Bitcoin has developed a very strong and healthy ecosystem of investors and speculators. This predicts that, along with Ethereum, Bitcoin will be one of the few Blockchain networks in 2020 in which it will be viable to create solid Stablecoins such as $ DAI or $ DOC. In the last 10 years Bitcoin has developed an investment and speculation ecosystem that now acts as a substrate. It is likely that in the next decade, the ecosystem will use financial services such as consumer loans, leverage or market liquidity instruments as its main growth lever.

Javier Bastardo, Host of Satoshi in Venezuela

My prediction of Bitcoin is that we will see in 2020 an important moment since we will see a halving and I also believe that the Lightning Network can give an interesting surprise in terms of usability. I think that 2020 can be an interesting year for accumulation, rather than for sudden price movements, because generally halving is not felt immediately.

I believe that the price of Bitcoin is not the main thing that we should focus on, at least not for the first part of the year, perhaps in the next 6 to 12 months, when we really feel the effect of halving in the market.

In the short term, one of my Bitcoin predictions is that it will be strengthened, taking more and more weight as an asset of geopolitical interest and with new surprises with Lightning Network bringing new implementations and simpler ways for the user.

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Arley Lozano, aka VaKaNo, CEO of Panda Exchange

For this 2020, I believe that halving will bring the same emotion that last halving brought, which is that the price may be down before this event, due to the expectations of the event and given that the market rules They have shown that when the public has an expectation with something, Bitcoin does it completely the other way around. I don't think that halving is going to have a real impact on the market.

We started a bullish 2020, demonstrating that Bitcoin is a cryptoactive that behaves as supply and demand wants, also being influenced by war news and everything that is happening at the geopolitical and socioeconomically speaking level. Particularly in Latin America we are seeing the large amount of volume on the Venezuelan side, Argentina with its economic crisis and Chile that is on the verge of exploding.

All these elements make me see that we may have a rise that leads to the price of Bitcoin up to 9,000-12,000 dollars, as we could also see it in the band of 17,000. We have seen how this week the asset has risen in a spectacular way, but, nothing compared to 2017.

Cristóbal Pereira, Co-founder of Blockchain Summit Latam

As for my Bitcoin predictions for 2020, I see them from 2 points of view that are fundamental to me in terms of livelihood:

Technical: the improvements that have been made to the network have shown that this is and will continue to be the safest

ura of all existing protocols, allowing to transfer figures of up to US $ 1b without problem, in a short time and without intermediaries. Halving will be a natural process, and it seems to me that it will not affect the price of Bitcoin too much.

Adoption: here is the most relevant point of support for the price, how much Bitcoin is really being adopted, and until 2019 we have not seen large masses adopting the technology. We have seen that there is concentration of Bitcoin in a few wallets, and the creation of new wallets has not exploded. It seems to me that there is a process still to work, and it is to continue spreading the use of this technology as an alternative financial system and as a reserve of value, which is where Bitcoin really has tremendous potential.

Personal opinion

I think we should be attentive to 3 events: the halving, Libra and the digital Yuan. Although none of these events have a greater relationship with each other and that only one is typical of the Bitcoin network, all of them could affect the use of Bitcoin and cryptocurrencies in general.

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Halving, although in the social consensus it is perceived as a good thing that can immediately boost the price, I think you have to see it with caution to make a prediction of Bitcoin successful. Personally, I have stopped to see the results of the halving that happened last year in the Litecoin network and the results are not so encouraging: Mining difficulty decreasing very fast and even with all this rally of the Altcoins that we are living, we see Very little recovery in their prices. Could the same thing happen with Bitcoin?

Libra is the maximum bet of the business sector in terms of cryptocurrencies. He received enough blows from the authorities and regulatory bodies, but, I think he is still alive. If its development and momentum continues, Libra could open the regulatory doors for cryptocurrencies in general and that of course, benefits Bitcoin. On the contrary, if Libra continues to take control of regulators in this 2020, it could be a bad sign for those who expect the "legalization" of cryptocurrencies in traditional markets.

And from the east we see the Digital Yuan, the proposal of the Asian giant to bring its economy to digitalization. While it is true that China has shown a “Blockchain yes, Bitcoin no” policy, the momentum of its digital currency would mean a paradigm shift for the economy in general. The doors to the digital economy are opened and through that door, keep it for sure, Bitcoin will pass by bellily.

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