Let’s revisit our cryptocurrency articles from Y2018 title “Bitcoin drops to $9,616.41 with 30 Billion value wiped out in a day of cryptocurrency trading.” Well, it’s not looking good across the board all cryptocurrencies are down from 2 years ago.
Tech expert John McAfee still believe 1 Million Bitcoin before the end of Y2020. It was posted at Forbes.com website last September 30, 2019. This is re-affirming his previous prediction from Y2017.
Bitcoin blockchain was created year 2008, started mining Y2009 value from $8-10. CoinMarketCap showing $144 April 29, 2013, jumped to $1,001.86 Dec 02, 2014, stayed around that price range ’till Feb 2017 when Bitcoin started to rise close to $20,000 per coin. December 17, 2017 posted $18,570 per coin, then it started to nose dive, week after weeks the value continue to decrease. After one year Dec 09, 2018 the value sank around $3,611 per coin.
Another short burst from March-July 2019 trading from $3,864 to $11,926, then down again at $7000 price range. As of January 2, 2019 the value of Bitcoin is $6,976 per coin.
Let’s see the Top 20 CryptoCurrency for Y2020. So in the future, we will be able to come back and check our investment performance.
China is home to a majority of bitcoin mining operations. The country is home to 71 percent of overall bitcoin mining pools, as of September 2017.
Across the board they all perform really bad for the last 2 years. Some businesses makes money during this time e.g. market place and exchange that collect fees for every transactions, miners service providers for hosting mining servers, electric company, hackers for stealing coins or ransonware, and all other services that collect fees.
Few investors who invested in the early 2013 to 2017 makes a good return of investment if they sold it when the value is around $10,000. And those who invested around March 2019 and sold it after a month.
Who knows what will happen for the next decade. If you apply the “supply and demand“, most cryptocurrency continue to mint coins so the supply will continue to increase while the demand is stagnant. Bitcoin transaction fees is expensive and slow, why will you use it for your service. And besides you no longer need a bitcoin if you want to convert your cryptocurrency to fiat. Modern exchange services can convert it for you, of course with a fee. So no, dependencies of holding Bitcoin.
Only a matter of time to know if Bitcoin is a MySpace or Facebook. We will revisit this story every year.
Top 40 CryptoCurrency.
Top 60 CryptoCurrency.
Top 80 CryptoCurrency.
Top 100 CryptoCurrency.
I hope your investment works in your favor.