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Blockstream CEO Adam Back says he believes retail investors alone can push the Bitcoin price to $300,000 within the next five years.
This equates to a Bitcoin bull rally of around 3,050% from the current BTC price.
Back attributed this high prediction to the influx of investors hedging with Bitcoin, be that Paul Tudor Jones or retail investors like you or I. He added that with “a lot of money printing” going on in the world, BTC’s use case makes even more sense.
PlanB plotted this relationship and found that by abstracting time from the model, he can fit a regression that has an R squared value of over 99%. The regression suggests that Bitcoin will reach a price of $288,000 within the next five or so years.
“If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process,” the current CEO of Real Vision said.
A $10 trillion market capitalization corresponds with more than $500,000 per coin.
Bitcoin is likely to erupt higher in the coming years because due to the ongoing recession, there is a risk “of the failure of our very system of money” or at least a collapse of the “current financial architecture.”
To him, cryptocurrencies such as Bitcoin are a way out of that system and may act as the predicate on which the next system is built upon. Pal said on Bitcoin in particular:
“It is an entire trusted, verified, secure, financial and accounting system of digital value. […] It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”
In other trending Bitcoin News today:
Massive Bitcoin Plunge Nothing More Than Traders Being Traders, OKCoin Exec Says
Bitcoin’s recent price dive may have been nothing more than the result of standard trading activities.
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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 and so is investing into Cryptocurrency. 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.
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