Bitcoin 2020 Price Prediction - Will You Own Any?
Also Read : Bitcoin Will Be Worth BILLIONS In A FEW YEARS If This Happens - Daily Bitcoin and Cryptocurrency News
Also Read : Bitcoin Will Be Worth BILLIONS In A FEW YEARS If This Happens - Daily Bitcoin and Cryptocurrency News
Hello everybody, welcome back for another Blog. Hope you're all doing well and that you're all having a great day. I'd like to talk a bit about a bitcoin's future, if you will. Uh, so we've discussed before in the past of course, because Bitcoin is the number one coin. We've talked about the potential future of bitcoin where a lot of people are saying bitcoin is going. So I'd like to, I found a couple of things online. I'd like to kind of go through them, if you will, because, uh, we're at the point in Bitcoin's history where bitcoin is being, um, what's the way of saying this? There are a lot of people who you either love or hate bitcoin. I haven't really seen many people who are kind of agnostic or kind of in the middle of the entire thing. You either have great feelings for Bitcoin or you would rather see an altcoin push it out of the way so that other coins can kind of take the number one spot a love it or hate it.
Bitcoin is here for probably potentially for the next two or 300 years. Uh, so I'd like to kind of go through, uh, like I said, more or less the future. So welcome back for another weekend edition where it's not just a news, I kind of talk about other things that are also happening in the cryptocurrency space and I try to focus more or less on just one topic. So this will be about a bitcoins potential future price, even within the next year and a half, if you can actually believe something that crazy, the next bitcoin block reward having events could prove to be a watershed moments for its price according to a data currently circulating around the social media summary of Bitcoin's price. At the first two blog housings uploaded to reddit by telegram, news channel. What's on crypto knows that bitcoin prices increased by orders of magnitude in each period.
At the first housing on the 20th of November in 2012, bitcoin traded around $12. If you can believe it by the second, on the ninth of July in 2016, it was $657. The third housing due in 20, 20 or around 644 days, more or less, we'll see the block reward reduced from 12 point five bitcoin to six point two five bitcoin. While what's on crypto suggest ongoing trends could see prices hit a giant $10,000,000 per bitcoin by the year 20, 23 that is five years from now, maybe a tiny bit lest lest the forecast come came using a so called housing line which demonstrates that between the first and second, Calvin's price increased bilaterally 200 percent per year or three times a year. On Year bitcoin users who had coins are in the second housing, will remember that contrary to expectations that the event had little impact on prices or market activity says in the months leading up to the last two having events, we sell bitcoins prices steadily trend upward and then power higher following the reward.
Having bitcoin reported a blockchain research head. Garrick heilman said this in May of this year, two years off of the 2020 event, how many comments came as bitcoin's network hash rate continued breaking all time highs, hobbins can make mining bitcoin less attractive due to a reduction in block reward size. Yet hash rate rarely suffers as a result due to difficulty adjustments. I do not anticipate a significant change in the total mining hash rate due to the housing, at least not in the short run. This was actually a. someone requested something similar to this around three or four days ago. They were asking, sorry that I did not get to you. They said, I'm wouldn't bitcoin then become more unattractive if the reward as you are mining or doing the transactions on the network, you are then rewarded with bitcoin. They said, wouldn't it be then less attractive as opposed to getting the amount that you're getting right now?
Why would you continue to mine bitcoin if your reward is only going to get cut in half? Typically what happens and what has happened in the past is that, uh, as the reward gets smaller, the price of bitcoin tends to kind of go upward as it becomes rarer, if you will, digitally, uh, and this has caused a lot more people to kind of rather as time has gone on and Bitcoin has grown, we've seen that prices have increased kind of organically, but also because if the reward is getting cut in half, people tend to want to gather up as much more as they can. So they started buying a lot more from exchanges in the fear that a more people, other people as well will start to buy in the anticipation that there would be less going out there and as the are actually less out there as like a self fulfilling prophecy as people tend to then rush these exchanges to buy more in order to beat the rush.
