<a href="https://www.linkedin.com/in/mike-mcglone-a8442513">Mike McGlone</a>, a senior commodity strategist, revealed in his previously released report that he believes that Bitcoin is way ahead of others in the adoption race and that could continue to rise in 2020. His report states that the two most significant factors which are assisting bitcoin’s cause are its set amount of 21 million BTC, and ability growing adoption as a store-or-value asset. A 2.5% increase in BTC’s supply is on the horizon, which would lead to its path of “ zero growth”.

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<h2>Bitcoin to Reach its 2019 Summit of $14,000</h2>
The report added: “Our takeaway is straightforward: Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favours independent quasi-currencies.”

 

Mike McGlone suggests that the flagship cryptocurrency is all set to keep on receding, and around the $6,000 mark it might find some support. Many expect resistance to come across at $10,000. He affirms that bitcoin is on the brink of migrating towards its 2019 summit, close to $14,000, but won’t stay there for an extended amount of time. For his third point, Mike McGlone wrote that Bitcoin might not exceed past the previous year’s range. Incidentally, <a href="https://www.cryptoknowmics.com/news/sonny-singh-predicts-bitcoin-price-will-hit-20000-this-2020">Bitpay's Sonny Singh</a> had also made a similar prediction regarding Bitcoin and said that the coin could hit the $20,000 mark in 2020.

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As for the remaining cryptocurrencies,  Mike McGlone wrote that there are multiple crypto-assets are vying to thrive and competing for adoption., which would lead to market places “biased to the downside.”He wrote that the ever-increasing supply coin needs to come to a standstill or drop off a little, as last year 3,000 new cryptocurrencies made their way through the market. A halt in the supply of new coins at the end of 2018, simultaneously followed the MVIS CryptoCompare Digital Assets 100 Small- Cap Index with a bottom. We can expect Bitcoin to continue winning the adoption race, as the other currencies will play catch up.

Mike McGlone on What Makes Bitcoin Lead The Adoption Race

Mike Mcglone, the senior commodity strategist discusses his beliefs on what he thinks,makes bitcoin stand out in the adoption race.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Mike McGlone on What Makes Bitcoin Lead The Adoption Race

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