Bitcoin Price Predictions for 2020
By: Ofir Beigel | Last updated: 4/24/20
Predicting the price of Bitcoin accurately has proven to be a difficult task. Still, the difficulty of divining the future doesn’t stop people from continuing to make predictions about Bitcoin’s price.
In this article, I’ll share with you 6 price predictions for Bitcoin in 2020, all made by notable figures in the crypto space.
Bitcoin Price Prediction Summary
Bitcoin is said to be worth anywhere from $14,000 to $1,000,000 by industry experts such as Tom Lee, Vinny Lingham and John McAfee. Keep in mind that price predictions are guesses at best, and certainly shouldn’t be taken as financial advice.
For more details on the various predictions keep on reading, here’s what I’ll cover:
- Tom Lee’s Bitcoin Price Prediction
- Vinny Lingham’s Bitcoin Price Prediction
- John McAfee’s Bitcoin Price Prediction
- Fran Strajnar’s Bitcoin Price Prediction
- Ivan on Techs’ Bitcoin Price Prediction
- Frequently Asked Questions
- Conclusion – What Will Happen to Bitcoin in 2020?
The co-founder of the investment strategy company, “Fundstrat Global Advisors,” Tom has become a well-recognized figure in the bitcoin community. He sets forth a relatively conservative prediction for Bitcoin’s price in 2020.
Having made some wrong price calls in the past, Tom is definitely not making a firm prediction and staking his reputation on it. Rather, he takes a measured approach. In a CNBC interview conducted in April of 2018, Tom had this to say:
“I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers. […] So I think […] a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.”
Tom isn’t shooting for the moon. He merely expects 2020 to be the year when Bitcoin regains some of its former value, in preparation for a bigger increase in the years to come. Overall, Tom expects relatively stable (for Bitcoin) price action as, in his estimate, crypto winter has ended.
According to a press release from the recent “World Crypto Con” conference, Ronnie and Vinny are two people with very different opinions of where Bitcoin price is headed in 2020.
Both of them put their money where their mouth is by making a $20,000 bet, live on-stage at the conference, on where the price of Bitcoin will be 2020.
The bet was made on November 2nd, 2018 and will be decided at the start of 2020. In order for Ronnie Moas to win the bet, the Bitcoin price must reach or exceed $28,000 by the end of this year. Anything less than $28k and Vinny will win.
There is also concrete evidence that the bet really happened, so the loser won’t be able to back down without losing face. I looked around the internet and I found the video produced by the conference.
The charismatic, obscene, and explicitly anti-establishment technologist, John McAfee, made his own famous prediction as to where Bitcoin’s price will go in 2020.
According to a news article and his Twitter posts, McAfee expects that Bitcoin’s price will inevitably reach one million Dollars, which would put Bitcoin’s market cap around $18,000,000,000,000 or $18 trillion.
John expects this figure to be reached by the end of 2020 and he seems pretty confident about it. In November of 2017, he doubled down on his $500,000 call for the same timeframe, raising it to a cool million.
McAfee also issued an extreme and shocking public wager related to his prediction. In the event that his prediction doesn’t pan out, he’s said he’ll eat one of his own body parts.
I’m not going to get into any more detail than that, but if you’re familiar with McAfee’s antics you can probably guess. There’s a handy website with a countdown and further details on McAfee’s crazy bet.
Fran Strajnar is the CEO of a cryptocurrency research organization called Brave New Coin, which you may have encountered. He gave a Bitcoin 2020 price prediction in May of 2018 in an article published by Inverse.
In his discussion with the publisher, Fran explains that his expectation for Bitcoin’s price by 2020 is that it will reach $200,000 per Bitcoin. He said:
“The adoption rates are continuing to be quite steady, and adoption rates heavily correlate to the price, so therefore, unless for some reason people just simply stop continuing to adopt Bitcoin, we should see $200,000 per Bitcoin by 1st January 2020 at the latest.
Hashrates, number of wallets, apps, dapps … all that infrastructure is just steadily increasing, so adoption is most definitely happening and a lot easier to quantify, so we’re fairly confident with the fundamentals of Bitcoin, and we’re questioning a lot of the fundamentals of the [initial coin offerings].”
It’s pretty clear he was right about the ICO bubble bursting as well, so that lends a bit more credibility to his prediction.
Similarly to Tom Lee’s call, Ivan on Tech is keeping it low key. If you haven’t heard of him, Ivan is a social media influencer, blockchain educator, and general crypto personality. He expressed his expectations for Bitcoin’s price in 2020 in a video recorded in February 2019.
Ivan’s prediction is that not a lot will change in the next few years when it comes to crypto prices.
“There are a couple of boring years ahead of us,”
he says in the video.
So, Ivan foresees a future of relative stability. His reasoning is that most of the people still working in cryptocurrency after the grueling crypto winter are more interested in technology than price speculation.
Ivan reasons that only the true believers remain, the fake money chasers having departed for easier profits elsewhere.
According to Ivan, professional investors, as well as the general public have learnt their lesson about chasing crypto bubbles, so there should be no extreme movements in the price of Bitcoin over the next year or so.
Is Bitcoin a Good Investment?
According to our very own HodlCalc, buying and holding Bitcoin has been profitable for over 92% of investors.
However, investing in Bitcoin is a very abstract term as there are many forms of investment. It’s best to invest in Bitcoin only after getting a good understanding about what the currency is all about and the technology behind it.
Will Bitcoin Go Up Again in 2020?
I honestly don’t know. Nobody can predict what will happen to the price Bitcoin. If you want my personal opinion, it’s that the price will remain stable for as long as no major financial crisis occurs around the world. When will that happen is anybody’s guess.
These six experts have given us a wide range of predictions. Their predictions are based on their understanding of market dynamics and no doubt colored by their own opinion of cryptocurrency’s potential.
Their price predictions are guessed at best, and certainly shouldn’t be taken as financial advice. In fact, their views are so contradictory that one would be hard-pressed to take any sensible market position based on their views as a whole.
That their perspectives on the same subject are so wildly different just confirms that human beings all operate within their own reality bubbles.
That being said, I highly encourage you to invest the time and energy necessary to understand the market before taking any positions with real money.
Consider these expert’s opinions as a factor in your judgment and decision-making process, but definitely take them with “a grain of salt”.
I’m curious to know what you think. Go to the comment section right now and let me know which one of these experts do you think is correct?