The year 2018 was rough for cryptocurrency. Bitcoin rang in the new year with prices above $20k, then gradually crashed for the next 11 months. Throughout 2018, people made numerous predictions about cryptocurrencies that were to have come true by 2019. And while some crypto analysts have good track records, many predictions definitely did not hold true (at least thus far in 2019). In fact, for almost a year straight, crypto gamblers who shorted BTC were the real winners. Let's take a look at some of the most optimistic and pessimistic crypto projections that proved to be way off the mark.
Bitcoin Will Crash to Zero
Tons of people have made this statement over the years, and none more vociferously than Nouriel Roberts. Roberts is an economist with a vendetta against cryptocurrency. And while Roberts' financial bona fides are respectable, he's been wrong more often than not on crypto. Whether it's his claim that Ethereum is a full-on scam, or that the whole space is destined for the dustbin by 2019, ol' Nouriel has been off the mark, no matter how many exclamation points he throws into his furious tweets.
The year 2018 was punishing for Bitcoin (BTC) and the altcoins. However, cryptocurrency uses increased significantly in 2019, with some online retailers and even betting sportsbooks accepting BTC, Ethereum and Litecoin as forms of payment. Bitcoin has also improved its technology massively with the Lightning Network and Segregated Witness in 2018, so it's more able to handle big traffic than it was during the last bull run. Major altcoins like Ethereum haven't been resting on their laurels either and seem bound for a big 2019.
None of this is likely to make Nouriel Roberts and his ilk shut up on Twitter, but we don't think this doom and gloom perspective will become a reality.
Bitcoin Will Be Worth About $50k in April 2019
No one makes bolder predictions about Bitcoin than John McAfee, and no one has put more on the line. Mr. McAfee (of the anti-virus software) has become a folk hero of the crypto movement. His cartoonish Twitter presence and larger-than-life persona make him an agreeable clown, but his greedy support of scammy projects (for pay) make him a dubious voice.
McAfee is most famous in the crypto space for saying that he would eat something very precious to himself if Bitcoin is worth less than $1 million at the end of 2020. Now, we're more than a year and a half away from that fateful (potentially, for John McAfee) day, but some of the internet's best and brightest have created a chart with which we can keep up with where Bitcoin prices should be if McAfee is to avoid this most unfortunate of meals.
The chart reveals that Bitcoin should be around $50,000 per BTC right now if prices are to be on track for $1 million at the end of 2020. Prices could always catch up, but John McAfee is way off track, at least at this point in 2019. That Mr. McAfee may remain well and intact, we certainly hope that prices catch up with his projection.
Bitcoin Will Be Accepted as a Payment Option on Amazon
This prediction has been made by so many people that it's not attached to any crypto personality in particular. CZ, the CEO of Binance, has mentioned it in a few tweets, and the thought has been parroted in cryptocurrency discussion forums for nearly as long as there has been Bitcoin.
At least at this point in 2019, we're no closer to Bitcoin Amazon payments becoming a reality than we ever were. But this isn't a totally unreasonable thing to hope for. In recent weeks, the "Amazon" of both Switzerland and Japan started accepting Bitcoin and other cryptocurrency payments for items on their massive online retail platforms.
A move like this makes sense for an online retailer that's big in one country, but who wishes to become popular in other nations. Since Bitcoin is used internationally, anyone who holds it anywhere in the world can make purchases on a retail site that accepts BTC. The same customers might not be willing to trade their home currency for the fiat currency accepted on the same site, making Bitcoin the gateway for widespread international adoption.
This is not to say that Amazon will adopt Bitcoin anytime soon, if at all. For now, those who said that this would happen in 2019 look like they're going to be wrong.
The Thing About Bitcoin Predictions
There have been so many predictions about Bitcoin and the altcoins, and most of them have been incorrect. As such, there may be no best time to buy Bitcoin. However, cryptocurrency prices change for solid and comprehensible reasons, usually built upon the technological fundamentals that undergird these various projects. If you want to make accurate predictions about Bitcoin's future, you've got to do your research. Don't listen to the so-called "experts" who pull predictions out of the air, usually to pump a favorite holding. Think for yourself and dig deep in your research. Good luck!