By all means possible, 2019 has been a fruitful year in the blockchain world. New alliances were born, Bitcoin and Ethereum were able to make it through despite the hiccups, new cryptocurrency exchange platforms came up, and a surfeit of blockchain protocols have matured and grown. After so long, the benefits of blockchain and digital assets have finally caught the attention of foreign central banks. Even China has entered the blockchain world already, spending billions on its innovation. Many financial institutions around the world have started leveraging on blockchain technology, and it appears that this trend will continue going forward. There’s a lot more to look forward to, so here are some bold and daring predictions in the blockchain world for 2020.
1. Facebook will launch Libra
Libra is Facebook’s payment network project that has been quite the center of resistance from regulators from Europe and the US. Despite this, it has been developing slowly and quietly without much media coverage. Experts predict that it will launch partially with most likely just one jurisdiction in the beginning and with limited scope. It may not be the payment rails and on-boarding vehicle that it originally promised, but it may continue its development after the launch.
2. The trend on stablecoins will continue
The last few years have seen a trend on issuers who tokenize fiat currencies and use them as simpler exchange instruments on cryptocurrency exchanges. This trend is most likely to continue in 2020 and maybe even beyond. There will be more adoption of stablecoins that are derived from trading on exchanges. Some stablecoins projects such as JP Morgan’s and Finality’s will become live.
3. The Virie Project will launch its IEO
Since 2014, a group of blockchain enthusiasts has been developing a business product for mass consumption, the Virie Market. They have finally completed it and is now ready to use by anybody. It is expected to be a game-changer in the blockchain world as it’s an all-in-one platform for trading of goods, services, and currencies. It’s also a payment system with its own market. They will be launching its IEO in early 2020 first in Russia, the CIS, and Eastern Europe, then Southern Europe, then Northern Europe, then North America, then Japan, Korea, China, and Taiwan. Funds raised during each round of progression will be used for promotion in the next market and further developments of the product.
4. China will launch its Digital Currency/Electronic Payment
China has been developing its Digital Currency/Electronic Payment (DC/EP), and it appears that it will be ready to launch by 2020. As we all know, China is very active in the blockchain and crypto space, and has some of the biggest cryptocurrency exchanges. The measure of how China operates in this field is gigantic. Launching its DC/DP will further confirm that.
5. Bitcoin’s price will rise again
Bitcoin is still the best performing asset class by a wide margin, and this in itself continues to catch the attention of investors. It never ceases to unlock global opportunities and open markets for financial services amidst the closing of borders by many nations. Because of these simple yet, wide measures of factors, we can expect that the price of bitcoin will rise again in 2020.
The author based these predictions on the current trends in the news. While this is the case, you are encouraged to do your own research to further confirm these events. Overall, the blockchain world is expected to continue occupying a massive space in the digital world. New players will be born, and more people will be interested in joining the bandwagon.