Spencer Bogart, the Blockchain Capital Partner predicted that Bitcoin will start moving vertically in 2020 and in our bitcoin news now, we see what he exactly means.
Spencer Bogart says that the past few years were mostly dominated by ICOs and people needed time to understand that open, public, permissionless blockchains were actually the real driver of the innovation in the crypto industry and not the private blockchain companies that wanted to raise funds during the period of 2014 until 2016. The result of this realization was the launch of a lot of blockchain platforms and all hoped to be 3.0 or 4.0 versions to Bitcoin’s 1.0. A lot of these platforms have now hit the market and are not attracting a lot of the developers’ attention. Instead, the developer momentum has retraced to building platforms that are already working such as Ethereum and Bitcoin.
This was noticed recently and the research even suggests that the Ethereum network has regained the crown as the number one ecosystem for decentralized applications. Not so long ago, it seemed as the newcomers to space, EOS and TRON were on the way to usurp the leader of the crypto. Bogart also suggested that Libra was still a remnant of the horizontal completion era but he did suggest that if anyone was able to make a platform to compete with the leaders such as Bitcoin and Ethereum, it could easily be a major company such as Facebook.
He even suggested that Libra could see a green light from the US authorities as a major competitor to China’s crypto-Yuan. According to Spencer Bogart, this will be the fifth era of Bitcoin and crypto since 2019 was the horizontal competition era and 2020 is the vertical one. Starting from 2009 to 2011 many believed that Bitcoin won’t work and later in 2014 and 2016 people focused on blockchain, not bitcoin. If he turns out to be correct, and the entire developer and investor attention return to development on top of Bitcoin and Ethereum networks, 2020 could also turn out to be one of the best returns for on the prices. Right now, the BTC price is at $7,222 and altcoins are following the sluggish momentum. Despite the fact that BTC managed to capitulate this year too – a new analysis shows that post Christmas gains during the holiday season will favor bulls.
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