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Prominent Silicon Valley investor predicts Bitcoin will crash to $500

source-logo  chepicap.com  + 2 more 29 May 2019 07:50, UTC

Jason Calacanis, a well-known Silicon Valley investor behind companies like Uber and Robinhood, recently took to Twitter to share his Bitcoin price prediction.

My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated

It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose

For most, that’s 1-5% of net worth

It will likely go to 0-$500. https://t.co/8Bs4PGmiN5

— 🦄🦄🦄🦄🦄🦄🦄 (@Jason) May 27, 2019

Elaborating in another tweet, Calacanis likened Bitcoin to MySpace, Yahoo or Palm, “which all seemed inconceivable at their peaks.” He goes on to say that Bitcoin might also go as far as $100,000, but kept his prediction of a massive sell-off, suggesting it would crash to zero afterward.

Said another way, #bitcoin is likely MySpace, Yahoo or Palm, which all seemed inconceivable at their peaks.

It might hit 100k a coin before going to zero — we will see. https://t.co/iSMAKrQsaU

— 🦄🦄🦄🦄🦄🦄🦄 (@Jason) May 27, 2019

A Twitter user fired back, arguing that what makes Bitcoin so great is its decentralization, highlighting the unlikeliness that something like Bitcoin would ever be created again. It’s at this point where Calacanis reveals he and his team actually holds some Bitcoin, adding that whether it succeeds or not it’s still a win for his portfolio.

We own some bitcoin, in case my 70% assessment doesn’t come true. We win either way.

— 🦄🦄🦄🦄🦄🦄🦄 (@Jason) May 28, 2019

Many in the crypto community resisted Calacanis’ bearish stance, arguing his prediction is built on a highly unlikely outcome. John Carvalho, COO of Bitrefill questioned the validity of the argument:

Not the most convincing argument against it. Why do you think replacement is likely? What evidence or relevance does manipulation have on BTC persistence? Have you done the math on what size the market would be if 1-5% of all investment-ready wealth was stored in Bitcoin?

— John Carvalho (@BitcoinErrorLog) May 27, 2019

At the time of writing, Bitcoin is trading at $8,681.11, down 1.37% over the last 24 hours. 

BTC/USD chart provided by Tradingview

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