Bitcoin Halving in 2020 Could Be Massive for Price
Bitcoin’s halving in 2020 could have a deep impact on the price of the famous virtual currency. This is what some influencers in the crypto world believe and have been buzzing about on social media.
Forget About $1 Million, Let’s Move Towards $10M
Is that possible for Bitcoin’s price to reach $10 million dollars? As we see in this graphic uploaded to Reddit, the price of Bitcoin has been growing at very fast rates right after the last two halvings that took place in 2012 and 2016.
Based on the trend lines in this graphic, Bitcoin could reach $1,000,000 dollars somewhere between 2020 and 2023. But the interesting thing is that after 2023 Bitcoin would reach $10,000,000 dollars. Whether that’s a realistic approach or not is yet to be seen, of course.
About this price projection, a reddit user known as grengrad commented:
“Bitcoin would equal the USD M1 Monetary Supply at $200,000 per coin. Bitcoin would equal the USD M2 Monetary Supply at $800,000 per coin. Bitcoin would equal the value of all assets on earth at $11,000,000 per coin. Bitcoin is not going to be worth $10,000,000 per coin in your lifetime. Network effect is NOT exponential, it is sigmoidal.”
Other price projections take into account the hashrate of the network. Halving in the Bitcoin network affect miners because is less attractive for them to keep their activities due to a reduction in the block reward size.
Earlier this year, the Bitcoin hash rate reached new all time highs. Because of it, some experts in the industry were calling for a price increase in Bitcoin. Max Keiser, a recognized figure in the space said that new hardware is being added to the Bitcoin network at very fast rates.
Some of the most bullish figures believe that Bitcoin will reach $1 million dollars in some years. For example, John McAfee, a mainstay in the crypto space made this prediction; and hasn’t wavered from it.
Thomas Lee, Fundstrat analyst, said that there were some signals in technical analysis that combined with good news could propel the cryptocurrency market and Bitcoin to new highs.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites, with over 2,000 articles published.