Bitcoin Price Predictions for 2019 & Beyond

Bitcoin Price Predictions for 2019 & Beyond

  • Cryptocurrency investment firm Pantera Capital has predicted that Bitcoin will reach  $67,500 by the end of 2019
  • Many Bitcoin forecasts for 2019 rest on the assumption that the U.S. Securities and Exchange Commission will approve at least one Bitcoin ETF by February
  • Rising Bitcoin mining costs are leading some to assert that Bitcoin will need to rise above $20,000 for miners to stay in profit

Bitcoin Price Predictions for 2019 – Could Bitcoin Hit $50,000?

Could Bitcoin soon retest $20,000? According to cryptocurrency investment firm Pantera Capital, the answer is yes. Moreover, Pantera believes that Bitcoin will reach $67,500 in value before 2019 is over. The only question is, just how much weight does Pantera’s Bitcoin forecast carry?

Using Bitcoin Mining Costs to Predict Future Prices

At face value, Bitcoin price predictions by the likes of Pantera are meaningless. No one can predict cryptocurrency market conditions a year from now. However, Pantera Capital is not the only financial institution predicting a future Bitcoin price of $60K.

Earlier in May, market research group Fundstrat predicted that Bitcoin will test $60,000 in 2019. To arrive at this figure, Fundstrat proposed a new Bitcoin price metric. Namely, a parameter which compares Bitcoin prices to current Bitcoin mining costs.

Why Bitcoin Mining Matters

The Bitcoin blockchain depends on Bitcoin mining for its survival. Without miners, transactions would not be processed and traffic on the blockchain would grind to a halt. There is just one problem.

Bitcoin Mining is Expensive

Contrary to popular belief, mining Bitcoin isn’t easy. To get started today, an individual would need to invest $2,700 – $7,000 in the latest mining hardware. Hardware would then need to be run 24/7 to earn the equivalent of $4.21 in Bitcoin per day.

Bitcoin Mining Difficulty & Energy Costs

To make matters worse for miners, Bitcoin becomes more difficult to mine as time progresses. This means that miners need to continually invest in newer hardware, while also factoring in local energy prices.

By factoring together hardware investment costs, energy costs, and increasing mining difficulty, Fundstrat has predicted that Bitcoin will need to rise to $40,000 – $60,000 by fall 2019. If not, miners will start incurring significant losses.

Bitcoin Halving

As well becoming more difficult to mine as time progresses, Bitcoin also becomes scarcer. This is thanks to ‘Bitcoin Halving.’ Namely, a periodic event which sees Bitcoin mining rewards cut by half.

To date, there have been two Bitcoin halving events. The first in 2012, saw the Bitcoin price double to $1,000. The second in 2016, saw prices once again double. This is important as the next halving event is just 2-years away.

Even Economical Bitcoin Forecasts Good News for Investors

Bitcoin mining costs and halving, mean that Bitcoin needs to reach $40,000 – $60,000 by 2020 for Bitcoin to survive. This being the case, a 2019 Bitcoin price prediction of $67,500, may well prove accurate. The only question is, will the altcoin market manage ride Bitcoin’s coattails all the way up to $50K? – Or will the future be dominated exclusively by Bitcoin alone?

Bitcoin Price & ETFs in Canada

Bitcoin EFT Rejected – How will Canadian Investors be Affected?

  • The U.S. Securities and Exchange Commission (SEC) has rejected 9 Bitcoin ETF applications
  • Exchange Traded Funds (ETFs) were expected to attract substantial institutional investment into the cryptosphere
  • SEC rejection could now lead to a Bitcoin price dip pending possible disapproval of further ETFs in September

The Latest Bitcoin ETF Decision – What do You Need to Know?

In a possible blow for Bitcoin, The U.S. Securities and Exchange Commission (SEC) has rejected approval of 9 Bitcoin ETF applications. Specifically, ETFs presented by leading investment firms ProShares, GraniteShares, and Direxion. The only question is, how will the latest Bitcoin ETF decision affect Bitcoin prices going forward?

What is a Bitcoin ETF?

To understand how the latest Bitcoin ETF decision might affect investors, it is important to understand what an ETF is.

Canada boasts one of the worlds best cryptocurrency adoption rates. In a recent survey, 58% of Canadians identified themselves as being invested in Bitcoin. However, for the most part, all such investment is consumer market-based. People on the street are invested in Bitcoin. Companies and institutional investment firms, on the other hand, are not.

Bitcoin EFT Rejection Doesn’t Really Change Anything

At present, institutional investors refrain from investing in Bitcoin, because the process is too complicated.

