Amid ongoing speculation regarding the fluctuation in the price of Bitcoin due to the outbreak of Coronavirus and global slowdown, a leading crypto exchange, Kraken published its analytics report regarding the price of Bitcoin in 2020. Based on a survey conducted by this San Fransisco based exchange, 2020 will be a fruitful year for the crypto investor as it predicts the bitcoin price will touch a new all-time high this year. There were 400 VIP cryptocurrency traders participated in this survey, and despite the current down market, the participants showed a certainty about the rally of bitcoin price this year.
In a report published by Kraken named “2020 Sentiments Survey: Where We Are & What’s To Come”, noted cryptocurrency traders and investors were participated and shared their views about the future of bitcoin price. Out of 400 respondents, 40% were identified themselves are traders, while 15% were reported as institutions. The rest of the participants were miners, crypto exchanges, and payment firms.
As per this analytics report, interestingly, 44% of the participants are pretty optimistic about the price of bitcoin, and they think the bullish trend is currently dominating the crypto market. The other 22% of responders showed a negative view regarding the current market and concluded that coming bears are currently dominating the market while the rest 34% of the population indicated towards uncertainty and informed that they are ‘unsure’ about the movement of the price at the moment.
Despite the mixed responses from the VIP crypto individuals, the positive and optimistic views are weighing down the uncertainty. It is pretty clear from this survey that the major crypto traders and influences have faith in bitcoin, and they are optimistic about its future. This survey concluded that Bitcoin’s price would hit an all-time high of $22,866 per coin in 2020.
Bitcoin Price may Reach to $1 million: Early Bitcoin Investor
According to a Billionaire and early investor in Bitcoin, Chamath Palihapitiya, current bitcoin price is pretty far from the actual price it deserves. He believes that if the circumstances favors Bitcoin, its price would reach to $1 million in coming years. In an interview with Anthony Pompliano, Chamath shared his insight about the future of Bitcoin. He started investing in bitcoin when its price was $80, and Chamath was once allegedly owned 5% of the total Bitcoin.
During the interview, Chamath asserted about the limited stock of bitcoin that distinguish it from other assets and hence bitcoin has a potential to reach to a new high. The extreme volatility in its price and mass adoption is the main obstacle in realizing its actual worth, he concluded.
Also Read: MoneyGram Sold $11.3 Million worth XRP it received from Ripple
John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.