Free Bitcoin 2020

Image
Free Bitcoin 2020
Earn Free Bitcoin Daily in Internet 2020 Learn different ways to earn Bitcoins by completing simple tasks, Captcha’s and sell your Bitcoins for real money.


What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

‘Ferocious Rally’: Weiss Ratings Bullish on Bitcoin, Price to Hit $70K Next Year

'Ferocious Rally': Weiss Ratings Bullish on Bitcoin, Price to Hit $70K Next Year

Weiss Ratings has outlined key reasons why investors should be bullish about bitcoin, seeing a “ferocious rally” with the price of the cryptocurrency expected to hit $70,000 next year. In addition, the Federal Reserve’s massive money-printing and institutional investments into cryptocurrencies add to the bullishness.

Why Weiss Ratings Is Bullish on Bitcoin

Weiss Ratings analysts Bruce Ng and Juan Villaverde explained last week why investors should be bullish about bitcoin despite some sideways consolidations. Weiss Ratings currently ranks bitcoin first among all cryptocurrencies overall.

One of the three key reasons why the analysts are bullish about bitcoin stems from a price prediction based on the stock-to-flow analysis (S2F). The popular forecasting model “now points to a ferocious rally over the next 12 months or so,” they wrote.

Ng and Villaverde described that “S2F is based on the common-sense notion that the scarcer a commodity is, the more valuable it becomes,” adding that scarcity is measured by circulating supply. For example, Gold has an S2F of 62, which is “the number of years of current production required to match global above-ground holdings,” they clarified.

After the May Bitcoin halving, 6.25 new bitcoins are being created every 10 minutes, meaning “it would take an estimated 56 years for new mintage to match Bitcoin’s circulating supply,” they continued. “Notice how close that is to the S2F number for gold, which makes sense because bitcoin is fast becoming a major rival to gold as a safe-haven investment.”

'Ferocious Rally': Weiss Ratings Bullish on Bitcoin, Price to Hit $70K Next Year

The analysts added that “previous S2F predictions line up quite well with bitcoin’s actual price performance,” as seen in the chart above, elaborating:

Now, based on the history of the halving, current S2F analysis says bitcoin should reach $70,000 by — sometime around mid-2021 … Even if it turns out to be only half right, you could still triple your money.

The other two reasons Weiss Ratings’ analysts highlighted were “QE infinity” and institutional money flowing into cryptocurrencies. The covid-19 pandemic environment has pushed the Federal Reserve to print $2.9 trillion in new paper money in just 13 weeks, or about $22 million a minute, the analysts detailed. “By any measure, this is corruption of money on an industrial scale,” they exclaimed, predicting that investors will pour money into bitcoin and gold “as a safe haven when they lose confidence in paper money.”

Billionaire investor Mike Novogratz has also been saying that central banks printing record amount of money is the best environment for bitcoin.

The last major factor Ng and Villaverde focused on was the increasing interest in cryptocurrency among institutional investors, such as by Paul Tudor Jones who invested about $210 million of his own money into bitcoin. Grayscale Investments has been adding bitcoin to its Grayscale Bitcoin Trust faster than the rate of new coins being mined and recently, venture capitalist Andreessen Horowitz raised half a billion dollars to invest in crypto startups. The analysts opined:

The sheer weight of institutional-sized money flows into a small market like bitcoin can have truly explosive effects.

Are you bullish on bitcoin? Let us know in the comments section below.

The post ‘Ferocious Rally’: Weiss Ratings Bullish on Bitcoin, Price to Hit $70K Next Year appeared first on Bitcoin News.



from Bitcoin News

Comments

Hot News

Free Bitcoin 2020

Defcon Speaker Discusses Liberating $300K Worth of Bitcoin From an Encrypted File