Bitcoin price prediction 2020
What are the expectations for Bitcoin in 2020? Whenever we take a look into our crystal ball, we usually jump to conclusions that make no sense, are unfounded, and are mainly based on speculation.
But there is definitely something exciting happening in 2020 that will influence the price either way. Just to be clear, we’re not saying that 2020 will be the year in which all records are broken, but we’re also not saying that 2020 won’t be the year in which all records are broken...
This is what you can expect from Bitcoin in 2020.
Who wants to be a millionaire?
Let’s start with some statistics to show that the expectations for bitcoin are rather positive. In 2017, there were 36 million millionaires worldwide. In 2018, there were 42 million millionaires. The bank Credit Suisse expects this number will keep increasing, until in 2073, no less than 20 percent of the world population will be a millionaire.
At the moment, there are around 18 million bitcoins. Out of this number, an estimated 4 million are either lost or held, meaning they are not part of the active circulation.
This means there aren’t enough bitcoins for each millionaire in the world, making bitcoin very scarce. In the year 2140, the very last bitcoin will be created, setting the total amount at 21 million bitcoins. Still not enough to provide each millionaire with a bitcoin.
The richest among us are also aware of this statistic, so you can expect that bitcoin will get more attention in 2020.
Bitcoin block halving
Expectations for Bitcoin in 2020 are high. This is mainly due to the Bitcoin block halving. You might think: the Bitcoin what now..? Well, it works something like this.
Newly created bitcoins are released to the market in a steady flow, but the supply is limited. As we mentioned before, 21 million bitcoins will be circulating in total. Actually, a little less. To be exact there will be 20,999,999.9769 bitcoins. Just try to say that number out loud!
Every ten minutes, a new block full of transactions is added to the blockchain of bitcoin. The miner that processed the block will be rewarded with newly created bitcoins. Each 210,000 blocks, this block reward is halved. For the quick maths among us: 210,000 blocks times ten minutes equals about four years. So a halving takes place roughly every four years.
In the beginning, miners received 50 bitcoin as block reward, four years later 25 bitcoin, and now 12.5 bitcoin. After the next block halving, which will take place around May 2020, the reward will be set at 6.25 bitcoin.
Purchase bitcoin in four easy steps
Reading this page on your computer? Grab your phone and look for ‘BLOX crypto trading’ in the App Store or on Google Play. Already on your phone? Even better, just click one of the buttons on the top of this page.
Use your email address to create an account. Not too psyched to share your email address [email protected]? You can also use your social media account to register. No worries, we won’t post anything on your pages.
When you do log in with your email address, make sure to create a strong password; one that no one in the entire world is able to crack. But you know, no pressure. Read the terms and conditions and click ‘Accept’.
You’ll receive an email with a confirmation link. Click it, and you’re almost done!
The next step is topping up your credit in order to buy bitcoin. Click the Euro icon to start, and charge your account with a bank transfer or credit card. Now, let’s get started!
Now the real fun starts. Click the lower left button to check out the markets, and choose ‘Bitcoin (BTC)’. Spotted the perfect buying window? Simply click ‘Buy’.
Scan the correct QR code with your phone and download BLOX!
We’re aware we’ve made quite some claims in this article. Please do not use our expectations as investment advice. Do your own research and carefully consider your investments. Keep your head cool and only invest money you can afford to lose.