Investing in cryptocurrency requires the identification of a single person who can be trusted to register at an exchange, buy Bitcoin, and store coins safely. ETFs would change this. A Bitcoin ETF would be similar to a regular stock bundle. Traders would then have the option to buy, sell, and trade ETF shares, in the same way they do regular stocks.

  • The only way to invest in cryptocurrency at present is to buy Bitcoin and other coins from exchanges like MyBTC.ca or QuadrigaCX.com
  • Buying Bitcoin from exchanges is too high-risk for institutional investors. (Most exchanges are unregulated. Also, if an exchange is hacked or an account validation error occurs, investors would be liable for any loss of funds)
  • A Bitcoin ETF would benefit investors by allowing traders and investors to buy and sell BTC instantly via the mainstream stock market

Because Bitcoin ETFs are not already on the market, the latest Bitcoin ETF decision doesn’t change anything. However, this doesn’t make the present Bitcoin price any less volatile.

Will Bitcoin go Up or Down as a Result of the Latest SEC Decision?

By and large, Canadian investors HODL Bitcoin. However, the latest EFT news puts traders in particular, in a very challenging position.

The U.S. Securities and Exchange Commission has cited potential price manipulation, as its reason for rejecting current Bitcoin ETF applications. However, alternative ETF applications presented by VanEck and Bitwise, will not be approved or rejected by the SEC until Sept 30th.

Delaying a decision on further ETF applications until late September may see investors pump the Bitcoin price higher up to this point. However, if the SEC rejects Bitcoin EFT applications presented by Bitwise and VanEck, this could lead to a considerable decline in cryptocurrency prices.

Is Bitcoin Still a Viable Long-Term Investment?

In its recent ETF ruling, the U.S. Securities and Exchange Commission stated that:

“Disapproval does not rest on an evaluation of whether Bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”

In short, SEC rejection of Bitcoin EFTs does not diminish the real value of Bitcoin. Moreover, new ETF applications will continue to be presented by other investment firms. Institutional investors want ETFs just as much as existing cryptocurrency investors do. All that remains to be seen, is when such investors will be given an opportunity to enter the market.   

1,000+ 24hr Volume for QuadrigaCX

With the recent uptick in the interest of bitcoin, and increase in value that comes with it, QuadrigaCX maintains its leading position with 1,000+ 24hr volume, dwarfing the competition.  Volume, liquidity and security remain to be the core reasons why QuadrigaCX is Canada’s best bitcoin exchange.

BittyBot.co Now in Canada

BittyBot CanadaWe are excited to announce that BittyBot.co has added the CAD market to its site.

For those of you that are unfamiliar with BittyBot, it’s a Bitcoin Price Comparison Website that is used by both bitcoin newbies and seasoned traders.  The site aggregates bitcoin price data from an extensive list of Canadian and Canadian Dollar exchanges and marketplaces.  This gives those looking to buy, sell, trade and do arbitrage a one-stop resource to view everything at-a-glance so that you can take advantage of the best opportunities available, with the payment method you prefer.
Since trust is also very important, BittyBot pulls together rating and feedback scores from various reputations systems so you know exactly who you’re dealing with, their mission is to save you time and money.
You can view the site’s CAD data here: http://bittybot.co/ca/

Bitcoin Hits $400 CAD on QuadrigaCX

Bitcoin Hits $400 CAD on QuadrigaCX.com .

Screenshot 2015-07-12 10.51.11

Bitcoin Price in Canada

Bitcoin Price CanadaYou have several resources at your disposable to check the price of bitcoin in Canadian dollars.  You can try looking on the individual Canadian dollar bitcoin exchanges like QuadrigaCX, CaVirtex, Taurus, CoinTrader and Morrex for the bid, ask and last price bitcoin was traded for on their orderbooks or if you want a total average value of bitcoin you can visit CBIX.ca, BitcoinAverage.com or even Preev.com.

CBIX.ca provides the average price of bitcoin across QuadrigaCX, CaVirtex, Taurus and CoinTrader bitcoin exchanges, plus some excellent features and tools — BitcoinAverage.com only gives you an average of QuadrigaCX, CoinTrader and LocalBitcoins.

Preev.com takes the average of several U.S. dollar bitcoin exchanges along with the USD to CAD exchange rate to give you an approximate price of bitcoin in Canadian Dollars.

Here are the links to each:

QuadrigaCX.com

CaVirtex.com

TaurusExchange.com

CoinTrader.net

Morrex.com

CBIX.ca

BitcoinAverage.com

Preev.com