Updated Bitcoin Price Odds: Over/Under For BTC Price at End of 2019 Set at $11.5K
- At last check, Bitcoin was trading around $7,500 USD
- Bitcoin has roughly doubled since the start of the calendar year
- Whole Foods and Barnes & Noble are among the companies that are now accepting Bitcoin
The cryptocurrency conversation is back at the forefront as the price of Bitcoin is on the rise. The price is hovering around $7500 USD, which is nearly double where it started the calendar year. Sportsbooks have posted odds on where it will finish the year with the over/under set at $11,500.
Bitcoin Price Odds
What Will the Price of Bitcoin Be on December 31st, 2019? | Odds |
---|---|
Over $11,500 | -120 |
Under $11,500 | -120 |
Odds taken 05/23/19.
Acceptance is Growing
One of the recent catalysts pushing the price of Bitcoin higher has been the fact that many big-name companies and stores are starting to accept Bitcoin as a payment method. The list is quite impressive as it includes Whole Foods, Barnes & Noble, Gamestop, Bed Bath and Beyond, Caribou Coffee, Jamba Juice, and Crate and Barrel.
This is all being done via an app called Spedn, which runs on Flexa’s payment network. A QR code is generated whenever a customer wants to make a payment, the cashier scans it and then the money is transferred.
Why Companies Are Interested in Bitcoin
One of the main reasons companies are interested in Bitcoin and – by extension – Flexa is because it allows them to circumvent some major fees that they currently have to deal with. If this network gets built out and the infrastructure is in place, they could possibly replace the current methods with big banks and point-of-sale terminals.
Bitcoin and – by extension – Flexa allows companies to circumvent some major fees that they currently have to deal with.
For example, stores have to pay a small merchant fee each time someone uses a credit card. Or let’s say someone wants to pay via an Interac terminal (to pay via debit), that also costs the company money. Now if they can do the same type of transaction, get the money instantly and securely, and can save on those fees, businesses will do that.
Hedge fund vet @MarkYusko says bitcoin is a better bet than stocks. pic.twitter.com/mbnwGJUmNi
— CNBC’s Fast Money (@CNBCFastMoney) May 22, 2019
Think about someone like Whole Foods, who might do something like $1 billion in sales in a given year. If they can save 3% on their merchant fees, that’s $30 million in savings. That alone will push more companies to get involved as they can save money they’d otherwise have to pay just to accept payment.
Will Altcoins Outperform Bitcoin?
Bitcoin is still the king of the cryptos but it’s worth noting that many people feel it’s best used as a store of value. Altcoins like Ethereum or EOS might make more sense as a day-to-day use of currency. Of course, this is just speculation at this point but it’s one thing that could keep Bitcoin from charging higher if demand for other coins goes up.
Sometimes this is what it takes to pull off a winning trade in crypto $BTC –#Bitcoin pic.twitter.com/pGm9wT00qq
— Big Cheds (@BigCheds) May 22, 2019
2019 Prediction
It’s hard to say where Bitcoin ends in 2019 but it seems to be in a weird place right now. It seems like institutional investors are tired of it, but it is gaining traction among businesses. At the same time, very few consumers actually care to pay with Bitcoin – most prefer to hold it or “hodl” in hopes it appreciates.
Today is the 9-year anniversary of Bitcoin Pizza Day. How did it come about? Laszlo Hanyecz explained it to 60 Minutes https://t.co/M54841HW5H pic.twitter.com/xZBYtmDeS1
— 60 Minutes (@60Minutes) May 22, 2019
I would venture to guess that Bitcoin continues a bull run but ends up in and around the $10,000 range. I would bet under with this prop.
Pick: Under (-120)