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When the economy realizes that Bitcoins readily available supply is even less than the mined coins in circulation and it will never reach the entire source which can be mined, scarcity will drive the cost much higher.As of early 2018, this infographic by Nicholas Rapp of Fortune illustrates the breakdown of the current Bitcoin source and also the guide is a good read featuring a new study of lost Bitcoins:According to new research from Chainalysis, a digital forensics firm that studies the bitcoin blockchain, 3.79 million bitcoins are gone for good based on a high estimateand 2.78 million based on a low one.
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The previous month of 2018 has begun and BTC remains on its downtrend. The main reason what the crypto folks are pointing out to is not getting a green light from the SEC regarding the BTC ETF. But, 2019 is exactly what the crypto enthusiasts are looking forward to. Even NASDAQ, the second largest stock exchange in the world has also vowed to launch Bitcoin futures in the first half of 2019.
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One of Bloomberg's column said there is a probability that FUD(Fear, Uncertainty and Doubt) might loom over crypto space in 2019, where Barry Ritholtz called the prediction by specialists wrong and absurd. Inspite of that also, analysts and enthusiasts maintained their hopes high. Mike Novogratz said expressly he thinks there is going to be big adaption in 2019,2020 as he thinks there'll be more participation from people in the blockchain space.Now that 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 that the bitcoins can be converted into dollars on behalf of their tax office.
BlockTower Capital, the main force in the crypto realm made a bet on Bitcoin a year ago recently made a bullish statement on Bitcoin's price. Michael Bucella, a partner at BlockTower mentioned that the recent dry spell running in crypto space and volatility might be the current scenario that's pulling it down however, the distress cycle may come to an end quite soon as the institutional players have voiced their ardent interest in purchasing cryptocurrencies. .
It's gaining adoption and a number of people have begun using BTCs in real time, like buying a Lamborghini or even buying a mansion. It's simple as well as 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 is trading at $3909.89 from its all-time of $20000. The ever-fluctuating Bitcoin made many involved in the price forecast of Bitcoin.
As the market is experiencing volatile conditions, we should back up the prediction with the market specialists, who've been the more information mind and center of their cryptocurrency marketplace.
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will strike $1 million by 2020 following past years prediction of $7000 which was well surpassed.