Value Of Bitcoin (BTC) Could Eventually Be “Out Of Reach”
As 2018’s bear market has continued into 2019, crypto traders have done their best to stay optimistic. Most recently, Josh Rager, a well-followed crypto investor that is an advisor at TokenBacon and Blackwave, took to Twitter to claim that 2019 could be the “last time general population can afford to buy an entire Bitcoin (BTC).”
He added that after 2021, most would only be able to fractions of BTC, rather than a whole coin. He explained that while global household incomes could increase across the board (inflation, better economic conditions, etc.), thus making BTC affordable again, more likely than not, the cryptocurrency will be “out of reach for most.”
To back his semi-prediction, Rager posted a popular chart that shows Bitcoin bottomed in the coming months, before embarking on a paradigm-shifting rally into and past 2020’s block reward reduction event, deemed by some to be the most bullish event in crypto’s relatively short history.
The Crypto Dog, one of Rager’s fellow analysts, echoed this thought process. In a response to the thought-provoking tweet, the industry commentator, who commands a following of over 100,000 on Twitter, remarked that Bitcoin “[still] holds the same economic properties” that allowed investors to push the asset to a parabolic state not once, twice, but four or five times.
Thus he concluded that another astronomical run could occur again, thus meaning that there’s money to be made in the future. Crypto Dog added that the ever-presence of greed could also push BTC sky-high, adding that there’s more than “one path to hyperbitcoinization.”
Crypto OG Mark Jeffrey recently remarked that the third act of cryptocurrencies is slated to arrive, which could bring a $250,000 BTC with it. Filb Filb, a leading analyst, made a similar call, noting that due to an array of factors, BTC reaching $333,000 isn’t out of the realm of possibility.
Some Crypto Commentators Beg To Differ
While many seem to agree with the theory that cryptocurrencies are poised to rally past their December 2017 highs… eventually, some have addressed this sentiment with a bit more of optimistic skepticism. DJ Meph remarked that the launch of crypto-backed futures and other financial products could help to “stabilize value,” as such vehicles help nascent assets enter a phase of price discovery.
Another user, who went by the moniker “thefurleyghost,” noted that while he respects the thought process, all Bitcoin has left for a value proposition is an “untested digital gold model.” Although some would beg to differ that the digital gold model is “untested,” as BTC has done well as a store of value from a long-term perspective and in conflict-embroiled nations like Venezuela, there are some that believe that 2018’s crash negated this thesis.
The New York-based Alex Kruger, an industry researcher, noted that if there aren’t enough newcomers to the crypto industry, there might not be another jaw-dropping rally.
But which analysts were on the right side of this argument? I guess we’ll have to wait and see…
Title Image Courtesy of Descryptive.com Via Flickr