Topic: [2017-12-27] Bitcoin Price Surges to $16,500; $1 Million by the End of 2020? (Read 140 times)

It will be $10M by the end of 2020! 
No kidding. No one knows what it could be by the end of 2020 but we all hope there will be mass adoption then bitcoin will be $1M

funny how a single correction and the price fall to 12.000$
reduces the number of "bitcoin will cost xxxx.xxxx $ by the end of 20xx" articles  
the price surges doesn't neccessarily mean that bitcoin will cost 1 mil or any other crazy sum
especially when the dollar's value itself is fluctuating and is subject to inflation
so maybe by 2020 you will be only able to buy 10 pizzas for 1 million dollars,who knows

Didn´t all people expect the same with the launch of the Bitcoin futures at
CBOE and CME? As we all have seen the trading volume of the futures has been
pretty dismal so far and institutional investors have not really shown a big
interest in Bitcoin derivatives.

Why does everyone think that ETFs that use the Bitcoin futures as underlying
will bring in more volume? I´d love to be wrong on this, but so far every Bitcoin derivative
has failed to attract huge volume in my opinion (not only the futures at CBOE and CME,
but also the LedgerX trading volume is not impressive).

Around US$ 75000 by the end of 2020
Around US$ 1000000 by the end of 2027

Since McAfee has said it, we must seriously doubt that the bitcoin can reach that price in 2020 and I would even think that this individual is planing a ruse to dump his bitcoins in the future once the speculators return to believe in his words, pushing the price to high levels once again. That man does nothing but damage everything he praises.

Nothing that we don't know already. It's safe to say that the market will keep bouncing up and down repetitively within a certain range for the rest of this year. It's all fine and well considering that there isn't much happening in the very short term, so people shouldn't be surprised that we aren't going up much further from current levels. I even dare to say that current levels are a bit on the higher side for now, especially when you take into consideration that everything we wanted to happen has already happened. Also, I want to see how the market reacts as soon as the S2X snapshot of the blockchain has been taken tomorrow....

Earlier today, on December 27, the bitcoin price surged to $16,500, recording a major gain for the first time since December 22, prior to Christmas.





Analysts including John McAfee and cryptocurrency hedge fund co-founder Ari Paul expressed their optimism towards the short and mid-term growth trend of bitcoin, given its latest momentum and overall increase in value throughout 2017.

McAfee wrote:

“As I predicted, Bitcoin is rebounding and rapidly climbing after Christmas. It is still, by far, the best long term crypto investment, and I firmly stand by my prediction of $1 million by the end of 2020.”

Historically, bitcoin has demonstrated a tendency to recover soon after a large correction and work up to an all-time high price within a few weeks. Hence, bitcoin’s speedy recovery after Christmas was expected by most investors in the cryptocurrency market.

However, McAfee’s $1 million bitcoin price prediction by 2020 is noteworthy because other investors such as Overstock CEO Patrick Byrne and Mike Novogratz have suggested a similar figure. Analysts believe that once the market valuation of bitcoin surpasses the trillion dollar mark, it will be able to surpass the market valuation of traditional assets like gold and eventually penetrate into the global offshore banking market.

Byrne said earlier this week:

“We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies but all of them have gone down 95% … versus something that they can’t control like … gold and bitcoin. So bitcoin may be on its way to a million for all we know.”

Investors in the cryptocurrency market are anticipating a variety of factors and events to lead to a bitcoin price surge. The filing for 8 bitcoin exchange-traded funds (ETFs) by the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (Cboe) for instance is expected to bring many billions of dollars into the bitcoin market.

Given the success of the futures exchanges of Cboe and CME, experts state that the probability of the US Securities and Exchange Commission (SEC) approving the ETFs of the two institutions is very high.

“Given the success of the launch of our bitcoin futures, several partners are very interested in moving forward with the development of an exchange-traded product,” said a Cboe spokesperson.


Another major factor that could drive the price of bitcoin up significantly is scaling. Currently, it remains unclear whether the Bitcoin Core development team and the community will initiate a block size increase to eliminate congestion on the Bitcoin blockchain network.

The majority of bitcoin users are paying fees in the range of $3 to $5 per transaction. Such high fees disallow users from making payments below $30. Wallets like Blockchain and Coinbase, two of the largest platforms in the market, are recommending a fee of 120 bytes per transaction.

But, innovative scaling solutions in 2018 could enable users to process payments with fees under $1. Notably, solutions like Lightning with SegWit, possibility block size increase, and other second layer solutions could provide efficient scalability.