Bitcoin price has a lot to look forward to in the new year as the entire crypto community seems to have pinned all their hopes on the world’s most significant cryptocurrency.
When BlockFi CEO, Zac Prince said during his recent interview with The Blockchain VC that Bitcoin price is likely to reach new highs in 2020, it didn’t appear to surprise many. A recent report released by Bloomberg managed to turn quite a few heads by sending out strong bullish signals about how king crypto will perform at the market. Bitcoin’s rapid rise has made it difficult for even those who are in the top-most spheres of technology, finance, or government to turn a blind eye to it.
All eyes on Q2 2020 for Bitcoin price performance
Besides, with the next big event lined up in May, the 2020 Bitcoin halving, many entrepreneurs and analysts are lining up to share their views on what’s in store for Bitcoin in 2020. In the recent, CEO of BlockFi, a firm that offers a wide range of financial services to cryptocurrency holders, said that Bitcoin will witness never-seen-before prices by the end of this year and that he is extremely optimistic about its price run in Q2.
The latter half of 2020 will be much more exciting than the first, Prince opines. Besides, there will be increased interest in the space with growing retail integration and institutional adoption. Take, for instance, CME Group, the global trading platform for massive derivatives, options and futures products, has rolled out its options trading feature. There is also Fidelity, a multinational financial services firm, which is introducing new crypto products and functionalities to its custodial platform.
All in all, Prince remarked, 2020 be a year where traditional market players will turn to crypto to create new financial products.
Retail use cases will drive Bitcoin price movements
On the retail side, Prince believes that cryptocurrencies will transform the conventional reward system. I believe many old-school fintech firms in the US and other large corporations will embrace crypto to bring about new use cases and trigger its adoption, Prince said.
When cryptos create truly exceptional retail use cases and drive the user value proposition, that’s when there will be a severe buying pressure resulting in massive price surge, and that, according to Prince, will be a fitting end to 2020. Put simply, enhancement in mainstream use cases will eventually determine Bitcoin price performance at the market.
At the close, Prince spoke about what he believes will be the major turning point for Facebook’s highly anticipated project Libra and whether or not the US regulatory authority will come to terms with the risks and opportunities presented by it. He thinks that there isn’t much to go on, in the first place. The US regulatory landscape had remained relatively unassertive in 2019, and I think that is going to be the case this year as well, Prince concludes.
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