Will Bitcoin reach $20,000 again?

By Tosin 'Badeniyi, PhD
- October 24, 2020

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I am one of those that believe that Bitcoin will reach its all time high again. Below are my main reasons for having this opinion.

Bitcoin’s first mover advantage. It is the most popular cryptocurrency on the planet. YouGov.Omnibus report (2019), revealed that Americans’ awareness of Bitcoin has reached 80%.
Bitcoin’s infrastructure is growing. According to Thomas Hughes, Bitcoin development team and community are constantly working toward improving the network.
Institutional interest. Last year, it was Bakkt, a joint venture of the ICE who started futures trading of Bitcoin. Just this week, PayPal announced that it will launching crypto services. PayPal platform will enable customers to buy, hold, and sell crypto currencies directly from their PayPal accounts. Virgin Galactic Chairman Chamath Palihapitiya tweeted in response to the PayPal news on Wednesday: “After PayPal’s news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional.”
Bitcoin is scarce and getting scarcer. There can only be 21 million Bitcoins in circulation. 17.67 million BTC are available on the market at the moment with only 15% left to be mined.
Smartest people believe in it. Smartest people continue to buy bitcoin and reveal its potential. The legendary investor Paul Tudor Jones who recently compared investing in Bitcoin to investing with Steve Jobs and Apple said “I came to the conclusion that BTC was going to be the best of the inflation trades- the defensive trades… Bitcoin has a lot of characteristics of being an early investor in a tech company. It’s like investing with Steve Jobs and Apple.”

Note: Investing in bitcoin or other crypto assets is highly volatile. Do your own research before you invest your money.

Tosin 'Badeniyi, PhD

Tosin ‘Badeniyi, a Professor at the Department of Biotechnology and Food Science at Durban University of Technology, South Africa, holds a doctoral degree in Food Science from University of Pretoria South Africa. Since 2001, he has conducted research and lectured internationally in the area of food quality and safety. He is the editor of Food Science and Technology: Trends and Future Prospects and has published numerous scientific publications as well as four inspirational books.