Bitcoin will fall to $0 in 2020, according to a professor of economics at New York University.
This is but one of many varying predictions for the price of Bitcoin from a range of industry experts.
Bitcoin has recovered a lot of investor interest of late due to its upcoming “halvening”, prompting speculation on its price outlook for 2020.
Regulatory uncertainty has still impeded institutional investment, but everyone from full-time traders to long-term cryptocurrency holders has an opinion regarding the upcoming halving event.
Ahead of the halving, which is expected to occur in March 2020, we have collated the most interesting predictions for Bitcoin’s price movements this year.
Nouriel “Dr Doom” Roubini is a professor of economics at New York University and the CEO of a global macroeconomic consultancy firm.
He is also a stern detractor of Bitcoin, saying on multiple occasions that it has no inherent value and that its crash to $0 is inevitable.
Roubini believes that Bitcoin has an inherent lack of scalability and is not nearly as decentralised as it claims.
He has also criticised the cryptocurrency for its adoption among criminals.
Nexo co-founder Antoni Trenchev has stated that Bitcoin’s price could reach $50,000 (R720,000) by the end of 2020.
He labelled Bitcoin “the new gold” and said that if it were to capture just 10% of the total market cap of gold, it would reach this price.
This would have to lead to people talking about the cryptocurrency in Satoshis (there are 100 million Satoshis in a single Bitcoin) due to its sky-high value.
Bitcoin could double in value by the end of the year, Luno Asia head of business Vijay Ayyar told CNBC.
“I would conjecture most normal people are unaware of it, and when the price starts running, the masses will come in as we’ve seen before,” Ayyar said.
“This is slated to happen in May 2020. So any price increase as we’re seeing, people have an eye on May for sure.”
He said the target for this price run would be up to around $16,000 by the end of the year – an increase of over 100% since the beginning of the year.
This may not be a serious prediction, but it has nevertheless proven surprisingly accurate – at least until the end of 2017.
Six years ago, a Reddit user on r/Bitcoin published a post titled “I am a time-traveller from the future, here to beg you to stop what you are doing”.
The post said that from $0.1 in 2010, the price of Bitcoin increased by a factor of ten every year until 2013, after which it increased by a factor of ten every two years until 2025.
This old Reddit post has become a popular meme in the Bitcoin community, although it stopped vaguely tracking the real price of Bitcoin after the post-2017 price crash.
According to the Bitcoin time-traveller meme, Bitcoin would be at around $500,000 by the end of 2020.
John McAfee seemingly doubled down on his Bitcoin bullishness by stating that Bitcoin would reach $1,000,000 by the end of 2020.
He said that it was mathematically impossible for Bitcoin not to reach $1 million by 31 December 2020.
Later, however, he reneged on the commitment he had made to eat his own genitals if he was wrong, saying the entire stunt was a ruse to drive adoption of the cryptocurrency.
He has now said that newer blockchains such as Ethereum and Monero are the future of the blockchain industry.