If you kind of want to say that, then the price is still end up going up. The miners then actually still make their money back, if not tons of a lot more because other people have kind of full mode into buying bitcoin, but like I said, we're at a point in time were more or less a year and a half, two years from now. What's going to happen with bitcoin is the expected growth rate of Bitcoin is expected to be completely astronomical by the time we hit 20, 20 and the expectation is that as many more people continue to know about it as we have things with the stock markets and banks around the world who are telling people to buy bitcoin that you will be able to buy crypto currencies through their platforms is more people tend to know about it. More people are buying portions of it. Eventually there will be a lot less that's on the market.
If you have, let's say you have five people who know about something and in two years you have a thousand people who know about something. Eventually everyone's going to try and have a portion of the thing that they all knew about years and years ago and anticipation that eventually if you went from five to a couple thousand, that eventually maybe 10,000 will then know about it in a couple years down the line and therefore the item will be even rarer because more people are continuing to buy it. A hope that kind of makes a lot of sense. That's kind of the easiest as is pretty much supply and demand. That's the easiest way of saying it. Uh, but when it comes to Bitcoin, typically what we see is that, um, over the course of history and people wanting items and things like that, things become rare, but usually a, they don't follow the same trajectory that we've seen with cryptocurrencies because bitcoin has this, uh, this number of $21 million in general.
Typically this wouldn't have a huge effect on the world in that if someone made 21 million beanie babies are 21 million pieces of paper or something like that, it wouldn't be as rare. But as a lot of people got into the market extremely early, are still buying up coins every single day and we know that there will be less of them coming out. Uh, this is kind of where this entire thing is kind of coming from. But I digress. I will continue on the hash rate. Tendencies have not gone unnoticed either with our t host and Max Kaiser repeating his belief that price follows hash rate earlier in August, suggesting an uptake should be eminent. So if you look at the Bitcoin Hashrate, I know it seems a little insane. This is when bitcoin was created, uh, this is where I got into cryptocurrency. It was somewhere around this timeframe. I can't give you an exact date.
I wish I could. This is where we were at the beginning of 2017. You can kind of gauge that. Things have completely gone insane. We weren't even above a 10 million by the early parts of 2017 and even kind of around mid Irrele, very early, 2018. You've seen this incredible explosion. And typically what ends up happening is, is that there've been a lot of news, uh, there's been news rather out there that even as the price of bitcoin has declined from the end of 2017, what's phenomenal is that the hash rate has completely exploded and it hasn't really slowed down. So this is where we were for let's say eight, seven and a half years. The idea is there's such a frenzy to get into it. There are tons of companies and organizations and banks and governments. I'm pretty sure a Venezuela is definitely one of them.
We had news as well that a north, that the North Korean government was actually stealing bitcoin from some other country. This was a couple of months ago. I was, I'm pretty sure there are tons of countries. We're also mining it as they get into this frenzy and get into it in the price continues to go higher. Uh, if this is only 2018, you can kind of gauge or imagine what will happen. By the time we hit 20, 20 and the bitcoin reward gets cut in half. So this is kind of the one when people talk about these crazy price predictions, when they say 10 million account, I, I don't know what I would do. A bitcoin hit $10,000,000 a coin by that is four and a half, five years away from now. Can you imagine this is not me telling you to buy bitcoin. Can you imagine putting in what is like 7,000 or something right now, the price of a Bitcoin, putting that in and then making nine, nine, nine, $9,000,000
for doing absolutely nothing. It just kind of a weird to even think about. Even if you look at the amount of just blockchain, a wallets that have been out there. This is 2012, 13, 14 and Iran. Even that 2017, the beginning of 2017. This is kind of when the market went a little insane around here is it's huge uptake and it's not really slowing down because the more it's. I think it's called the network effect. I'm not really. I think I've read it somewhere. I read a lot and a lot of stuff gets jumbled in my head. The point is, the idea behind it is, is that if one, if one person jumps in and they make money and someone else jumps in and they make money, other people are going to take notice and they're also gonna start jumping in. So the network, we'll continue to expand itself beyond any expectations, especially at this point.
