Is Bitcoin Dead? Why Crypto Market Down? How Long It Will Take For Bitcoin To Reach 20K? (BTC /USD Price Today)

We are in a crypto winter for a long time. All the investors are pessimistic about the near future of crypto market. I have been making some research at the conferences lately and I haven’t seen anyone who is positive in the near future. Lastly I have asked to the audience at a conference about 500 people, and there wasn’t anyone who is optimistic for the 2019. But this absolutely doesn’t mean that it will never come back. But it will take time. Let’s see some different views about the future of crypto.

Bitcoin (BTC) Price Today – BTC / USD

Crypto is the Biggest Shakeup since Global Financial Crash

Cryptocurrency prices are being ridden hard by bears since they hit their peaks, however, according to Nigel Green, founder, and CEO of deVere Group, moving forward crypto bulls will be proven right.

Since Bitcoin and cryptos hit the peak in December 2017, the market has been ridden hard by the bears. Now, Bitcoin is expected to drop below $3,000 with no bullish signs predicted for 2019. However, it is only a short term view as experts and analysts have repeatedly shared.

Cryptos have Already Changed the Way the World Handles Money

“Amazon was to retail what bitcoin is to banking, perhaps. Indeed, cryptocurrencies have already changed forever the way the world handles money, makes transactions, does business and manages assets.” (Coinpage)

Harvard Economist: Bitcoin’s Future Value More Likely to Be $100 Than $100K

The former chief economist of the International Monetary Fund (IMF) has characterized Bitcoin (BTC) as “a lottery ticket,” in an article for major United Kingdom daily broadsheet The Guardian Dec. 10.

Writing in the midst of the recent crypto market price collapse, current Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggested that the “overwhelming sentiment” among crypto advocates is that the total “market capitalisation of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].”

The historic volatility of the emerging asset class, he conceded, indeed indicates that Bitcoin’s decline from its all-time highs of $20,000 to under $3,500 earlier today is “no reason to panic.”

Nonetheless, the economist dismissed the “crypto evangelist” view of Bitcoin as digital gold, calling it “nutty,” stating its long-term value is “more likely to be $100 than $100,000.” Rogoff argued that unlike physical gold, Bitcoin’s use is limited to transactions – making it purportedly more vulnerable to a bubble-like collapse. Additionally, the cryptocurrency’s energy-intensive verification process is “vastly less efficient” than systems that rely on “a trusted central authority like a central bank.”

Bitcoin will hit $250,000 in a matter of years

Venture capitalist Tim Draper, for example, still believes that cryptocurrencies are the future of all currencies and that Bitcoin will hit $250,000 in a matter of years.

Bitcoin ‘Died’ 90 Times In 2018

While Bitcoin ‘Died’ 90 Times In 2018, There Are Almost 1000 ‘Dead’ Altcoins, Data Shows. A look at the history of cryptocurrency in 2018 has shown that Bitcoin (BTC) has risen from a “dead” designation in the media 90 times, data from industry news and information portal 99bitcoins shows.

According to the site’s fabled Bitcoin Obituaries section, which tracks media claims that Bitcoin has failed, almost 100 such claims surfaced last year as BTC/USD trended down from highs around $20,000 in December 2017 to lows of $3,130 in December 2018.

By contrast, a log of altcoins which for various reasons disappeared from the market altogether now contains almost 1,000 entries.

The database, Dead Coins, distinguishes assets which failed due to hacks, scams, or which simply became “deceased,” along with “parody” coins which served no sincere purpose, according to their criteria. The website allows anyone to submit a claim for a “dead” coin.

Combined, the total number of altcoins which will likely never return, according to Dead Coins, has now reached 934 — the total number of cryptocurrencies with a measurable market cap is currently 2,073, data from CoinMarketCap shows.

BITCOIN GREW 82,000% IN 7 YEARS BUT ‘DIED’ 91 TIMES IN 2018
Bitcoin died 91 times in 2018 alone and 337 in total. But despite the latest bear cycle, hard data shows that Bitcoin has grown with more than 82,000 percent in the last 7 years.

82000% GROWTH IN THE LAST 7 YEARS

It’s true that 2018’s prolonged bear market took its toll on bitcoin’s price. BTC $3464.15 +0.12% is currently trading at more than 80 percent below its all-time high price.

Nevertheless, if one only measures Bitcoin by its price in dollars, it still turns out that Bitcoin is not only not dead – it has actually grown by more than 82,000% in the last 7 years.

‘Bitcoin is pretty much dead!’

Bitcoin is pretty much dead, says teenage crypto phenom to MarketWatch. Finman can see another bull rally or two, but the long-term outlook is dire. Erik Finman, who became a teenage bitcoin millionaire during the crazy run to $20,000, has warned bitcoin maximalists — believers in the world’s best-known cryptocurrency — that the long-term outlook is bleak.

Finman hit the headlines as a teenager in early 2018 when his rags to riches bitcoin BTCUSD, tale made him an overnight superstar. At the age of 12, Finman began to purchase bitcoin with a gift from his grandmother.

But the bitcoin early adopter has warned investors that putting all their eggs in one basket is a mistake, saying the largest digital currency has a finite shelf life.

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last,” Finman told MarketWatch. “It may have a bull market or two left in it, but long-term, its dead.” That’s a hot take coming from a guy who bought bitcoin in 2011, turning $1,000 into more than $4 million.

What will 2019 bring for Bitcoin? How many times will Bitcoin die in 2019? Share your prediction below!

READ ALSO:  5 Things That Will Revive Bitcoin Again

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