Bitcoin (BTC) gaining almost 10 percent last Friday was a welcome a relief for many, but it was all short-lived and a few hours after, it crawled back to its sluggish state with no clear indication of support as we speak.
With all the bleak forecast considered, one analyst believes there’s a bright future for bitcoin: it will grow to $250,000.
Reexamining analogies to the dot-com bubble, Guardian Circle and Guard Token co-founder and chief executive officer Mark Jeffrey is confident that globe’s standard in virtual currency will one day be worth $250,000.
In a recent interview with Mark Pesce’s “The Next Billion Seconds” Jeffrey, author of 2013’s “Bitcoin Explained Simply,” is very positive about the promise that bitcoin still holds despite it being “frozen” in a “nuclear winter”.
The bitcoin pioneer, in the podcast, said:
“I think this is very much like the dot-com boom and bust cycle that we saw in the late nineties and early 2000s… we have just gone through the analogue of the cycle in a compressed timeframe.”
But Jeffrey proposes that the procedure has been largely compressed with digital currency, further noting that:
“In the dot-com boom–bust cycle it was about 4 and a half years, maybe 5 years. In the crypto world, it was about a year and a half. So it was a lot faster.”
Jeffrey is not the only crypto staunch advocate that is betting on bitcoin’s meteoric rise. Noted Silicon Valley venture capitalist Tim Draper also shares the same view, and believes that bitcoin hitting $250,000 is not far-fetched.
According to Draper, Bitcoin’s recent setbacks could just be a natural consequence of market cycles, punctuated by pressures in the bear market. He also underscored that in any trade, and in this case Bitcoin, often changes in behavior despite its underlying technology.
Nevertheless, these strong believers of the crypto stated that in due time, the US currency (USD) and other fiat currencies will drop in value, paving the way for bitcoin to increase in remarkable levels of traction.
(Jet Encila is a freelance writer, editor and journalist from the Philippines).