Friday, March 24, 2023
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

CNBC’s Joe Kernen Believes Bitcoin Will Hit $55K In 2020 Spawned By Halving And Scarcity

by firstcryptonews
August 10, 2019
in Coins
CNBC’s Joe Kernen Believes Bitcoin Will Hit $55K In 2020 Spawned By Halving And Scarcity

Long-time skeptic-turned-believer Joe Kernen, and his co-hosts of CNBC’s Squawk Box, engaged in a discussion about bitcoin’s price after reward block halving that is slated for May 2020. Joe asked the show’s guest, Katie Stockton, an analyst and also the Founder and Managing Partner of Fairlead Strategies if she believes bitcoin soaring to $55K after 2020’s halving is plausible.

Despite the recent downswing that has led to bitcoin trading at sub-$10,000, Joe is very optimistic that in the next 10 months, bitcoin will experience a parabolic rise following its reward block halving.

Halving And How Bitcoin Price Has Reacted In Past Halving Events
Halving is a once-every-four-year event where bitcoin supply is reduced by half. As of now, the block reward for bitcoin stands at 12.5 BTC. In the upcoming halving scheduled for May, this will be halved to 6.25 BTC per block. Halving induces scarcity and as such, prices often rise after a halving event.

Historically, reward block halving has always affected the prices of bitcoin. Case in point, the first block halving took place on November 28, 2012. After the halving, the value of bitcoin surged to $1,110 from $10, throughout 2013. However, the price later plummeted to $200 in the following year before it plateaued out.

The second halving took place on July 9, 2016, after which prices rose from $570 to $20K highs in 2017. As is the norm, the price dipped in the following year, 2018. At press time, bitcoin is trading at $9,463.03 and Joe predicts that in less than 10 months, the price will surge to $55K and hopefully this time around, there will be no crash after this meteoric rise.

Joe Cites Popular Stock-to-Flow Model
The stock-to-flow model was publicized by a renowned crypto-analyst on twitter who goes by the name 100trillionUSD. Joe directly references this model as the basis of his price prediction. This scarcity model uses metrics and certain comparisons to other valuable assets to determine the price action of bitcoin on several occasions. For instance, the model alludes that gold has “maintained its monetary role throughout history” due to its limited supply.

According to this model, there’s a direct correlation between scarcity and the price of bitcoin whereby scarcity leads to low supply and subsequently high prices. 100trillionUSD predicts that after 2020’s reward halving, bitcoin’s market value will be $1 trillion which translates to the price of $55K per bitcoin.

Katie And Joe’s Co-hosts Seemed Amazed By Joe’s Prognostication
After Joe asked Katie if she thinks bitcoin at $55k is possible, she appears a bit shocked as she exclaims first before responding. Joe then explains the important technical fundamentals (of supply and demand) that will likely drive the prices to the said figure.

Joe’s co-host Andrew Ross Sorkin and Rebecca Quick, they at some point giggled at Joe’s wildly optimistic prediction. However, when he explains the dynamics behind the prediction, they all seem of the same mind as him.

Ultimately, Joe’s knowledge of how scarcity and supply affect bitcoin price movement is great news for the crypto community. Many people have also applauded Joe for sharing such important information on national television.

The nagging question is, will bitcoin hit $55K after May 2020 halving? The answer: uncertain. We can only wait and see what price path bitcoin will carve out after 2020’s reward halving.

Related Posts

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

SEC Seeks Court’s Permission To Exclude Ripple Expert Testimonies

by firstcryptonews
August 26, 2022
0

The U.S. Securities and Exchange Commission (SEC) has filed a request to submit one lengthy reply for excluding the Defendants’...

What traders need to know about the evolving Ethereum-Bitcoin relationship

What traders need to know about the evolving Ethereum-Bitcoin relationship

by firstcryptonews
April 26, 2021
0

Ethereum’s price action over the last 72 hours or so has been very topsy-turvy. While the aforementioned period saw ETH...

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

Coinbase Insiders Partially Liquidate Their COIN Stock Holdings Shortly after Listing

by firstcryptonews
April 20, 2021
0

While there’s been a lot of noise around the pump and dump by Coinbase insiders and executives, it turns out...

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

Bittrex to remove the U.S. markets for top privacy coins including Monero, Zcash and Dash

by firstcryptonews
January 2, 2021
0

Bittrex announced on Dec. 29 that its exchange will be removing the U.S. markets for the three of the biggest...

Brad Garlinghouse Open to Move Ripple to Another Country

Brad Garlinghouse Open to Move Ripple to Another Country

by firstcryptonews
October 14, 2020
0

Brad Garlinghouse, Co-founder and CEO of one of the biggest crypto-blockchain companies in the world, Ripple, has expressed his concerns...

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

Cardano’s Winning Streak Continues As ADA Overtakes Litecoin To Become Seventh-Largest Crypto

by firstcryptonews
July 8, 2020
0

This week has started quite well for Cardano. The blockchain’s native cryptocurrency, ADA, is now the seventh-biggest crypto by market...

Next Post
Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

Bitcoin: Over A Billion Dollars Moved, Community Fears For Further Price Slump

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

How FortuneCash Converges Crypto Innovation for Lottery Enthusiasts

How FortuneCash Converges Crypto Innovation for Lottery Enthusiasts

5 months ago
Anotoys Collectiverse Teams Up with Block Tides Singapore to Kickstart the Next Evolution of Fandom

Anotoys Collectiverse Teams Up with Block Tides Singapore to Kickstart the Next Evolution of Fandom

10 months ago
Crypto Market Sentiment: Only Bitcoin in the Positive Range

Crypto Market Sentiment: Only Bitcoin in the Positive Range

4 years ago
MNTG Wallet

MNTG Wallet – The Next Generation Blockchain Solution

2 years ago
Binance’s New Yield Farming Protocol PancakeSwap Promises Staking and Low Transaction Fees

Binance’s New Yield Farming Protocol PancakeSwap Promises Staking and Low Transaction Fees

2 years ago
X10 Legends

Play-to-Earn Game, X10 Legends Offers Alternative for Unbanked Globally

1 year ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

January 16, 2023

Press Release

Dominator Domains, a Web3 innovative platform where users can register domains in 3 different blockchains and 10 different domain extensions

Dominator Domains, a Web3 innovative platform where users can register domains in 3 different blockchains and 10 different domain extensions

March 24, 2023

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News