The previous decade marked the “big break” for Bitcoin, the biggest virtual currency that paved the way for various industries to flourish, whether online or offline. In retrospect, we saw Bitcoin enter the market subtly in 2010, marveled at its speedy growth in just over 4 years, stared in awe at its 5-digit peak in 2017, and faced a rather challenging and topsy-turvy climate in 2019.
With those things in mind, and a new decade to face, we’re now faced with the question, what’s in store for Bitcoin this 2020? To learn about Bitcoin and the path it’s treading today, keep reading this Bitcoin guide below.
Since Bitcoin’s heyday in 2017 marked by the famous $20,000 hike, we can all agree that Bitcoin’s value suffered a little in 2018, then gained a bit of momentum in 2019. This triggered uncertainty and brought back doubts of investors as to whether or not Bitcoin is still a viable investment vehicle.
Outlook for 2020 is that the Bitcoin market is projected to be more bullish, and gain more stability than the previous two years. This is influenced by a number of factors, including the institutionalization of Bitcoin, enhancement of Bitcoin contracts, and increasing involvement of the Chinese in the blockchain technology development.
Last year, around October 24 to 26, Bitcoin’s price index increased froom $7,300 to $10,350, which is a significant value. This particular hike was spotted after Chinese President Xi Jinping focused his efforts on developing China’s blockchain technology.
More regulation also came into play, with various authorities from Bitcoin-participating countries including China have made efforts to crack down on illicit cryptocurrency exchanges and encouraged citizens to learn about Bitcoin whether for personal or institutional reasons.
Bitcoin’s historical record is filled with ups and downs, no one can deny that. However, this has also proven that Bitcoin is resilient and can bounce back from anything, even with the changing tides. As more cryptocurrencies enter the market and more institutions expand their horizons using the blockchain technology, a lesser room for volatility is in sight this 2020.