In case you hadn’t noticed, 2020 was a bit wild. And many of the year’s unprecedented events had a direct impact on Bitcoin and its value proposition.
A pandemic wave of economic stimuli underscored the need for a truly imperishable store of value, potentially motivating institutional adoption of BTC. A growing authoritarian political climate alerted many to the need for pseudonymous and independent money. And the Bitcoin community itself got stronger, with a variety of companies and projects developing new and improved services to leverage the technology.
An ongoing bull run and the repeated eclipse of all-time price highs have made it clear that 2020 was a big year for Bitcoin, and that this momentum will take us well into 2021. But we wanted to get a clearer picture of what our readers are thinking as this wild year ends and a new unknown begins. So we partnered with the sats rewards platform Carrot and commissioned a “End of year survey 2020.“
Over 200 participants submitted responses, and below are some of the most interesting results in the field, as well as thoughtful comments from some of the most active and influential participants.
Bitcoin was born in a crisis year
For many of us, 2020 was defined by the rise and spread of COVID-19, prompting the government shutdown, mandating social distancing, and subsequent economic stimulus. Our survey revealed that many Bitcoiners see this as the main cause of Bitcoin’s rise during the year.
“Amid the world’s uncertainty caused by the pandemic, Bitcoin was seen as the savior,” wrote one respondent. “People want certainty. Printing fiat money for fun allowed people to ask the right questions and realize that cash is nonsense. “
“There is no doubt that Bitcoin has had a good year,” wrote another. “The pandemic has set the perfect path for Bitcoin to spread, allowing us to see how people quickly become familiar and part of the network. What I think it does to keep this going is attract as many people as possible and gradually place the pieces of the next release rocket in space. “
More specifically, respondents seemed to feel that the crisis that defined 2020 was one that articulated Bitcoin’s value propositions – the global catastrophe that propagated some of the properties of BTC that they theoretically advocated for so long.
“Although the fiat shitcoins have inflated their global monetary base by 75 percent, Bitcoin is still on a steady path towards 21 million,” wrote Max Hillebrand of Wasabi Wallet. “Where international travel has been restricted to an absolute minimum, Bitcoin ignores the imaginary limits of government jurisdiction. In these challenging times, when sovereign individuals are under severe attack, Bitcoin has once again proven itself as the most reliable defense weapon. “
Bitcoin’s Biggest Surprises of 2020
Perhaps motivated by the value propositions mentioned above, Bitcoin’s 2020 was characterized by companies bringing their treasury assets to BTC, with a software intelligence firm MicroStrategy buys more than 70,000 BTC, for example.
For many of our survey respondents, this wave of adoption (and not Bitcoin’s resilience in the face of a global pandemic) was the biggest surprise of the year.
“That’s very difficult to answer, but I think it would be the number of institutions joining and how quickly many change their minds,” one participant wrote in response to our question about Bitcoin’s biggest surprise in 2020.
“The interests of big corporations and financial institutions, such as MicroStrategy, Fidelity, Visa, Square, JPMorgan, MassMutual, etc.,” replied another.
In particular, many respondents cited MicroStrategy’s actions as the biggest surprise of the year, and one that likely paved the way for similar moves this year and next.
“I would say the bitcoin is buying from MicroStrategy for their corporate coffers,” replied Stephen Cole, an influential bitcoiner and investor. “That is a strong signal to CFOs and the wider world that Bitcoin should be taken seriously.”
Many Bitcoiners who responded to this survey mentioned Michael Saylor, CEO of MicroStrategy, by name when they returned to 2020, noting that his BTC purchases and bullish sentiments shared with the space supporting Bitcoin in general this year.
“The numerous purchases of bitcoin by MicroStrategy are the best development in 2020 for the space,” wrote Deniz Saat, a writer and founder of Bitcoinivy. Michael Saylor and his team are taking full advantage of the low interest rates by issuing corporate bonds to acquire an additional $ 650 million in bitcoin. All plebs are jelly, but wish him the best. With its success comes ours. “
The other biggest surprise of the year among Bitcoiners seemed to be the price increase, as evidenced by this collection of anonymous responses:
- “The rise from the start of the year to nearly $ 20,000 was a big surprise to me, I wish I had bought more.”
- “The biggest surprise for Bitcoin this year is when it hit its all-time high of $ 20,000. It was really magnificent. “
- It was able to drop to below $ 4,000 prices and return to ATH [all-time high] in nine months. “
Looking forward to 2021
After reflecting on an all-time year for Bitcoin, we asked our survey respondents to look ahead to 2021. When asked what risks Bitcoin will face next year, many regulatory authorities pointed out.
“The only risk in 2021 is that governments over-regulate and force the technology out of their country,” wrote one respondent, summarizing the feelings of many others. “So the risk is not for Bitcoin, but for the ignorant governments of the world.”
“Regulatory social attacks [are the biggest risk to Bitcoin in 2021], ”Wrote Coinicarus, co-host of the“Just BitcoinThey can’t really regulate Bitcoin, but they will do everything they can to make you believe it is being done.
Despite the consistent acknowledgment of this risk, respondents generally seemed optimistic about where 2020 left Bitcoin on its journey through 2021. When asked what the core story for Bitcoin is going to be in 2021, many respondents cited the bull market, bitcoin’s status as healthy money or the fact that it is now well established among institutional investors.
“A bitcoin is already too expensive for the average Joe,” wrote one participant. “The new core story should get potential users used to feeling comfortable / excited about an investment of a few thousand or a few hundred thousand satoshis.”
And of course we asked our survey participants to make price predictions for BTC in the new year. From our field of anonymous respondents, hardly anyone believes that bitcoin could fall below a price of $ 20,000, and predictions for prices above $ 100,000 were not uncommon. Here’s how some of our other respondents answered:
- Jan Wuestenfeld, Bitcoin Researcher and Analysis: “Point Prediction $ 254,650 ($ 100,000 to $ 300,000 with a clear tendency towards higher limits)
- Ben Carman, developer at Suredbits: “$ 600,000”
- Cole: Highest high = $ 363,000, lowest lowest = $ 18,000 (early January 2021)
- Coinicarus: “Highest = $ 250,000, Lowest = $ 125,000”
- Brian Harrington, Bitcoin Targeted Marketing Consultant: “$ 105,000 (Highest) and $ 17,800 (Lowest)”
- Hillebrand: “$ 18,912,756 bitcoin by December 31, 2021”
- Sasha Hodder, Bitcoin-focused Attorney: “High at $ 100,000, Low at $ 30,000”
- Saat: “Highest high would be $ 996,000”