ECOS Views: what do experts say about cryptocurrency and blockchain this week?
There were many interesting views, let’s remember the most memorable.
Bloomberg believes that Bitcoin price will rise to $20,000 this year. Details of this are elaborated on the report published on the website of the analytical company.
«Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally. After 2014’s 60% decline, by the end of 2016 the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend».
Meanwhile, the head of Blockstream, Adam Back, expressed the opinion that Bitcoin price is able to grow to $300,000 within 5 years. In his opinion, this will happen due to increasing attention to the cryptocurrency from users caused by the current crisis and depreciation of money.
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging and retaining value when there’s a lot of money printing in the world.” — Back said.
An interesting opinion was expressed by the professor of the MODUL University Vienna and the blockchain specialist Horst Treiblmaier during an interview for ECOS YouTube channel. According to him, the blockchain technology will be widely used in the coming years.
“In believe there will be a huge leap in the technology. I would expect in the next one to five years for blockchain technology to become mainstream. More and more companies are already using private and permission blockchain solutions”.
The well-known developer and entrepreneur Jimmy Song also did not stand aside. He believes that the recent supply shock caused by the halving will affect the value of №1 cryptocurrency.
“Miners are producing 6,25 btc per block instead of 12,5 after the halving. It means there is going to be a lot less bitcoin available for sale, so the price will go up. Here is a value prop of Bitcoin. There’s a fixed supply. There’s never ever be more than 21 million bitcoins and there’s increasing demand. As a result we have a big supply and increasing demand. Generally we know what happens to price when those two things are coincident.“ — Jimmy Song told in a recent interview for the ECOS YouTube channel.
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