The State of Bitcoin Adoption in 2020

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2020 Bitcoin Adoption: Why Nonprofits Will Lead the Way

Microsoft accepts bitcoin. Nobody cares. Why? Because if you want people to give up their bitcoin, you’d better have a damn good reason. Microsoft and other companies that accept BTC don’t currently have that. When you currently spend BTC on something from Microsoft, you aren’t getting any additional financial benefit of using that payment method versus a credit card, especially in the U.S. where using BTC for purchases is a tax nightmare. The typical case for spending BTC versus fiat is usually about adoption to encourage more merchants to accept BTC. In a lot of cases, that incentive isn’t strong enough for many HODLers.

Nonprofits are a completely different story. Donations of BTC are not a taxable event. Not only do you not incur capital gains tax, but it’s also a tax write-off on your tax return. Plus, donations still have the added benefit of spreading adoption since they also have powerful social media armies to spread the word. Here’s why nonprofits will lead the adoption of bitcoin and other cryptocurrencies in 2020.

Incentivized: Nonprofits Need to Accept Bitcoin Donations

Nonprofits are accepting bitcoin donations. This is the result of a powerful incentive: taxes. Since the the United States’ Internal Revenue Service (IRS) has classified bitcoin as property, that means it’s similar to donating stock — but in the case of bitcoin, the process is much easier. This incentive is already proving to be stronger for bitcoin than it is for stocks, as “donate bitcoin” has been searched more than “donate stocks” on Google over the last five years.

For the donor, when they donate appreciated bitcoin to a 501(c)(3) nonprofit, they do not have to pay capital gains and can write it off on their taxes. Bitcoin donations are not taxable events for the donor or the nonprofit, allowing people to contribute 20-30 percent more, depending on their tax bracket. That’s why over just the last few years we’ve seen hundreds of millions of dollars worth of bitcoin donations sent to nonprofits, particularly during bull markets. Some of this was fueled by major donors, like the infamous Pineapple Fund that donated $56 million worth of bitcoin to 60 different charities.

If you were going to donate fiat to a nonprofit this year, consider donating bitcoin instead. If the bitcoin has appreciated, this is likely a more tax efficient way of supporting your favorite causes. Plus, you can even redirect the fiat you were planning to donate and just repurchase the same amount of BTC after the donation, so you can keep stacking sats.

Vocal: When Nonprofits Talk About Bitcoin, People Listen

Nonprofits often have larger and more engaged audiences than major corporations. Take Save the Children, for example. They have almost 3 million Twitter followers and a budget of over $800 million per year — more than most for-profit companies. That’s why people are increasingly excited about major nonprofits entering the space. A $1 million fiat donation isn’t a story. A $1 million donation in bitcoin is still a story.

Active: Nonprofits Are Already Accepting Bitcoin Donations

Over the last year, the number of nonprofits accepting bitcoin or other cryptocurrency donations has doubled. You might be surprised by some of the nonprofits that already accept bitcoin donations, such as

Hundreds of nonprofits accept bitcoin donations and are actively fundraising with bitcoin and other cryptocurrencies.

So when it comes time to file your taxes, would you rather pay the IRS or a bitcoin-friendly nonprofit? Donating bitcoin can lower your taxes. More importantly, it could be the biggest thing you do this year to speed up adoption.

This is an op ed by Alex Wilson and Pat Duffy. Views express are their own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. Content has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Charles Hayter

This post is part of CoinDesk’s 2020 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Charles Hayter is co-founder and CEO of digital asset data platform CryptoCompare. The views expressed here are his own.

Cast your minds back to the beginning of 2020 and the tenth anniversary of the mining of the bitcoin genesis block. The industry had very little to celebrate. Prices had sunk to new lows, while startups and even some of the industry’s heavyweights were beginning to feel the pinch.

There is a plethora of factors that drive interest in cryptocurrency. Two major dynamics are market volatility and clear examples of mainstream adoption. But there was little of either as the industry entered the new year: large-cap coins flatlined and volumes hit rock bottom. Wall Street firms like Goldman Sachs and Morgan Stanley quietly shelved plans to offer cryptocurrencies to their institutional clients. It seemed people had simply stopped caring about digital assets.

Now, as we approach year’s end, we can see four major positive trends emerging.