Like I said, if we are, what is this 28 million blockchain wallets out there that's not including all the other wallets that we have out there. So I'm pretty sure that we at least have $100, million bitcoin wallets. Obviously they could be doubles and slash or duplicates from multiple people. Typically. Most people tend to have just around one or two, but even then, that's still, if you want to even lower the amount of people that still 20 to 25 to 50 million people who are just owning bitcoin or are fragments of bitcoin on the same exact topic. Uh, this is also, um, we are, um, I, I don't really know what to say or how to say it. Uh, and I've said this before in other Blog,
we are in a gray zone and it's very frustrating for me and I'm sure a lot of other people as well because you wish that you could see a bit further into the future because you don't really know what's happening. I'm news, uh, when you, when you look at articles and stuff like that from 2012, 2011, I love reading his old articles. I don't know what it is when they talk about bitcoin and they talk about the early traders of Bitcoin and who is intuit? And um, if you look at old reddit posts and you find people who are talking about, uh, uh, getting into bitcoin and stuff like that. And uh, yeah, I got into it when it was fifty cents, it hit $12 and I decided to sell because the price was way too inflated. It was definitely going down. And you kind of wonder if we're at that same exact moment where, yeah, is 6,400 right now.
You're like, I'm sure I'm, no, I'm not the only one out there who thinks this is like, as always this, do I buy now? Do I buy later type thing? And it's kind of, it's very maddening because you, you don't know when to get into the market. And even a lot of people who don't really know if they should buy bitcoin at all, I'm not going to tell you, I cannot tell you, heaven forbid, should bitcoin completely collapsed. And I've told people to definitely buy something. That's why I always say do your own research. Um, but once again I will continue. This is pretty much about as time goes on, it's the same exact topic and bit coin becomes more well known and slash or powerful. The more people are getting into it a, this talks about what's going to happen pretty much to the unmindful bitcoin.
And I have my own idea as well. Uh, when we kind of go through this and now obviously tell you, because that's what I do, UK cryptocurrency investment products and research from coin shares has called for Bitcoin to get a new narrative to drive consumer interest and lift prices to new highs and a series of tweets and a medium post on the 17th of August, CEO, Ryan Rad Loft, explained how bitcoin could follow in the footsteps of companies such as Amazon and Microsoft who shares deflated in the year 2000 then exploded to a new high over a long period for those who are too young or were not around around, uh, 2000 and y two k, uh, Amazon, Microsoft, and even apple. We're the, the crappiest companies in the entire world. They were constantly, you can even look up old articles that the Internet is amazing. Everything is there.
Everything you put onto the Internet is always there. Uh, and the way that these companies were spoken about how they were done, they were over. Why would anyone use the, especially needed to, had to do with tech. They were completely stomped on, especially apple. I remember when when apple finally had like a beginning of their comeback and it was just like this really weird moment because all these people were in the news, they were talking about how they had apple stock. They, they got it for around pennies when nobody else wanted it and I think at this point apple stock was around like 100 or $150 and everybody completely lost their mind. So why do companies that are so clearly visible and hindsight take so long to reclaim their high valuation firm? Y Two k, this was asked by Ryan Rad loft, he said, and I quote, because they need a new narrative.
When you come down from great heights, the growth story is harder to see and most people then and now are investing in the future growth stories. When people talk about bitcoin or the future of Bitcoin, it's very difficult to, like I said, to see in front of you, you. We've gotten to a point where we have people who boast about having gotten bitcoin when it was a dollar, it went to $10. There was a guy on tv a couple of weeks ago, he was on CNBC or something like that, sitting next to his girlfriend and he was talking about how rich he was and pretty much he got into bitcoin when it was, I think fifty cents. I think he bought 4,000 of them bitcoin price at 1200 or something like that. I think he sold 3000, bought a couple of houses and stuff like that and then he was the one woman on television was asking him was he still a bitcoin millionaire and I think he showed her that he still had 1000 bitcoin on his phone or something like that.
