Bitcoin to Reach $13,000 by 2020, Says Chinese Bitcoin Whale
A famed Chinese early investor of bitcoin and cryptocurrency advocate Nightcat forecasts bitcoin price will reach $13,000 by 2020.
Nightcat, who has remained well known as an early bitcoin investor in China for acquainting with bitcoin in 2011, used to be the COO of the world’s sixth largest crypto mining pool F2Pool and now runs a venture capital firm with a scale of US50 million, made his rational prediction on bitcoin price in an interview with 8btc October 30.
“I think the price of one bitcoin would rise to around $13,000 on halving day in May 2020…”
As he believes that bitcoin is likely to be the first perfect alternative to the Internet in more than 7,000 years or even 10,000 years since the discovery of gold. Though promised to be a type of digital gold, bitcoin’s market capitalization only accounts for 2.23% of gold’s. In this sense, a valuation of 10-20 percent of gold is rational, that is, $37,000 to $74,000 apiece, much higher than the current price. In the short term, it has wild price fluctuations, and the historical fluctuations of bitcoin in the past are also quite wild, but these are small fluctuations in the long run, so people should still have belief in bitcoin.
Regarding bitcoin’s scary volatility, a recent report also proved what most bitcoin bulls’ views, pointing out that bitcoin volatility hits low, with its 30-day volatility sitting at under 1.5 percent while it was 9 percent this January and a whopping 38 percent the same time last October. Bitcoin price hovering around $6,500 and volatility hitting lowest, many believe it is a positive sign for the crypto markets and maybe a good time for institutions to come in.
It seems this Chinese bitcoin advocate is more rational compared with other bitcoin megabulls sticking by optimistic prices despite the continued sluggish crypto market this year, almost 70 percent off the peak of $20,000 in late 2017. Billionaire entrepreneur and bitcoin advocate Tim Draper stuck by his bitcoin price prediction of $250,000 by 2022, reiterating it this April and September.
Either counting on the next bitcoin halving or anticipation of mass adoption, these bitcoin advocates’ forecasts encourage investors and instill confidence into the crypto markets in the longlasting winter.