First and perhaps foremost, we have seen rapid experimentation and implementation. A year of breakneck trial and error, development and refinement has seen the cryptocurrency market break into entirely new territory. Popular sportswear manufacturer New Balance began using the Cardano blockchain in its global supply chain; Malta’s Gambling Authority tested cryptocurrency in casinos; and the Bank of France said it will initiate trials for a digital currency in early 2020.

Second, there has been an explosion in the size and accessibility of crypto derivatives. Once the province of less than a handful of exchanges – notably Bitmex – large, established spot venues such as Binance, Huobi and OKEx, now all offer futures and even options on large-cap crypto assets. Looking at BTC Perpetual Futures, we can see how the market is becoming increasingly competitive as major exchanges begin to make inroads.

We are likely to see this trend solidify in 2020 as the dominant spot exchanges flex their considerable muscle in the derivatives market.

Third, decentralized finance (DeFi) has become a hotbed of innovation. The total value of DeFi projects has nearly tripled this year to over $650 million. Leveraging new technologies for the trustless and secure provision of financial services means entirely new lending and margin trading facilities – wholly inconceivable only a few years ago – are now readily available. Traders can now seamlessly swap between different debt positions using InstaDApp, and companies such as Babel Finance in China provide large-scale miners with ready access to capital through crypto as collateral.

Last but not least, the industry has worked hard over the past year to solve some of the problems plaguing cryptocurrencies. New custodial solutions not only help companies and high net worth individuals keep cryptocurrencies secure from hackers, but some even allow remote token staking, meaning holders can secure the network and earn a passive income without putting themselves in harm’s way.

Overall, a great deal of work has been undertaken to establish best practices in the digital asset class. Industry bodies such as Global Digital Finance have worked with members to promote a shared set of professional standards that include a commitment to comply with relevant regulations. Substantial progress has been made worldwide with respect to regulation, encouraging financial market institutions to wake up to the potential of digital assets – both in terms of their ability to change the economic landscape and to offer an uncorrelated asset class. With companies such as JPMorgan beginning to implement their own digital currencies, it is fast becoming clear that even the digital markets’ biggest critics recognise this potential.

A surge of interest in crypto markets came in June with the Facebook Libra announcement: CME Group’s cash-settled bitcoin futures saw open interest hit an all-time high of 5,311 contracts totaling 26,555 BTC, then worth around $246 million.

Also this year, nation-states signaled interest in cryptocurrencies. The Chinese government went from banning citizens from buying cryptocurrencies with renminbi to announcing in October that China fully endorsed blockchain technology and was developing its own state-backed digital currency. Trials are expected to take place in Shenzhen and Suzhou very soon.

In the U.S. too, politicians and regulators have softened their position and Federal Reserve Chair Jerome Powell even hinted at the release of a digital dollar. Cryptocurrencies may well end up playing an important role in shoring up nations’ economic supremacy.

In the private sector, regulated platforms have built out market infrastructure to accommodate mainstream demand. The launch of Bakkt’s physically-settled bitcoin futures in September represented a major step towards providing institutional investors with a regulated means to gain exposure to cryptocurrency. And CME, which first launched its BTC futures in December 2020, is planning to launch options in early 2020, just as Bakkt did earlier this month.

Additional products that have come to market include exchange-traded products on the SIX Swiss exchange offered by Amun and MVIS and powered by CryptoCompare data. A bitcoin ETF may not be in sight just yet, but institutional investors are entering the asset class through alternative instruments. Grayscale Investments, the largest digital currency asset manager, attracted a record $254.9 million in Q3.

Importantly, the data underpinning the markets have seen a major cleanup this year after data providers and the industry as a whole woke up to the problem of “fake” volumes and the lack of transparency surrounding trading venues. With more granular metrics now available to rank good and bad actors, the industry is better equipped for decision making.

So as we look back over the last 12 months, the digital asset markets have diversified and grown. New trading facilities allow for more sophisticated strategies, as new service providers turn crypto from fringe asset class to fintech innovation hub. Vital market infrastructure and products tailored to a more sophisticated investor base are now readily available, encouraging traditional firms to enter the asset class. The regulatory framework, though nascent, is providing greater clarity to ensure market participants have a legitimate space to operate in.

