Bitcoin bulls are indeed out there. Most recently, Pantera Capital founder Dan Morehead, in a discussion with Unchained Podcast, said how he believes Bitcoin could hit $42,000 by the end of 2019. He even believes the digital coin has the potential to reach $356,000 within a couple of years.
Nothing like some good faith to spur on a Bitcoin rally. Currently, the coin is trading up 3% and selling for $10,023 USD.
Bitcoin Bull Predicts
In a discussion held on July 23, Morehead predicted BTC will hit $42,000 by the end of the year, and climb to $356,000 by 2022. His prediction is based on Bitcoin’s “logarithmic growth rate” and are not just optimistic figures pulled out of thin air.
Here’s what he said in detail:
“Graph the price of Bitcoin logarithmically […] its trend is going to grow at 235% compound annual growth rate and […] that put Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy but we’re essentially halfway back there. […] I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000.”
The billionaire Bitcoin bull backs up his theory with technological developments in the Bitcoin network. He emphasized that the number of possible transactions per second will rapidly increase as the network evolves; allaying those infamous transaction issues that currently arise with the coin now.
Morehead continued about cryptocurrencies in general, believing that most altcoins will fail, but from those that do succeed, thousand of dApps will emerge. He also believes that we will have to wait much longer for a Bitcoin ETF.
Bitcoin Futures Platform
On Monday, Bitcoin futures platform Bakkt took one step closer to launching its long-awaited initiative by running tests on its Bitcoin futures contracts. The platform—developed by NYSE parent company Intercontinental Exchange (NYSE:ICE)—has faced a myriad of launch delays due to regulatory approval. It still continues to wait.
However, in running tests, Bakkt has raised optimism for the program, which can hopefully incur more regulated platforms for Bitcoin.
What do you think of Dan Morehead’s predictions? Is this Bitcoin bull way off the mark or right on the money?
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