BTCC chief expects bitcoin’s price to reach $11K in 2020 BY ON March 01, 2017 Bitcoin has yet to show any sign of dropping below its all-time highs, and if executives are to be believed, this trend will continue until 2020.By that time, BTC China co-founder and CEO Bobby Lee expects the price of the popular digital currency to reach between $5,000 and $11,000.Lee, who frequently makes predictions about the bitcoin, tweeted early this week: “Bitcoin price target in 2020; after block halving: USD $5l-$11k assuming $5-$10 million daily flow into #BTC by then.(Today: $2m daily in).” The entrepreneur also made a note that his “medium-term” price target for the digital currency is $5,600, which, incidentally, is also the number of his followers on Twitter.However, Lee pointed out that bitcoin’s daily inflow, currently between $5 million and $10 million, isn’t a lot, especially when compared to gold’s inflow of $340 million a day.Lee’s bitcoin price predictions comes several days after BTC China, considered one of China’s ‘Big 3’ bitcoin exchanges, extended the suspension of bitcoin and litecoin withdrawals until March 15 while it upgrades its internal system and comply with the requirements recently set by the People’s Bank of China.

Aside from BTC China, Huobi and OKCoin also halted bitcoin and litecoin withdrawals while they undergo an upgrade to fight “money laundering, exchange, pyramid schemes and other illegal activities.” Two other companies were also forced to make several changes following PBoC’s harsh warnings.This week, bitcoin mining company HaoBTC announced that it is closing its exchange operation “given the fact that the prospect of a regulatory policy for a bitcoin exchange isn’t clear yet,” while Shenzhen-based bitcoin marketplace BitKan said it will stop new registrations as the company upgrades its anti-money laundering checks.bitcoin nedir nasıl kullanılırBitcoin hits new all-time high Bitcoin has been enjoying its longest stretch above $1,000—a period that began in mid-February.bitcoin hv

Since then, the price of bitcoin has been pushing steadily higher, which analysts believe is a clear indication that the cryptocurrency is stabilizing at a new price point.The digital currency hit a fresh all-time high on Tuesday, when it reached $1,200.But Wednesday saw the bitcoin price pulling back slightly from this level, trading at $1,195.23.apakah bitcoin ituBitcoin price has been soaring recently.litecoin feb 2014For many Bitcoin enthusiasts, it would not be a surprise to see a market capitalization of over 200 billions in the next two years.armory bitcoin tutorialOn April 24th, Erik Voorhees predicted a $300 billion market capitalization on Twitter: “Tokens as an asset class have surpassed $30 billion.bitcoin 24 shutdown

I predict over $300 billion within 4 years.” So what factors are contributing to driving Bitcoin price up?Estimates and data are still showing that more than 85 percent of global Bitcoin trading comes from China.Other countries have a much smaller impact.Of course, with so many data coming from every directions, it’s hard to precisely get those numbers.bitcoin fastest growing currencyMarket analysts, economists and financial experts, like CFA Prableen Bajpaiare, report current fears in China and Asia that the yuan could depreciate as reasons for increased investments in bitcoin.litecoin mining serverOther analysts have the same opinion: “Signs indicate Bitcoin’s price has become linked to a number of macroeconomic factors in China,” said Vijay Michalik, research analyst for digital transformation at consultancy Frost & Sullivan.bitcoin zins

“It highlights growing concerns about yuan currency deflation, as bitcoin’s appeal has grown as an alternative asset class for a population deprived of many investment choices.” “The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand,” said James Lynn, U.K.managing director at investment company Billon Group, in a 2016 CNBC interview.Another relevant macro indicator is that there is a big devaluation of currencies in other emerging markets such as India and Russia.For example, the Indian Rupee went down 20 percent in 2017 compared to the US dollar (USD).Even if the USD is going up compared to other fiat currencies, people all over the world are looking for alternatives to the USD.Recently, Bitcoin is one solid contender for alternatives!On the other hand, Ripple, Ethereum and Litecoin have been boosting the altcoin markets.Between March 12 to May 12, Ripple (XRP)’s market cap went from $250M to 7.5B, a phenomenal 3000 percent increase.

That’s right: if you had invested $10,000 in XRP two months ago, you would have $300,000 today.Let’s be honest, this is completely insane!We know that Russians were exchanging their depreciating rubles for Bitcoin in 2016.The ruble tumbled and billions of dollars were transacted in the latest months, which is big enough for the Russian Ministry of Finance to come up with statements about money laundering and the possibility to tax and regulate Bitcoin as an asset.Russia may recognize bitcoin and other cryptocurrencies in 2018 as authorities look to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview in April 2017.Mr Moiseev added that “The state needs to know who at every moment of time stands on both sides of the financial chain”.Another important factor is the emergence of blockchain companies using tokens.Bitcoin start-ups, which have attracted huge investments in Bitcoin and blockchain companies with a total funding of $550 million in 2016, are now increasing the bitcoin demand in 2017.

In a yuan currency deflation, Bitcoin is accessible and very appealing.Monetary policies and regulations also contribute to demand for Bitcoin in China.In fact, many Chinese companies and rich individuals want to hide their assets from the government.Bitcoin is now less volatile and more stable than previously, so bigger investors are tempted by the cryptocurrency.It has a better historical chart now, so people have more confidence in it.“The biggest driver right now is you’re starting to see institutional investors take a keen interest in the entire sector,” said Brian Kelly, founder of Brian Kelly Capital.BitFlyer is the biggest exchange in Japan, with 70 percent of the market, but the country accounts for a relatively small world market slice of around 2.5 percent: $18,071,700 24h volume today.At the same time, there is a considerable increase in demand in Japan.So, things start to get very interesting in Japan as well.Koji Higashi, a writer that covers the Japanese crypto space, reports that a new wave of Japanese investors are boosting the price of altcoins.