➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
Kraken Head of Business Dan Held explains why he believes the Bitcoin (BTC) price could reach $1,000,000.
Dan Held has been involved in crypto since 2013. In his latest interview with Cointelegraph, he dives into the early crypto meetups in San Francisco’s Mission District and explains how the price of one BTC could eventually reach a million dollars.
Bitcoin will become “very boring” Bitcoin is famous for its volatility, but Held thinks that won’t always be the case.
He believes Bitcoin to be digital gold. With that thesis comes the expectation that there will be immense growth in the asset’s market capitalization.
“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”
Held predicts Bitcoin to hold from $5 trillion to $100 trillion dollars of value in its “final stages.”
This would result in a transformation from a highly volatile asset to a “very boring” currency. Held’s belief in Bitcoin is unshakeable.
He’s seen his net worth go up and drop 80% three times. And yet, 90% of his current net worth remains in Bitcoin.
His unwillingness to diversify his portfolio comes from a staunch belief that blockchain technology is only useful for Bitcoin.
“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”
Under this line of thought, which he calls “Bitcoin minimalism” to spite Vitalik Buterin, he doesn’t see a reason for altcoins to exist.
To Held, altcoins are just experiments that have yet to prove blockchain is useful for anything but Bitcoin.
In other trending Bitcoin News today:
Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021
The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year.
A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire.
Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in.
The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion.
That corresponds with approximately $55,000 per coin. It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021.
PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price.
Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence.
“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.” – Jimmy Song
“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.” – Max Keiser
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
In this interview I debunk these arguments:– “S2F is invalid because it doesn’t work for altcoins”
– “Scarcity doesn’t give something value. I own a pair of socks my grandma made of which only 1 pair exists in the world. How valuable does that make them?”https://t.co/YS1pQiVsBs
— PlanB 🔴 (@100trillionUSD) July 3, 2020
Why are people dunking on the s2f model just a few difficulty adjustments past the halving?The prediction was that BTC will be $100k before the end of 2021.
Declaring victory now is like declaring victory 5 minutes into the game.
— Jimmy Song (송재준) (@jimmysong) July 2, 2020
So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers.
S2F is a valid and vital analysis of #Bitcoin price that provides excellent insight into the market. https://t.co/diqJfThIg3
— Max Keiser (@maxkeiser) July 3, 2020
Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021
https://cointelegraph.com/news/krakens-head-of-business-bitcoin-could-go-to-1-000-000
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XRP Gains 11% Weekly Amid Breakout Anticipation
XRP, the native cryptocurrency of the XRP Ledger, has recently experienced a significant surge in value, gaining 11% over the past week. This impressive growth has positioned XRP as one of the top-performing digital assets in the market, with its price rising from $0.523 to $0.584 in a week. The increase in value has been accompanied by a substantial rise in trading volume, indicating strong investor interest and activity.
Several factors have contributed to this rapid growth. One of the key drivers is the anticipation of a major breakout in XRP’s price history. Market analysts and investors are closely watching XRP, expecting it to surpass key resistance levels and achieve new highs. This optimism is fueled by positive developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has seen favorable rulings for Ripple in recent months.
Ripple is the company behind the XRP Ledger, a decentralized blockchain technology that facilitates fast and cost-effective cross-border transactions. The XRP Ledger’s unique features, such as its ability to settle transactions in less than five seconds and at a fraction of the cost of traditional methods, continue to attract both institutional and retail investors. These technological advancements and strategic partnerships with various financial institutions further solidify XRP’s position in the market.
As a result, XRP remains a prominent player in the cryptocurrency space, with its recent performance underscoring its potential for future growth. With ongoing legal developments and strategic initiatives, XRP’s trajectory appears promising, making it a cryptocurrency to watch in the coming months. Investors are eagerly awaiting the next moves in the market, hoping to capitalize on XRP’s potential for further gains.
