Bitcoin or not bitcoin? That is the question
They predict death for Bitcoin once again. But at this time, the forecasts range from radical with the complete crypto extinction at $ 43, to cautious with a possible fall but staying relevant.
Noah Smith, a columnist from Bloomberg, has described recently his vision of the possible variants.
Number 1: according to expectations of Jack Dorsey and Steve Wozniak, having replaced Fiat, Bitcoin becomes the single global currency and goes into mass circulation.
Number 2: Bitcoin’s price becomes equal to gold, but it does not replace the fiat currency, except for some dysfunctional economies, for example, in Venezuela. Bitcoin’s market cap becomes significant and can be estimated in trillions of dollars, but Bitcoin is perceived not as a currency, but rather than a commodity, the owners of which can hedge any serious stock market crash.
The third scenario is not so optimistic as the first two. There Bitcoin experiences a catastrophic decline, becomes unprofitable and "dies" as useless.
Joseph Carson, the chief security officer at Thycotic, has supported the last point of view. He has commented:
"The most likely scenario is that bitcoin will die; my current valuation of bitcoin is approximately US $43 as opposed to the hyped and manipulated valuation."
According to Carson, the most likely reasons for it are the critical decline in the mining profitability and the fact that most retailers do not take Bitcoin as a payment because of its too expensive conversion to Fiat.
Rick Burnett, the CEO of LaneAxis, has also expressed his opinion:
“I don’t know if it’s going to be on top but it is always going to be a leader because it’s the founder. It is what people identify with."
Thus, despite the criticism, Burnett believes that Bitcoin wil remain relevant.
Yesterday, Bitnewstoday released exclusive material on how professional participants of the financial market perceive forecasts for the Bitcoin’s price.
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