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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 Franciscoâs Mission District and explains how the price of one BTC could eventually reach a million dollars.
Bitcoin will become âvery boringâ Bitcoin is famous for its volatility, but Held thinks that wonât 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 assetâs market capitalization.Â
âBitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, âGrandpa, Grandma, I only hear about Bitcoin. Everyoneâs got Bitcoin.â Itâs like, who cares? Like itâs a boring investment. Itâs like holding cash.â
Held predicts Bitcoin to hold from $5Â trillion to $100 trillion dollars of value in its âfinal stages.â
This would result in a transformation from a highly volatile asset to a âvery boringâ currency. Heldâs belief in Bitcoin is unshakeable.
Heâs 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.
âSatoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. Itâs terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.â
Under this line of thought, which he calls âBitcoin minimalismâ to spite Vitalik Buterin, he doesnât 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 âPlanBâ has been a controversial subject over the past year.
A majority of cryptocurrency investors on Twitter seemingly believe in the model, though itâs increasingly come under fire.
Debate about PlanBâs work has come to a head over the past few days as prominent commentators have chimed in.
The model predicts that after 2020âs 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.
PlanBâs updated iteration of the model has a high R squared value of ~95% and is purportedly âcointegratedâ with BTCâs price.
Statistics lingo aside, the S2F modelâs proponents say that this is a confirmation that the model has credence.
âWhy 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.â â Jimmy Song
âSo far, the arguments âdebunkingâ 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.â â 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:â “S2F is invalid because it doesn’t work for altcoins”
â “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
â PlanB đŽ (@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.
â Jimmy Song (ìĄìŹì€) (@jimmysong) July 2, 2020
So far, the arguments âdebunkingâ 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
â 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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