We may still be far from the $20,000 bitcoin high in December 2020, but the mainstream foundations are now in place. As cryptocurrency enters its second decade, broad adoption will get well underway.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Bitcoin Price Prediction 2020 – Realistic Bitcoin Predictions

Bitcoin’s price fell steeply as the market is bearish. But the BitMex CEO, Arthur Hayes showed optimism as he said Bitcoin will fall quite low before bouncing back to $20,000. As the Bitcoin halving event is nearing, the crypto space is getting pumped up with enthusiasm. Very recently, Bitcoin hit the $10,000 mark, which filled the crypto space with frenzy. There are crypto analysts and enthusiasts who have been giving optimistic predictions since then. Fundstrat’s Tom Lee said that Bitcoin might reach $40,000 by the end of 2020. Tom Lee has been very vocal about his interest in Bitcoin always. He states that Bitcoin might give enormous returns post the halving event that is scheduled to be in May 2020.

Furthermore, Bitcoin is the only crypto that has received worldwide attention, awareness, and adoption. It has been accepted by organizations and payment gateways all across the world. Even new milestones are being achieved like Bitcoin hash rate reaching an all-time high of 62 quintillions per second.

Currently, Bitcoin (BTC) is trading at $5,091.72 USD with a BTC price of 32.92% down today. The market cap of Bitcoin is USD 93,015,789,353 with 18,268,062 BTC circulating currently. The 24-hour price movement chart indicates that $69,796,473,163 worth of BTC was trading. (Bitcoin price prediction today USD). You can check the Bitcoin hourly price prediction or Bitcoin price live on any of the sites.

About Bitcoin Price Prediction

Bitcoin Price Prediction is about how Bitcoin might perform in the near future. Bitcoin’s future value predictions are done on the basis of thorough research. Realistic Bitcoin predictions can be determined after determining the past trends, given the volatility nature of the crypto market. In this article, you can check out every aspect of Bitcoin’s future forecast.

Bitcoin Price Prediction for 2020 and Next Five Years

Let’s understand what is the Bitcoin price prediction for 2020 and the next 5 years. As the market is experiencing volatile conditions, we should back up the prediction with the market experts, who have been the mind and heart of the cryptocurrency market.

Let’s take a look at the famous Bitcoin predictions:

#1 Tom Lee Bitcoin Price Prediction

Tom Lee, ex-Chief Equity Strategist JP Morgan, and Co-founder and head of research of Fundstrat, believes that after the Bitcoin halving event, which is expected to happen in May 2020, Bitcoin can deliver 100% returns to its investors in 2020. He recently predicted Bitcoin’s short-term potential while speaking to Yahoo Finance, where he believes BTC might hit an all-time high of $27,000 by summer, 2020.

#2 Fran Strajnar Bitcoin Price Prediction

Fran Strajnar comes up with a very optimistic prediction where he believes that BTC might reach $200,000 by January 2020. He believes that the rate of adoption is directly proportional to the price increase. The more the adoption rate, the more the increase in value.

#3 Bobby Lee Bitcoin Price Prediction

Bobby Lee, CEO of China’s first exchange- BTCC said before that it would take 20 years for BTC to reach $1 million. Now his prediction totally changed. Bobby Lee, the co-founder of BTCC (Hong Kong-based Bitcoin exchange) and the brother of Charlie Lee, Litecoin creator gave an extremely bullish prediction but started with bearish though. He claims that Bitcoin might pick up from late 2020 and could reach $333,000 in 2021 and then fall down to $41,000 in 2023. He iterated that the market capital might reach $7 trillion, that might surpass the market cap of gold. He even mentioned that Bitcoin would lead to price stability and global liquidity in the coming years.

#4 John McAfee Bitcoin Price Prediction

John McAfee has been one of the stagnant Bitcoin enthusiasts, who now and then comes up with his prediction. He recently became more optimistic than ever and said that Bitcoin might reach 1 million USD by 2020. Other altcoins like Apollo and MTC might rise 10X more, as said by this BTC enthusiast. He recently stated that his past Bitcoin prediction of 1 million USD was just a ruse.

In an interview with Cointelegraph, McAfee predicted that 10 years from now, “there’ll be no fiat anywhere in the world [. ] everything will be cryptocurrency.”

#5 Tim Draper Bitcoin Price Prediction

Tim Draper, one of the renowned Venture Capitalist predicted that Bitcoin could occupy 5% of the currency market by 2023. He is optimistic that Bitcoin price might grow as much as $250,000 by 2023.

Our Verdict On Bitcoin Price Prediction

Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2020 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2020.

Bitcoin Price Prediction 2020: Will Bitcoin Go Up?

