Bitcoin May hit ₦23Mln ($64K) in 2019 Thanks to Its Mining Economy – Fundstrat

The team of Tom Lee, co-founder of Fundstrat Global Advisers and long-time bitcoin advocate, has revealed something really dramatic pertaining to what the long run holds for the world’s major digital currency.

Fundstrat’s Sam Doctor wrote that the buying price of one bitcoin could hit at  least $20,000 and might skyrocket to as high as $64,000 sometime in 2019, giving a few reasons concerning why.

The very first reason the expert cited is associated with the method of mining bitcoin, whilst the BTC gradually increased its maximum supply to 21 million units, in accordance with Newsbtc.com. The Fundstrat team believes that the price of mining per coin has proven to be always a great asset in the past. Since the issue of mining increases as the quantity of bitcoins mined grows nearer to the established maximum amount, “this amount of support” may also increase, Investopedia reported.

“Bitcoin miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees … we argue that the Price/Miner’s Breakeven Cost multiple has proven a reliable long-term support level and further, that the likely trajectory of future mining infrastructure growth should underpin bitcoin price appreciation into year-end 2019,” the company said in a statement.

Separately, Lee believes that the annual Consensus conference, due to take place from May 14 to May 16, with nearly 7,000 attendees registered for this year’s event, could fuel considerable gains, propelling the BTC coin above $10,000. Previous Consensus events have all led to a rise in the BTC market cap by up to 70 percent.