So we're at a point where these people exist. We know that people have gotten rich. Other people want to get rich. Bitcoin is at 6,400 right now having dropped from $20,000 and everyone kind of like, are we going to get there again? Is this possible for us to get there again because nobody wants to. I don't know if it's in this article or somewhere or maybe I read it in another thing where someone says nobody wants to catch a falling knife. You know, nobody wants to be the person who bought in at 6,400 and Lord forbid, should bitcoin fall, fall down to 2000. Nobody wants to be that person. Everybody wants to be the person who bought it before the, uh, the hyper period or the next bowl run type of situation. Read Law Riff, a referenced CEO or rather coin shares s CSO Melton, dumb mirrors who said, last week he used the Amazon Microsoft analogy when defending bitcoins, prospect to mainstream media.
He said price is an imperfect metric. She told CNBC, I think I just said it was a guy that is a woman. Continuing on. This is the article that's actually over here. I have it opened up and show it to you guys in a bit. Both in the media and beyond. The topic of Bitcoin's price has appeared to reach an impasse in August. The concepts, so the institutional investors will eventually lift bitcoin out of it's Tro, has met with increased skepticism with some sources, arguing events such as a regulated bitcoin etf would in fact be detrimental to the ecosystem. We've heard this a couple of times as well. Discussing the concept Rad loft said that institutional narrative is in fact missing the point. Institutions will drive new layers of access and bring a bit more liquidity. No, I think a lot more liquidity, but the reason that they'll drive the next bull run is consistent with every growth cycle that came before it.
New attraction from a new masses will drive new demand and this increasing demand will be filled through access points created on the back of the last cycle. The more people who wants to play in the sandbox, the bigger the sandbox and more sand you need based on those sandbox members constituting $99 million consumers. I get to that in a second. Seeking exposure to crypto currency, if each put the equivalent of $100 into bitcoin, they would suck up over half the remaining unmarried supply or a one point 9 million btc. This is the article over here. Pretty much what happened was is that there was a what, what would you call it, like a survey, I guess you want to say were they pretty much found out that 60 percent, 66 percent of Europeans have heard of crypto currency even more than Americans, which is very surprising. Fifty seven percent of Americans have heard of cryptocurrency.
The same with 70 percent of Australians on the flip side, 25 percent of that amount expect to own crypto in the future. Twenty one percent of Americans expect to own crypto in the future and just 15 percent of Australians, which is funny because they have the highest number here. Expect to own crypto and the future, so based on those numbers, the person took all those numbers. They took the population of these of land masses, whatever you want to call them in. It roughly comes out to around 99 million people, more or less rounded, give or take a that if each one of them had put 100 pounds or 123 us dollars or something like that and know the exact exchange rate, that they would pretty much gobble up all the other bitcoin. This is why I keep saying I don't think that there are a lot of bit coin out there a at all.
I think when more people figure out. We still have this thing, the same exact thing that Charlie Lee said. When people figure out that not even millionaires or billionaires, we'll be able to own one full bitcoin people. This is all this all fits together. This entire thing, a bit coin reward being cut in half in 20, 20 the hash rate going up dramatically as more people are mining and slash or a buying mining equipment to mine more bitcoin exclusively. Not even talking about other cryptocurrencies, especially as prices are going down. The amount of users who are constantly entering the cryptocurrency space, even just through blockchain, not even through any other wallet that may be available because there are at least 15 other more or less trusted wallets out there that's not also including exchanges that people have their bitcoin on and when the other amount of bitcoin that is going to be mind once we hit around.
I told you guys for those who are new here, by the time we hit around 20, 30, it's expected that the cost of mining one bitcoin will be around a billion dollars to mine one bitcoin because it will be so energy intensive and it's expected. No one knows that. A lot of people will actually jump out of mining because it'll be so unprofitable, but then we have a moment where it's kind of like a. people have been asking what happens to bitcoin when one, there are no more bitcoin to be mined or when is unprofitable for my. I mean, realistically, if we get to a point where one bitcoin is worth 10 million, I think a lot of people would still be in the game just to try and get a couple, even like fragments of a bitcoin a, but at some point bitcoin will probably have to be updated to be able to not have to rely on minors.