Bitcoin has been performing quite well and recently it has started with its bull run. This has taken the market by amazement. Now the traders and investors are in a state where they are trying to make optimum utilization of the bull run. The more the trading, the more the price. Moreover, as we know, Bitcoins are scarce in circulation, i.e. there can be only 21 million Bitcoins mined, out of which 17 million has been mined already, which means only 4 million to be mined, which will make its value more. Additionally, several countries like the U.S., Japan, and South Korea have shown extreme willingness to integrate Bitcoin and other cryptocurrencies into their financial systems by setting up regulated markets that might function freely and securely. By the end of the year 2020, the Bitcoin price will reach $23,499.

Bitcoin Price Prediction 2022

Bitcoin might experience unexpected growth by 2022, with the adoption rate getting tripled. Bitcoin might be accepted by the masses worldwide as the most feasible payment system, which is hassle-free. Bitcoin anyway is not far off before it takes the sweet spot for fiat currencies, and most of the developed world might see the change coming in faster than the rest. By 2022, Bitcoin might reach $32,000, given the advancements are stable.

Bitcoin Price Prediction 2025

Bitcoin price prediction suggests that the Bitcoin price is up for a long-term 385.450281% in the BTC price value with a 5-year investment. This means that in 2025, the Bitcoin price is forecasted to stand at $ 50044.6. (Bitcoin Future Prediction)

Bitcoin might touch the $50k mark in the year 2025, which can take the crypto market to a whole different height altogether. As per the predictions and analysis, Bitcoin stays securely to number one position, without any close contender. Gradually, Bitcoin might be seen more as a store of value, along with it being an alternative currency. There are certain Bitcoin price prediction tools which help the experts come up with data. The fiat currencies might be replaced by Bitcoin, as predicted by crypto enthusiasts like John McAfee.

By 2025, Bitcoin might be used more often by more people, i.e, the real-time use case will be increased, which will make it even more powerful.

What Is Bitcoin (BTC)?

Bitcoin is the most popular cryptocurrency, dominating the crypto space with its blockchain technology and its scarcity. Bitcoin was created in 2009 by the pseudonym Satoshi Nakamoto, who might be an individual or a group of people. It works on a peer to peer network, where no intermediaries are involved. It is the digital currency, which aims to exclude the intervention of any third parties, while you are transacting.

It is gaining adoption and some people have started using BTCs in real-time, like buying a Lamborghini or buying a mansion. It’s easy as well as advanced. Once you understand the technology behind it, you will definitely embrace the beauty of this digital currency.

FAQs On Bitcoin Price Prediction

1. Will Bitcoin go up in value?

As per the experts and crypto enthusiasts, a huge chunk of people are optimistic about Bitcoin going up in value in the years to come.

2. Is it smart to invest in Bitcoin?

It depends on you and your goal, as in if you are looking for long term investment or short term investment. Moreover, it is highly recommended for you to do thorough research before making any investment decisions.

3. Can Bitcoin hit a million?

As per the most expressive Bitcoin enthusiast, John McAfee, Bitcoin might reach 1 million in 2020. He is pretty optimistic and confident in his statement. But that might be a little way too optimistic bullish figure.

4. Can Bitcoin be exchanged for real money?

You can get Bitcoin with fiats like USD or Euro. But Bitcoin is a virtual electronic currency with an efficient built-in transfer system. You need to put it in an exchange and convert it into fiat to exchange it for real money.

5. What will be the Bitcoin price prediction in 2020?

Bitcoin might reach $23,500 by 2020 end.

6. What was Bitcoin’s lowest price?

The lowest price was in October 2020, when Bitcoin was worth less than a dollar and cost $0.125, and in 2020February to April, it was trading at $1.00.

7. What will be Bitcoin price prediction in 2030?

Bitcoin might surge way above $50,000 by 2030. It might even reach $75,000.

8. Can Bitcoin be converted into cash?

You just need to convert Bitcoin into fiat currency and send it across to your account. Sometimes, Bitcoin ATMs can also be helpful.

Bitcoin enables transparency and decentralization, and different countries have specific rules and regulations.

10. How do I start buying Bitcoins?

You can go here directly to start buying Bitcoins. You can easily buy Bitcoin with the help of a Credit or Debit card, with fiat currencies. You can even convert more than 300 cryptocurrencies to Bitcoin instantly.

11. How much does it cost to buy 1 Bitcoin?

1 Bitcoin is equivalent to $9,165.12 as of February 26, 2020.

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