The Bitcoin halving plus geopolitical demand drivers may push Bitcoin above its previous all-time high in 2020. The CEO of the crypto asset startup Celcius believes that the combination of the two could see the leading digital asset reach as high as $30,000 before the end of this year.
Alex Mashinsky believes that most people underestimate the impact the halving this spring will have Bitcoin price. The increasingly entrenched “store-of-value” narrative in an increasingly unstable world may drive the price up sooner than most people think.
Will Bitcoin End the Year at a New High?
This year is an important one for Bitcoin. The quadrennial halving is set to take place this spring. The event will see the number of new BTC hit the market with each block cut to 6.25.
As NewsBTC has reported many times previously, the industry is expecting the Bitcoin price to react positively to the Bitcoin halving. However, most popular price models anticipate the real post-halving gains will occur in 2021. Previously, major bull runs have happened in the year following the halving itself (2013 and 2017).
Believing that the halving might have an impact sooner than in previous years is the CEO of crypto startup Celcius. In a recent edition of the Messari cryptocurrency podcast, Alex Mashinsky made the case for new highs by the end of the 2020.
Mashinsky says that most people are underestimating the impact of the halving. He takes the popular opinion that global political uncertainty makes the leading crypto asset increasingly popular.
Calling Bitcoin “the doomsday insurance”, he states:
“I think that Bitcoin ends the year with a new high. I estimated $30,000 but it’s going to be somewhere between $20,000 and $30,000.”
Mashinsky also comments that a bullish Bitcoin will likely drive the rest of the industry up too.
Yet Still No Mass Adoption for Crypto?
Although Mashinsky is bullish on Bitcoin price, he does not believe simply setting a new all-time high will on board new users. He comments of various issues still preventing the mass adoption of crypto assets:
“For mass adoption we need to fix the [user experience] issue, we need to provide more utility – less volatility, more utility.”
Despite these issues, the Celsius CEO is optimistic about the industry’s future. He comments on efforts being made by innovators to develop more intuitive blockchain applications and states that once the user experience is there, the users themselves will follow.