To answer the question “What would be the approximate price of Bitcoin in 2020?” we will first look at the history of Bitcoin. The first time it was used as currency, it cost $44 in 2009. That price rose to over $12,000 in 2017, before crashing. It then started to climb again, reaching $20,000 by the end of 2018.
In 2014, the Citigroup CEO realized that his $500 million cash pile would be depleted, and that the value of the dollar was diminishing. Using a technical analysis model, he determined that Bitcoin would reach $31800 by December 2021. Several other analysts agreed with the estimate, and it’s hard to argue with the results. If you want a reliable prediction, look no further than the recent predictions of prominent financial institutions. Bloomberg, for example, has predicted that Bitcoin would hit a long-term high of $400k in 2022.
As a unit of value, the price of Bitcoin has fluctuated greatly since its inception. On February 16th, 2010, it was trading at less than a cent. By June, it had increased over 3,000 percent. By November, it hit a low of $2. The price didn’t recover much in 2012, and it ended the year in a range of between $13 and $14.
The price of Bitcoin is likely to rise significantly as the economy recovers after the global financial crisis. The price of Bitcoin will continue to rise, and the future of the digital currency is bright. But there are some major factors that could derail it. While the price of Bitcoin will remain high, it would likely be diluted by other factors, including the Chinese crackdown on cryptocurrencies. However, it will be hard to predict when Bitcoin will hit its maximum value.