And um, if we get to a point where it's unprofitable to mine and Bitcoin is literally this huge entity that's worth 10 mil. Okay. Even before we spoke about that as well, um, someone did a calculation that said that if bitcoin hits a quarter of a million quarter of a million dollars, $250,000 a day, it'll be enough for to usurp the US dollar. If bitcoin hits $10,000,000 per coin, it is probably the only currency that we have in the world and the world's economy has completely collapsed into itself and we're using bitcoin to kind of buy everything. So, um, I think at that point they will probably be other solutions, uh, to be able to mind or whatever the case might be. But like I said, if we end up getting to a point where my mining becomes unprofitable in the price of Bitcoin is extremely high a, this will only then logically raise the price of bitcoin even more because a lot of people will be out of the system or just not minding it and there'll be a lot more difficult and require a lot more power in order to be able to mine that bitcoin.
No one knows what the future of Bitcoin at least is going to be. I don't think it's going to die. I think people take my Blog where I'm, I'm, I'm, I'm always, I'm, I'm, I'm critical of everything. I'm critical of Xrp am critical of ethereum are critical of [inaudible]. Go for taking so long. I'm critical of Eos. I'm critical of a lot of other coins and I'm not gonna mention a, but as of now I'm. Yeah, I'm, I'm still. I want to. I, I really want a time machine. I don't know how else to phrase that. I really want to see exactly where bitcoin will go. I guess it's kind of like cheating. I don't want to really. You know, be ahead of the game and be able to get more than anybody else. But uh, as of now the, the, the wild price predictions that we have aren't going to stop.
And I think logically if this has been happening just through 2018, even before we have any of the stock markets, um, even just the Jamaican, the New York Stock Exchange and the German one that's not including anything that could potentially come from countries in South America and slash or Canada and, or other countries in Europe. Uh, I think we're going to have an incredibly weird time in our lives where we're going to be. This is just how I feel beating ourselves up for not even having a fraction of a bitcoin because realistically if bitcoin should hit in some fantasy world, a million dollars, zero point zero, one bitcoin is then still worth $10,000. And I think that would be a $64 right now that spending 64 to make 10,000. That means if every month, if you, for even for 10 months, if you put in $64 more or less, and you got zero point one zero, that's still 100,000 that you made from $641.
I don't know, you guys know, I'm actually absolutely horrible when it comes to ending this Blog. Um, I always like to talk about the prices in the future. I know it gets a lot of people a frazzled sometime because they just want to hear the news. But I like talking about these things. I like talking about the, the future of prices in the future of where things are going to go because realistically I'm at least as it stands right now. Bitcoin is the dominant coin. So wherever it goes, other coins have to follow. Um, and it just kind of leads to that same, same exact discussion. A one where we have entities like bit main and other corporations who are. I, I wish we had proper numbers or like exact numbers I think. I think the market would be very different if we could see, uh, the results of over the counter trading pretty much anything that's not going through an exchange or like being traded directly so that, you know, when you see someone trading something on an exchange, you can see the volume completely increases if someone is doing over the counter trading, uh, you don't see the volume.
I, I wish we had a metric to see exactly how many wealthy people around the world have been buying bitcoin exclusively. Not even other cryptocurrencies or people who are mining. Like if we had like an exact gauge of this because even when it comes to [inaudible] and stuff like that, I think we have like random, not random numbers, but like we have guesstimates, if you will, of what people think of how much could be mined per year by this entity. And that's not even bit main controls almost or maybe a little bit above 50 percent of all the bitcoin a hash rate. So imagine the other 49 percent. Just imagine how much they control, how many, how much they're mining, how many millionaires and billionaires around the world are buying these coins, putting them in cold storage. There was a story that I was reading a day or two ago.
