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Bitcoin price in 2019 did see a positive situation with the crypto digital asset’s valuation roughly doubling itself over the period of 12 months. Despite the significant decline over the second half of 2019, it has started off 2020 with a bang.
So, what are you expecting in 2020?
Here are 3 major trends to look for in Bitcoin this year.
One of the 2020 trends is the event of the Bitcoin halving coming up in May which is a dramatic and key aspect in 2020. This is a planned situation that happens significantly every four years where the number of new digital coin generated every ten minutes is cut in half.
The halving plan is aimed at stabilizing the supply of bitcoins as it approaches full saturation and there will be no more bitcoins to be mined. After that, bitcoins will easily be rarer and more valuable than even gold. As a result, the world’s first cryptocurrency will need to decide whether its scarcity alone defines its value.
Schnorr, Taproot, and Tapscript
Unlike some small cryptocurrencies around, Bitcoin does not witness serious upgrades occurring frequently. It means a major change could possibly happen in 2020.
Schnorr, Taproot, and Tapscript are all expected to be in the same soft-forking upgrade of the Bitcoin network. A finalized proposal for the activation of these improvements could be available as early as this year.
Developers and economic experts are now reviewing code related to these potential changes, which are expected to enhance and improve privacy, smart contract functionality, and general scalability of the cryptocurrency network.
Bitcoin’s Transition to Digital Gold
Bitcoin has been referred to as digital gold for several years, but 2019 was the year when that meme became so much more realistic and familiar that the U.S. Congressman Brad Sherman (D-CA) claimed that the crypto asset may be a threat to the U.S. dollar’s prevalence in the worldwide economy.
The digital gold use case refers to the core value proposition of the Bitcoin, hence a closer relationship with physical gold could indicate a greater level of approval and comprehension of this point from market participants.
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