Bitcoin, being the world’s most popular cryptocurrency has been dominating the crypto space ever since it has been launched. While Bitcoin did witness a sharp decline over the last year, we are here to find out whether or not Bitcoin’s price will rise once again. Let’s have a look at Bitcoin price prediction 2019.
An Introduction to Bitcoin
Bitcoin has been leading the crypto market with its unprecedented blockchain technology and its exclusiveness. Created in 2009 by the pseudonym Satoshi Nakamoto, Bitcoin works on a peer-to-peer network with no involvement of intermediaries or a third party while you are making the transactions.
Ever since Bitcoin was introduced in the financial market, it has been gaining an immense reputation among the investors, slowly turning them into crypto enthusiasts. In December 2017, Bitcoin’s price skyrocketed and reached an all-time high at $20,000. However, since then, the prices of Bitcoin are fluctuating due to a number of reasons.
At the time of writing, Bitcoin is currently trading at $4,019.65 which is quite low compared to the high price of $20,000 that it reached back in 2017. The ever-fluctuating Bitcoin has made many crypto enthusiasts and experts take a keen interest in predicting its price in 2019. Let us have a look at what experts have to say about Bitcoin price prediction 2019.
Bitcoin Price Prediction 2019
2019 has been surprisingly good for Bitcoin compared to its performance in the previous year. In fact, Bitcoin has reached a price of $4000 this year for the first time in just a month. Tim Draper, a billionaire, and popular Bitcoin aficionado said that Bitcoin would be everywhere and fiat currencies would become outdated in two years. He even went on to say that by 2021, every individual would be buying their coffee by paying in Bitcoins.
This year, Bitcoin gained momentum when the founder of Tesla and SpaceX, Elon Musk said in public that Bitcoin is brilliant and BTC is better than the traditional paper money as it has the capacity to transfer value.
There was a column published by Bloomberg that stated that there is a prospect that FUD (fear, uncertainty, and doubt) might materialize over the crypto market in 2019. In response to this column, Barry Ritholtz said that the prediction was wrong and illogical.
Similarly, another crypto enthusiast, Mike Novogratz said overtly that Bitcoin was going to witness a huge adoption in 2019 as well as in 2020 as he believes more people and investors would be interested to participate in the blockchain space.
Another big news for Bitcoin enthusiasts is that the state government of Ohio has declared that it is going to accept tax payments in the form of BTC. For this purpose, the government has teamed up with Bitpay so that the Bitcoins can be conveniently converted into dollars on behalf of the tax office. This proves that Bitcoin adoption rate is going higher.
Experts Prediction for Bitcoin Price in 2019
As we already know Bitcoin is experiencing volatile conditions in the market, let us see what the market experts have to say regarding the forecast of its price. Let’s take a look at Bitcoin price prediction 2019 made by some of the most popular crypto experts.
John McAfee Bitcoin Price Prediction
John McAfee, the founder of the popular McAfee software and a keen follower of Bitcoin projected that by the end of 2020 Bitcoin will hit $1 million following previous year’s forecast of $7000 which was well exceeded.
Ronnie Moas Bitcoin Price Prediction
Ronnie Moas, a cryptocurrency analyst forecasted the price of Bitcoin by saying that its price might reach $28000 by 2019. He also believes the demand for Bitcoin would rise with its declining supply. He also declared that the Bitcoin adoption rate will go much higher by 2019, making people demand more for it.
Fran Strajnar Bitcoin Price Prediction
Fran Strajnar, another famous cryptocurrency analyst, has an optimistic prediction for Bitcoin where he believes that Bitcoin might reach $200,000 by the start of 2020. He also believes that the adoption rate is directly proportional to the increase in price. The more the rate of adoption, the more the increase in price.
Bobby Lee Bitcoin Price Prediction
Bobby Lee, CEO of China’s first and leading exchange, BTCC and the brother of Charlie Lee, the founder of Litecoin, said earlier that it would take Bitcoin 20b years to reach $1 million. However, his prediction completely changed later on.
He has claimed that Bitcoin might go down to $2500 in 2019 and then again rise by late 2020, possibly reaching $330,000 and again coming down to $41,000 in 2023. He restated that the capital of the market might reach $7 trillion, possibly outdoing the market cap of gold.
Zhao Dong Bitcoin Price Prediction
Zhao Dong, an influencer and one of the popular Bitcoin OTC traders based in China recently made a prediction about Bitcoin’s price by stating that the price might reach $50,000 by 2021. He even said that now is the best time to invest funds in BTC and also stated that an investor might get a return of 100-200% over three years in case they make an investment now.