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When the market realizes that Bitcoins readily available supply is even less than the mined coins in circulation and it will never reach the entire source that can be mined, scarcity will drive the price much higher.As of early 2018, this infographic by Nicholas Rapp of Fortune exemplifies the breakdown of the current Bitcoin source and also the article is a good read featuring a new study of missing Bitcoins:According to new study from Chainalysis, an electronic forensics company that studies the bitcoin blockchain, 3.79 million bitcoins are gone for good based on a high estimateand 2.78 million based on a reduced one.
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The last month of 2018 has started and BTC is still on its downtrend. The main reason what the crypto folks are pointing out to is not getting a green light in the SEC regarding the BTC ETF. However, 2019 is exactly what the crypto enthusiasts are looking forward to. Even NASDAQ, the second largest stock exchange in the world has also pledged to launch Bitcoin futures in the first half of 2019.
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One of internet Bloomberg's column stated there is a possibility that FUD(Fear, Uncertainty and Doubt) might loom over crypto reference distance in 2019, where Barry Ritholtz predicted the prediction by experts wrong and absurd. Inspite of that too, analysts and enthusiasts maintained their hopes high. Mike Novogratz said explicitly he believes there is going to be big adaption in 2019,2020 as he thinks there'll be participation from people in the blockchain space.Now the state government of Ohio has announced that it's going to accept tax payments in BTC wherein the government has partnered with Bitpay to make this happen conveniently so the bitcoins can be converted into dollars on behalf of the taxation office.
BlockTower Capital, the main force in the crypto kingdom made a bet on Bitcoin annually ago recently made a bullish statement on Bitcoin's cost. Michael Bucella, a partner at BlockTower mentioned the recent dry spell running in crypto space and volatility might be the current scenario that is pulling it down however, the distress cycle might come to an end quite soon as the institutional players have voiced their ardent interest in purchasing cryptocurrencies. .
It is gaining adoption and a number of people have begun using BTCs in real time, like advice buying a Lamborghini or buying a mansion. It's simple in addition to advanced. Once you understand the technology behind it, you will definitely adopt the beauty of this digital currency.
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Bitcoin prices are fluctuating. It's trading at $3909.89 from its all-time of $20000. The ever-fluctuating Bitcoin made many involved in the purchase price prediction of Bitcoin.
Since the marketplace is experiencing explosive conditions, we must back up the prediction with the market experts, who have been the mind and center of the cryptocurrency market.
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following past years prediction of $7000 which was nicely surpassed.