{"id":16657,"date":"2020-08-07T07:35:38","date_gmt":"2020-08-07T05:35:38","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=16657\/"},"modified":"2020-08-07T07:35:38","modified_gmt":"2020-08-07T05:35:38","slug":"when-will-the-bitcoin-cost-20000","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/when-will-the-bitcoin-cost-20000\/","title":{"rendered":"When will the bitcoin cost $20,000?"},"content":{"rendered":"\n\n\n
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Gold<\/span>\u00a0 2057,81
\n(-0,22%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,1836
\n(-0,33%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 27154,50
\n(-0,47%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 41,72
\n(-0,52%<\/span>)<\/h4>\n<\/th>\n

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DAX<\/span>\u00a0 \u00a012658,60
\n(+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

Ten days ago, the first cryptocurrency was in hibernation. The narrow corridor, about 10%, was held for 2 months. The trading volumes on futures exchanges were dropping all the time. And suddenly, there was talk again from all sides that soon the BTC price will reach 15-20 thousand dollars.<\/p>\n


\nBitcoin<\/strong><\/p>\n

\"Bitcoin\"<\/p>\n

And that’s just the immediate future. And if it is a question of the next 2-5 years, the figures in 50-100-300 and even 500 thousand dollars for 1 bitcoin are called. Where did all this hype come from?
\nBitcoin peaked at $20,000 2.5 years ago. That’s enough time for all speculative players to sell the cryptocurrency. Someone with profit, someone with loss. Today, quite different buyers have come to the market.
\nFor example, the investment firm Grayscale. The company has regulatory permission to buy cryptourrencies and store them for its clients. In the meantime, it has bought and keeps BTCs worth over $4 billion on cold wallets. The investment flow increases every quarter. And for the last 11 days (the data were presented a week ago), the inflow of new money to BTC was 782 million dollars.
\nIt seems that it is not so much, in fact it is huge money. The fact is that Grayscale investors do not sell BTC. They buy it and keep it. The investment horizon can be decades. In this case, you can’t really buy all issued 18 million BTCs on the market.<\/p>\n

According to a study of analysts, about 3.5 million BTC is lost forever. And about 10 million BTC have not moved from their wallets over the past year. That is, there are only about 5 million BTCs on the free market, which can be bought. At the rate of exchange today, it is about $58 billion.
\nIt turns out that only Grayscale has taken 1.5% of free BTC supply from the market in 11 days. This money will not come on sale very soon. And now the question. How many such firms and banks that do not advertise their activities? At some point in time, a physical deficit of BTC may start on the market, just like the deficit of physical gold. Then the consequences will be unpredictable.
\nWe can really see very sharp movements of Bitcoin. And of course, this whole story is directly supported by the huge depreciation of the US dollar against all real and even virtual assets.<\/p>\n


\nWhat’s waiting for us today?<\/strong><\/p>\n

04:00 Trading balance in China for July
\n08:00 Industrial production in Germany for June
\n14:30 Number of new jobs in the United States for July
\n14:30 U.S. unemployment rate for July
\n14:30 Change in Canada employment for July<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 2057,81 (-0,22%) EURUSD\u00a0 \u00a01,1836 (-0,33%) DJIA\u00a0 27154,50 (-0,47%) OIL.WTI\u00a0 41,72 (-0,52%) DAX\u00a0 \u00a012658,60 (+0,01%) Ten days ago, the first cryptocurrency was in hibernation. The narrow corridor, about 10%, was…<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-16657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWhen will the bitcoin cost $20,000? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Ten days ago, the first cryptocurrency was in hibernation. 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