Bitcoin Price By 2020 To Be $5000, Really?
- Posted on Mar 1, 2017
There are many views and speculation about Bitcoin price and its future. In this article we will understand can it reach $5000 mark or not.
In a recent observation by Bobby Lee, BTCC’s co-founder and CEO, BTC to USD price could reach $5000 by 2020.
He mentioned in a tweet that – “Bitcoin price target in 2020; after block halving: USD $5k-$11k. Assuming $5-$10 million daily flow into BTC by then. (Today: $2m daily in)”.
— Bobby Lee (@bobbyclee) February 26, 2017
He also referred to Gold in his view, and tweeted – “The value is up 20% after just 2 months! Behind the 1 ounce #Gold coin is a printed Bitcoin private key, now worth over USD $1.2 million!”
Bitcoin, Gold and USD Inflows
This is a very aggressive target by him. He also gave the logic behind his view. He is basically referring to the the daily inflow. It currently stands near $2m daily, and he predicts it to be $5-$10 million by around 2020.
— Bobby Lee (@bobbyclee) February 25, 2017
Bobby Lee, in a tweet pointed out inflows of USD, Gold and Bitcoin – Each day, new supply worldwide: +$340 million of newly mined Gold, +$160 million of newly printed USD, +$2 million of newly mined Bitcoin.
So, if the inflow and price assumption may lead to Bitcoin value of between $5000-$11000.
However, in my opinion, its a very aggressive target. There is no strong fundamental reason behind the same. However, nothing is certain when it comes to cryptocurrencies, so it won’t be a surprise if BTC hits $5000 by 2020.
Trade Safe Traders!