They were talking about people who own around like 10,000 bitcoin. They're finding a way to separate them into like batches of a thousand and yeah, I thought I said 10 million people who own 10,000 bitcoin or finding a way to put them into like separate them into batches of 1000 and they're putting them in into different banks around the world, like in cold storage until who knows how long. So imagine how often this is happening. There are, you can find, I don't have the tab open here. Obviously you can. You can find numbers of how many millionaires there are in the world and that number actually grows every single day. The same exact thing with billionaires. I think there's a new billionaire every month or something like that. So imagine you, even if they're realistically, if you are worth 30, 40, 50 million, they're probably less even buying a bitcoin a day and then if we have this number of $4 million bitcoin that are floating around and we get another 4 million people into the market, even if they just put, even if we have the people right now, if there wasn't so much fear in the market, uh, this is why I kind of get upset when people, when people sell their coins, I understand they're trying to make a profit or whatever the, you know, whatever the thing is, all the wells being pushing down the price, it makes me really upset because if people just kept on buying and then we got to a world where everywhere all the bitcoin was dry and you can be very difficult to find them.
I wonder how high bitcoin's price would be. I'm just rambling on. These are all things that I think about all the time before I go to bed. I literally lay in bed, just have numbers floating through my head of the future prices of coins, what I should buy. Should I buy a fragment of this? Should I buy some of this because this coin could probably go to this. I'm sure I'm not the only one who has these ideas and our thoughts. Anyway, I think that's pretty much going to do it. I'm done rambling. Um, I'm very interested to see where we're going to be by the end of this year I think is going to be incredibly interesting. Um, and these are just the people who they also surveyed. Surveys aren't usually a one to 100 percent metric to be able to see the entirety of what people are trying to figure out because I'm pretty sure that a lot of other people, even the people who are planning on buying it there, like I told you guys before when it comes to this, especially like car Dano, Xrp, Toronto, these other coins that people tend to buy on credit cards here.
They usually not buying just one token attended by a batch of them or they buy what other people have been telling them than by very exciting times. Very exciting times. Indeed. I hope you guys have all had a great weekend, uh, and slash or week depending on when you're listening to this. Thank you once again for watching and are listening. Tell me what you think specifically about bitcoin. I know a lot of people have a, like I said, have strong feelings in one direction or another. No one seems to be in the middle. Even if they say they don't care, they tend to write a comment that's like, I don't care, but bit coin socks or something along those lines. Um, yeah. It's kind of a, it's a very weird period and I think it's only because the price hits so high and dropped. Um, if bitcoin hits a 100,000, even 2019 price predictions are putting bitcoin at 100,000 because of the not upgraded tech.
What's the word? Uh, the upgraded infrastructure that's kind of being built around that and the people who are getting into the market. And I told you guys before in the other Blog and I had all the tabs open and I was telling you like the entities who are getting into Crypto, it's not a mistake, they're definitely into Bitcoin, but I wish we had some clear way of seeing exactly how. I mean, I guess that kind of defeat the purpose of crypto. I guess I'll retract that. I was gonna say like, Oh, I wish we had a way to see how much they were buying, but it's just curiosity. Like how much do these people own? Like if we had, if we had news every single day, not even like a face to it, uh, that some random rich person or like a list of five rich people bought, you know, 8,000, 13,000, 6,000, 500 bitcoin.
The market would lose its mind because they would come into the light. How much little or not a lot of bitcoin is actually there or even the other coins. I don't know if you guys heard a, this is kind of completely random, but it's all kind of on topic a, there was something that happened a couple of months ago where other. Yeah, this was sometime last year where the price of Xrp was going up dramatically. I don't know how many of you know the, the, the singer, his name is seal. Uh, he has like the scars on his face. Apparently he got into, this is what I heard from someone else. I'm pretty sure you can find that online as well, that he got into cryptocurrency or rather he got into Xrp when it was less than a cent and he owns so much of it apparently that when the price of it hit around two or $3 that apparently he was then a billionaire jess from owning the XRP.
I don't know how the news got out to where it was, whatever the case might be that he owned that much, but he's not the only one. And I wonder how many, whatever I'm done, I, I, I can't keep saying the same thing over and over, but it really just flows through my head. Hope you guys have had a, a great day, morning, afternoon, or evening, wherever you are, wherever you might be a. I don't apologize for rambling. I know I'm ridiculous, but it's just how I, um, how I have my thoughts. Thank you once again for watching and I'll talk to you all soon. See you.
