A day doesn’t pass by without thousands of “experts” predicting where the bitcoin price will go next. Some do it on short-term timescale while others are giving themselves a time-frame of couple of years to be right (or wrong).
Misha Libman, co-founder of blockchain art laboratory Snark.art, urged a word of caution to those attempting to predict the price of wildly unpredictable assets such as bitcoin.
He said: “Every morning I wake up reading about the rise and decline of crypto and I am fascinated by the incredibly technical and visually sophisticated graphs predicting its future that borderline an art project.
“Ultimately we are dealing with a new technology and new asset that is highly speculative, illiquid, and elusive, and drivers for its rise and fall is anyone’s guess and can be attributed by the media to anything from Federal Reserve’s interest rate hikes to SEC regulations to market fever.
“But without a doubt I believe that blockchain and cryptocurrencies have a place in our future and the rollercoaster volatility that we are seeing today is something we are going to have to live with for a while until we will start using crypto to buy chewing gum.”
Bitcoin will reach gold’s trillion market cap, eventually
In his post on Forbes.com, Billy Bambrough sums up the thoughts on bitcoin’s future by some of the industry leaders.
Speaking in a Reddit Ask Me Anything Cameron Winklevoss, who with his brother Tyler founded the Gemini bitcoin exchange, said he thinks bitcoin is will remain the number one cryptocurrency and is “most likely the winner in the long term” as “it’s hard to defeat network effects.”
“We believe bitcoin is better at being gold than gold. If we’re right, then over time the market cap of bitcoin will surpass the $7 trillion market cap of gold,” Tyler added. “We believe in the long game.”
Meanwhile, Andreas Antonopoulos, a long-time bitcoin advocate and author, said he also expects bitcoin’s market cap to one day eclipse that of gold.
“I think it will be one of the many reserve currencies that can be used to underpin value on other things. There doesn’t have to be only one anymore,” he said, speaking via his YouTube channel.
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