Bitcoin Adoption News (January 9, 2020) – Who would ever imagined five years ago a well respected analyst from Bloomberg. One of the most popular financial data and media companies in the world, is talking about bitcoin in a positive manner.
Mike McGlone, a senior analyst who focuses on commodity at Bloomberg stated that mass bitcoin adoption is imminent. Why? Because BTC is “winning the adoption race” in the crypto space and that 2020 could just be the beginning.
Factors benefiting bitcoin adoption
Base on McGlone’s report, bitcoin is profiting from two main factors. Number one is the limited supply. BTC has a max supply of 21 millions and cannot be increased after the last BTC is mined.
Second factor causing the rapid bitcoin adoption in 2020 is the fact that stores across the world starting to view BTC it as a valuable asset.
“Our takeaway is straightforward: Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies.”
Additionally, Mr. McGlone predicted that the volatility issue plaguing Bitcoin in the past will greatly decline in 2020. It will continue to do so in future years. All those factors will help create a bitcoin adoption boom.
Bitcoin price outlook
McGlone further predicted BTC’s price will soon be trading near its all-time high of $19,891.00. He said a $10,000 BTC is on the horizon. And after that resistance is broken, Bitcoin will trade at $14,000 or more.
In regards to altcoins, McGlone pinned that there are “too many crypto-assets competing for adoption.” Cryptocurrencies prices, as a result, will remain low.
He stated that, for cryptoasset adoption and prices to increase, the number of coins flooding the crypto market will need to decrease tremendously. 3,000+ new crypto coins entered the market in 2019. Bitcoin adoption is light years ahead of altcoins, he said.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.