Bitcoin, the top cryptocurrency by market cap is currently trading at the $10,500 price level. Its 2019 high has been $13,700 while its all-time high is over $20k. On the other hand, Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance asked the crypto community on July 20, 2019, when they think Bitcoin will surge to $20,000 again.
CZ’s Question to the Crypto Community
Changpeng Zhao is curious to know when the crypto community thinks Bitcoin will revisit its all-time high and how soon that can be. The CEO in a tweet specifically asked the length of time between July before Bitcoin hits $20,000 again. Given that the tweet is coming from a well-known member of the space, the community was on its heels to give their well-thought-out opinion.
Bitcoin Can Hit 20K by the End of 2019
The first class of respondents was confident that Bitcoin can certainly hit $20,000 by the end of 2019. This group was more than willing to attach a timeframe to it as CZ had requested. As at press time, over 1000 people specifically pointed out when Bitcoin will revisit the $20k price level.
- 17.4% – majority attributed it to certain events (Bakkt, ETFs, exchange listings, etc.) happening in the space
- 14.6% – 2020 (between January 2020 and May 2020)
- 13.5% – August 2019
- 10.7% – December 2019
- 8.7% – October 2019
- 7.7% – September 2019
- 4.8% – July 2019
- 1.9% – November 2019
What’s even more remarkable, is that a crypto enthusiast took it one step further to point out why it will most certainly be late November 2019, in their opinion. According to them, if Bitcoin closes this week above $11,300, then blasting off to $20,000 would be a breeze. However, if it fails to by this week’s end, then we can take a cup of coffee while waiting for it to a spike in November.
What’s More Important
While the dates were being thrown around, another class of commenters was spotted. These are those who pointed out what’s more important instead of speculating the price. A user, for instance, said they are more interested in accumulating satoshi (small unit of Bitcoin) because they are certain of where its price is headed.
Educate to Improve Mass Adoption and Price Spike Will Follow
Another said more priority should be given to informative crypto tweets on how blockchain & crypto can drive change in the payments industry. Tweets of this nature from the masses will give potential holders a deep understanding of this asset class. When that happens, it will create demand which will, in turn, trigger a surge in the price as the whole market is expecting.
The latter should be done instead of sending out tweets that only hype Bitcoin’s price. The community should not also sit back waiting in hopes that newbies will just get the big picture on why they need Bitcoin as a store of value
The Humorous Ones Were Also at the Party
It wouldn’t sound like the typical crypto community without the sentiments of the humorous ones as usual. Their predictions came in the form of a meme and hilarious comments. A user said it will most certainly feel like Bitcoin has hit $20,000 tonight after they’ve had more than enough to drink.