Given the recent success of Bitcoin and based on the fact that we are all feeling very excited at Crypto Daily at the moment, we want to explore what might happen when Bitcoin (if Bitcoin) hits $20,000.00 again in the coming months. In case you need a refresher, $20,000.00 is seen as the ultimate target for the value of Bitcoin because this is Bitcoin’s historical all time high. A couple of years ago around the christmas period, the markets entered a huge bull run, it was this bull run that helped push Bitcoin to the top, and also helped Bitcoin to generate a more widespread reputation. Bitcoin and cryptocurrencies finally started to make it into mainstream news and mainstream cultures finally started to learn about investment.
Sadly, this didn’t last too long, the price of Bitcoin soon began to decline into what turned out to be a massive bear market, one that has really only just subsided over the past few months. So, when Bitcoin hits $20,000.00 next time round, what should we expect to happen?
Given the mainstream response that occured last time, we expect something similar to take off this time too. If Bitcoin does hit $20,000.00, we’ll expect that mainstream news outlets will start to talk about it, leading to increased interest from regular people and of course, governments. When Bitcoin is hot, governments and authorities want to know about it because suddenly, they can see a way of making money from it. Granted, many authorities worldwide are spending the time to get their heads around Bitcoin, however the general consensus is still unknown. We believe however that if Bitcoin does peak again, it will be enough to really help authorities to focus, with the eventual view to these authorities finally establishing regulations. Bitcoin hitting $20,000.00 could be all these authorities need to get their acts together.
Next up, as the news of Bitcoin’s rise hits the mainstream, reporters and news outlets will start to want to know more about it. Bitcoin will once again become a bit of a cultural icon with celebrities talking about it and the likes. When this happens, normal people start to gain and interest and with that comes the chance to see new investment.
And then what? Mainstream investment and mainstream interest can only lead to one thing… mainstream adoption.