Sure, you learn that proper. Silk Highway founder Ross Ulbricht predicts that the price of Bitcoin may finally attain $333 mln (but it surely may take fairly some time)
- From $100Ok to $1K?
- A protracted-term perspective
Silk Highway founder Ross Ulbricht has printed his long-term Bitcoin (BTC) price evaluation, wherein he states that Bitcoin may doubtlessly climb to $333 mln (sure, that’s with an “m”).
In such a case, the market cap of the world’s first cryptocurrency may attain $7 quadrillion, which is ten instances larger than the GDP of all nations.
From $100Ok to $1K?
Ulbricht says that he has been preoccupied with predicting the price of Bitcoin primarily based on the Elliott wave precept for years. Till just lately, he would preserve his evaluation to himself, however now Ulbricht sends these letters from his jail cell to assist different folks “navigate” the market since he has loads of free time on his fingers.
The libertarian predicted that Bitcoin may skyrocket to $100,000 in December 2019. Nonetheless, he then revised his short-term goal to as little as $1,200 after the surprising March 12 crash.
Furthermore, Ulbricht talked about that the present bear market (Wave II) may drag into 2021, thus invalidating just about all bullish predictions.
A protracted-term perspective
With that being mentioned, in his most up-to-date Medium publish, Ulbricht insists that he’s nonetheless bullish on Bitcoin. The truth is, he expects Wave III (the subsequent bullish cycle) to be even larger than Wave I, which took BTC from $0.06 to its December 2017 peak of practically $20,000. Ulbricht claims that “the sky is the limit” for the Bitcoin price goes whereas describing his rationale for the aforementioned $333 mln prediction:
“If wave II takes prices down to $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million. Assuming 21 million bitcoins, that’s a market cap of $7 quadrillion.”
On reflection, Bitcoin’s present all-time excessive will appear low cost, in response to Ulbricht.