Bitcoin To Enter Its ‘Third Act’
In spite of Friday’s surge, the lethargic crawl of the Bitcoin price has continued. While the 8% rally seen not 72 hours ago was welcomed, the cryptocurrency remains in ‘no man’s land’, as no there are still evident lines of support and resistance putting a vise around BTC. Yet, in a recent podcast, a leading crypto ‘OG’ claims that eventually, the flagship digital asset will begin to run, and to new, jaw-dropping all-time highs at that.
Speaking to Mark Pesce’s “The Next Billion Seconds” just weeks ago, Mark Jeffrey, a cryptocurrency pioneer that authored 2013’s “Bitcoin Explained Simply,” expressed optimism towards this nascent space, currently embroiled in the midst of a so-called “nuclear winter.”
Jeffrey remarked that cryptocurrencies are much like the early Dotcom industry, echoing remarks made by a number of analysts, such as Meltem Demirors. Yet, he noted that this budding space is compressed time-wise in comparison to Dotcom, explaining that development in this space is four to five times faster than Internet-enabled digital technologies. Thus, crashes and rallies are only accentuated and amplified.
This aside, he remarked that this isn’t the end of the story for Bitcoin and other cryptocurrencies, adding that the current market conditions are just a byproduct of market cycles. In fact, he noted that the “third act” of this story, which he likened to Star Wars: The Return Of The Jedi is just around the corner. Jeffrey explained:
The third act is coming. And if it’s anything like the Dotcom boom and bust, we saw a little hump, then a dead period, and then an actual value ascension with Amazon, Google, Facebook, and LinkedIn and on. I think we’re going to see that same thing with cryptocurrencies.
And with all this in mind, he doubled-down on his price prediction that Bitcoin could eventually foray out of its quintuple-digit cell to finding a home at $250,000. Jeffrey was hesitant to give an explicit timeline, but, considering his aforementioned comments about the time compression in the cryptosphere, it is likely that he could see such a figure be achieved in a few years/a decade’s time.
Jeffrey isn’t the only analysts making calls in this zany, ‘out of this world’ range. Speaking to CoinTelegraph, Tim Draper, a legendary venture capitalist based in the heart of Silicon Valley, explained that he believes that $250,000 for each BTC is possible… eventually.
Draper, who parents a crypto-friendly venture capitalist, explained that Bitcoin’s recent move lower could just be a byproduct of market cycles, potentially accentuated by external bearish pressures. Draper then noted that in any business, a disruptor — Bitcoin in finance’s case — often moves with immense volatility, even if the innovation holds immense value for the health of society.
Regardless, the staunch cryptocurrency optimist remarked that over time, U.S. dollars and other fiat currencies will depreciate rapidly, creating an environment that could see BTC gain notable levels of traction. Echoing comments made by Travis Kling, Draper even explained that cryptocurrencies aren’t tied to a central bank, which by extension, includes the whims of inflation and the flaws in human nature.
Yet, some have been even more optimistic. Through the use of a compilation of the Internet’s historical growth cycles, Bitcoin’s adoption curve, among other fundamentals factors and points of in-depth analysis, Filb Filb noted that $333,000 for each BTC could be logical.
Then again, some have been skeptical of crypto’s ability to garner traction and to usurp the hegemony that fiat currencies have established for themselves. Nouriel Roubini, a professor at the New York University Stern School, claimed that government-issued cryptocurrencies will help drive cryptocurrencies into the ground.
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