As bitcoin and digital currencies, in general, continue to gain global recognition from people and the government. The demand for digital assets has increased as many are interested in having a piece of the pie.
This increase in demand has caused bitcoin to increase in value – with an ATH price of $20K in 2017. Though the price of bitcoin has dropped 56.5% from its highest point, crypto enthusiasts believe the digital asset will not only make a comeback but will surpass its highest value soon.
Bitcoin Will Exceed $20K In 2020, Says Sonny Singh
Sonny Singh, one of BitPay’s Executives, recently made a prediction about bitcoin’s price in an interview on Bloomberg of recent. Mr Singh in the interview said that the price of bitcoin will exceed $20K this 2020.
He proceeded to say that that event that will push bitcoin to great heights is still unknown, however, he’s positive that something will happen that will push the digital asset real fast to unbelievable heights.
Another Prediction Everyone Can’t-Wait To See Come to Pass or Fail
John McAfee, the famous American software developer, and crypto enthusiast had since 2017 predicted the price of bitcoin in 2020. Firstly, Mr McAfee initially predicted the price of bitcoin to be $500,000 at the end of 2020 if his prediction of bitcoin at $5,000 was met.
However, things accelerated much faster, causing bitcoin to soar greatly. In light of this, Mr McAfee is more than convinced that bitcoin would hit a million dollars in 2020. John McAfee is so convinced, he promised to feast on his genital if this doesn’t happen.
Mr McAfee has since cleared the air on his prediction saying he does not mean that bitcoin will cost $1,000,000 at the end of 2020, but bitcoin would be priced sometime in 2020 for a million dollars.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD— John McAfee (@officialmcafee) November 29, 2017
Bitcoin currently trades at $8,670.76 at the time of writing according to data on CoinMarketCap; -56.65% from its current ATH and away from Sonny Singh’s prediction.
Bitcoin seems to be going strong with a 7.04% gain in the past 24hrs, signalling the presence of bulls in the market.
Bitcoin is presently the most valued cryptocurrency in the market today by market capitalization.