Bitcoin Contributor Predicts Taproot, Privacy Feature Coming to BTC In 2020
- “Taproot will be activated without much controversy” – Jimmy Song
- Bitcoin dominance to be more than 75% at the end of the year
- Altcoins to face the danger of fall in prices, delisting, and get 51% attacked in 2020
Before 2019 even ended, the predictions for 2020 started flowing in for the world's largest cryptocurrency.
The latest crypto commentator to join in is Bitcoin educator and developer, Jimmy Song who projects, “Bitcoin price will have a bottom to top difference of at least 100%.”
Like many others, Song is also expecting Bitcoin dominance to be more than 75% at the end of the year.
Currently, BTC dominance is 69.7%, as per TradingView. The highest it has been this year was in Sept. at just above 72%. Since Feb. 2017, when the dominance of the flagship cryptocurrency was at 95%, it has been constantly falling, bottoming at 36% in January 2018.
Altcoins to Face Danger
The rise in the dominance of BTC means altcoins aren’t expected to fare well this year. But the price won’t be the only detriment for altcoins, as Song predicts 2020 will see lots of altcoins get delisted.
Song is also predicting some coin to be 51% attacked and “cause an exchange to lose lots of money.” This will result in the value of coin dropping by less than 20%.
And “More coins will change to be merge mined with Bitcoin.”
As for IEOs, Initial Exchange Offering that replaces the ICO fever in 2019 according to Song “will lose steam.”
Privacy Feature Coming next year
The much-awaited Bitcoin reward halving is now less than five months away. Unlike many others that expected it to be a non-event, Song believes this will be “the big narrative” still.
On the development side, “Taproot will be activated without much controversy,” predicted Song. The fact that the developer is expecting the feature to come within 12 months is a big deal in itself.
First proposed by Bitcoin Core contributor Gregory Maxwell, Taproot would bring privacy to the Bitcoin network. Even the most complex smart contracts would be indistinguishable from regular transactions on the blockchain.
Several Bitcoin Core contributors including Pieter Wuille, Jonas Nick, Rusty Russell, Tim Ruffing, Andrew Poelstra, Johnson Lau, and Anthony Towns are working on the Schnorr signature proposal that would include Taproot.