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Bitcoin Value Will Surge 500-1,000 Percent By Next Halving: BTC Bull Barry Silbert

Bitcoin-Will-Surge-1000-Percent-By-Next-Halving-Barry-Silbert

With a 220 percent year-to-date return, Bitcoin is still the best performing asset of 2019 in both the traditional and cryptocurrency markets, outperforming many others by a long mile. However even with this evidence, many are still quite unwilling to accept the sector’s advantages and still make speeches that disparage Bitcoin and the sector. In the past, more than a few naysayers have called crypto many different names. Some have called it a Ponzi scheme, a waste of time and recently, Kevin O’Leary described cryptocurrency as “non-compliant stuff” for “drug dealers.”

Perhaps the most used bullet shot at the sector is its volatility and up till today, many still bring up the bear market of 2018 especially because Bitcoin hit its all-time high a few months before the bear market started. With all of this much negative talk, Bitcoin is still shooting higher with its current year-to-date returns and adoption of the coin

Why This Much Success?

Even if you’re not entirely convinced that Bitcoin is the next best thing since sliced bread, you have to wonder how come the asset has achieved so much success. If you think about it, it’s difficult to believe all the people who are definitively convinced that bitcoin is a scam. At the moment, Bitcoin’s market cap is more than $207 billion and there’s still a lot more money coming in.

Furthermore, there’s much more recorded institutional investment in the number one coin and the crypto sector with these numbers constantly increasing. How can it still be a scam if real traditional companies are jumping in?

According to Barry Silbert, the CEO and Founder of digital currency group:

“If you look at the history of Bitcoin trading, there were 80% drawdowns in the price after all-time highs. Once the market got comfortable that the lows were in, they brought some excited enthusiasts and their money back into the asset class.”

Furthermore, Silbert spoke on possible reasons for Bitcoin’s increase. He mentioned certain factors that happen from time to time and a very good example is the economic tussle between the U.S. and China. As earlier stated, it is also true that there are a lot more investors, both institutional and individual, in the sector. Notable mentions here include Fidelity Investments, TD Ameritrade and Bakkt, with these firms making plans to attract more investments as 2019 continues.

The Upcoming Bitcoin Halving

Silbert also said “a lot of investors know that in 2020 there is a halving event” as part of the growth factors for Bitcoin and its investments. The Bitcoin halving is an event that takes place after every 210,000 blocks are mined which takes four years. The next one is set to take place in May 2020 and with this, block rewards for miners would be halved like it happens every four years.

This also directly means that there will be some scarcity for the coin and based on the regular laws of supply and demand, a reduction in supply almost always means a significant rise in value. Since it happens at every Bitcoin halving since inception in 2009, 2020 will not be any different. Silbert said:

“Each time that has happened in the past, the price of Bitcoin has gone by 500-1,000 percent afterward.”

Also adding that many investors are entering the sector in anticipation of the halving, he added

“I think there is definitely some buying happening right now.”

Before the next Bitcoin halving, the coin is expected to easily attract a lot more investment which, according to some analysts, could push the price all the way up to its previous all-time high of almost $20,000.

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