Bitcoin marking a new all-time high of $67,000 last week has opened the possibility of a $135,000 â $450,000 BTC price by the end of this year, according to Plan B, creator of the popular Bitcoin Stock-to-Flow (S2F) model.
Plan B recently called Bitcoinâs price retracement from the $60,000-level the â2nd legâ of what appeared like a long-term bull market.
Despite the high Bitcoin price projections, BTC can still see big corrections in the future. Plan B thinks the next crash could wipe at least 80% off Bitcoinâs market capitalization, based on the same S2F model.
In other trending Bitcoin News today: The FDIC Chairman just stated that regulators are looking at how US banks could hold bitcoin.
Jelena McWilliams, the chairperson of the Federal Deposit Insurance Corporation, or FDIC, has said the agency is working with other regulators in the United States to explore âunder what circumstances banks can engage in activities involving crypto assets.â
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.
In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZâs view on the long term outlook for the market leader.
Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZâs opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
âTo be honest, I think Bitcoinâs dominance over time will decrease, not increase. It may increase in the short term⊠thereâs a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, thereâs relatively limited scope that you can update it.â
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.
He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
ânothing lasts forever⊠so things change⊠if we look at 10, 15, 20 years later, I think itâs totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.â
However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.
But he remains adamant that another, more current product will usurp the market leader down the line.
âBut if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously weâre not sure, things just change over time.â
Bitcoin has considerable influence on the rest of the other markets.
If CZâs prediction plays out, what then for the future of cryptocurrency as a whole?
Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. âwithin the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon⊠I donât think cryptocurrencies will be gone.
However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.
In other trending Bitcoin News today:
TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO âEXPLOSIVEâ RALLY
According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:
âSilver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.â
Bass is a prominent investor who called the Great Recession in 2008.
He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.
In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.
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.
Right now, with the Bitcoin market cap sitting just under $1 trillion, BTC is only a very tiny fraction of the worldâs assets combined. So in the grand scheme of crypto, this is why many analyst believe weâre still so early.
âIf Bitcoin captures just 5% of the market cap of other assets on this chart, itâll be worth over $2M/coin.â
In other trending Bitcoin News today: Bitcoin bears lack âballsâ to continue selling into 2022!
BTC bears will probably be too âstonelessâ to keep prices down much longer, fresh Bitcoin price analysis argues.
In a Twitter series published Dec. 18, popular account Light summarized the events which led to Bitcoinâs recent 39% correction.
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.
Less than 3 million Bitcoin (BTC) remain to be mined, with the process expected to take around 121 years.
Some allege however, that Googleâs quantum computer, Sycamore, could do it in âless than 2 secondsâ.
But is that really possible?
Vitalik Buterin shared, âMy one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things.â
Andreas Antonopolous also addressed the concerns of Googleâs new quantum processor on the crypto mining industry; stating that the potentially damaging application of Sycamore does not just apply to Bitcoinâs system, but to every system in the world.
âThe problem isnât really Bitcoin. If we get quantum computers that can do thousands of qubits without a correction and consistent results, we have a much bigger problem. The bigger problem we have is that the entire worldâs classified communications, confidential communications, financial systems etc, all depend on cryptography today. We would need to update all of that to make it quantum resistantâ
In other Crypto news today:
The BTC price failed to set a higher high and break above its previous all-time high, signaling that the bear market isnât yet over. A massive descending triangle marked the peak of the 2019 rally.
Now analyst AkiraMax opines that after an impending death cross, BTC could drop as low as $1,000.
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.
My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things.
â Vitalik Non-giver of Ether (@VitalikButerin) October 24, 2019
