As 2019 draws to an end, there is a lot a review about how various cryptocurrencies have performed over the year and of course, predictions about what their performance will be like in 2020. Because the cryptocurrency market is a financial market, it is subject to a lot of speculation and the speculation over the years has been on both sides of the pendulum. Some have predicted that certain cryptocurrencies, particularly bitcoin, will reach huge amounts in value such as $1 million while others consistently predict that it will become worthless overnight at some point in the future.
According to Mike Novogratz, founder, and CEO of Galaxy Digital, bitcoin will hit the price of $12,000 in dollars in 2020.
New Year Predictions
This prediction came as a part of a series of tweets that are part of Novogratz’s new year predictions. Besides predicting that bitcoin with hit $12,000, he also predicted the US President Donald Trump would lose the upcoming presidential elections by at least 10 million votes. Novogratz apparently is putting his money where his mouth is as he made a bet with a twitter user based on a single indivisible unit of bitcoin worth about $130.
Novogratz had predicted that the bitcoin price would hit $20,000 in 2019, a prediction that did not quite come true but despite that, he seems to remain bullish on the price. There are many factors that affect the price of bitcoin as with any other tradeable asset and while predictions can be made, nothing is set in stone.
It should also be noted that cryptocurrency is approaching a new phase of maturity and many think of this maturity will also usher in price stability. While cryptocurrency is an investment and it is certainly interesting to speculate on his price, many feel that there will be more progress with regards to cryptocurrency if prices remain stable. Others, however, long for the previous peak price of $20,000 of a unit of bitcoin and also hope to see the price go higher than that in the new year.