Blockchain Capital partner Spencer Bogart spoke to Bloomberg about his predictions for Bitcoin in 2020. TL; DR: Things will go vertically, and although it doesn’t specifically refer to the BTC price, that could well follow.
The end of horizontal competition
Bogart’s most anticipated development of the cryptocurrency industry in 2020 is the “vertical construction” era.
The past few years have been marked by ICOs and the increase in horizontal competition. People have recognized that open, public, permission-free blockchains are the real motor for innovations in space – and not the private blockchains that were played with from 2014 to 2016.
The result of this finding was the introduction of many competing blockchain platforms, all of which hope to become 3.0 or 4.0 Bitcoins 1.0. Many of them have come onto the market in the meantime, but none of them have drawn much attention from developers.
Bitcoin bound skyward
Instead, the dynamics of investors and developers have shifted back to building on platforms that are already working, such as Bitcoin and Ethereum, as has recently been shown.
Research suggests that the Ethereum network has regained its crown as the leading ecosystem for decentralized applications (dApps). A year ago it looked like newcomers to space – EOS and Tron were on their way to remove the former king from the throne.
Therefore, in this era of vertical construction, more and more useful applications will be built on the Bitcoin and Ethereum networks as developers advance these protocols.
When asked where Facebook’s Libra is in this system, Bogart believes that the Facebook coin is a remnant of the horizontal competitive era. If someone is able to create a platform that can compete with Bitcoin and Ethereum, it could be a company like Facebook, Bogart said.
He even believes that Libra, as an alleged domestic competitor of China’s crypto yuan, could get the green light from the US authorities.
Don’t let the store down, my friend
According to Bogart, this will be the fifth era of Bitcoin and cryptocurrencies. The previous epochs took place as follows:
2009-2011: Bitcoin will not work
2012 – 2013: tulips and criminals
2014 – 2016: Blockchain, not Bitcoin
2017 – 2019: Horizontal competition
2020 ->: Vertical construction
If he is right and investors and developers are again focused on the development of the Bitcoin and Ethereum networks, 2020 could also mean record returns for the price.