Singing the Praises of ICP — In Perfect Harmony
ICP (Internet Computer Protocol) enthusiasts have had an eventful week. Festive gatherings at ICP’s headquarters in Zurich (and its USA HQ in San Francisco) set the stage for a 2nd-anniversary celebration that left attendees energized and inspired. The enthusiasm surrounding ICP has since intensified as two prominent crypto influencers reaffirmed their love for the world-changing Web3 project. Their endorsements further solidify ICP’s position as a groundbreaking force in the industry.
Bitboy Goes Long
In his recent YouTube video, BitBoy Crypto sheds light on the potential of ICP as both a revolutionary technology and a lucrative investment opportunity. The thought-provoking clip emphasizes the significance of ICP and its growing presence in the cryptocurrency landscape.
Bitboy, known to many of us by his real name, Ben Armstrong, begins his video by delving into the intriguing backstory of the $ICP token, which has only now started to recover from a wild roller coaster ride downward. Armstrong is firm in his conviction that $ICP has been unjustly demonized by traders of digital assets who fail to grasp the nuances and complexities surrounding its descent.
To understand the potential of ICP, one must revisit its tumultuous past.
ICP’s wild journey began on May 10, 2021, amid a period of significant downward price action in the crypto market. Circumstances were uniformly unfavorable, with Elon Musk’s Bitcoin-related tweets and China’s renewed ban on Bitcoin causing waves of uncertainty. Compounding these challenges, ICP faced artificial price inflation and subsequent shorting by the infamous FTX crypto exchange. Thanks in large part to FTX’s malfeasance, ICP’s price, which had reached as high as $428 (and even $700 on certain exchanges) plummeted to a mere $34 within a span of 40 days.
But despite its stormy start, ICP’s capacity for growth remains intact. The project’s founders, headed by its Chief Scientist Dominic Williams, have relentlessly pursued their vision since the project’s inception in 2015. The technology underpinning ICP stands unrivaled in its ability to ameliorate the flaws and vulnerabilities of the world’s current internet infrastructure. ICP’s recent introduction of native Bitcoin integration (in the form of ckBTC) has further solidified the blockchain’s sunny prospects.
Anticipating a thawing in crypto winter, BitBoy tackles the question of how much $ICP would be required to amass life-changing wealth.
Ben sees $ICP reaching a minimum price of $50 during the next bullish cycle. Considering this price projection, accumulating 20,000 $ICP would translate to $1 million in value. At the current price of $5.70 per $ICP, an initial investment of approximately $115,000 would be necessary.
Armstrong also ventures into the possibilities of capturing impressive profits through staking $ICP.
With current $ICP staking rewards offering around 8% annually, even a moderate investment in the token could yield substantial rewards. For instance, staking $5,700 for a year would result in approximately 7.4 additional $ICP per month. Although seemingly insignificant at present, if $ICP’s price reaches $50 or beyond, these rewards could amount to $350 per month or higher. Scaling up one’s accumulated amount of $ICP to 20,000 tokens would generate a staggering 150 tokens per month in rewards, equivalent to $7,500 if the price hits $50, or $15,000 if it surpasses $100.
With his usual mix of wisdom and wit, the “most interesting man in crypto” once again adds a fresh and important perspective to the conversation around $ICP. Bitboy’s rousing endorsement of the Internet Computer Protocol and its $ICP token makes this a must-watch for anyone curious about the long-term outlook of this revolutionary project.
AJ Writes Crypto Crafts a Bullish Case
Less than 48 hours after Bitboy released his highly informative video, his trusted colleague, AJ Writes Crypto, schooled viewers on ICP’s transformative vision and offered a few SWAGs (strategic wild-ass guesses) on the future value of the $ICP cryptocurrency.
With his usual flair, AJ provides “hot takes” on ICP’s network performance, showcasing its remarkable speed and efficiency. When compared to other blockchain projects — which shall remain nameless — ICP remains superior in terms of transactions per second, data storage capacity, and security.
The video spotlights ICP’s impressive growth trajectory, pointing out that over the past year, network usage has surged by a staggering 2,000%, a testament to the increasing adoption and recognition of ICP within the crypto community. The Bitsquad icon makes sure to mention the following:
- ICP had the highest number of transactions per second (among all blockchains) over the last 90 days, totaling 19,566 transactions per second.
- The total amount of data on the ICP chain is 3.2 tebibytes, which is three times larger than all the data on the Ethereum blockchain.
- Over 280,000 smart contracts are currently deployed on the ICP network.
- ICP network usage increased by 2,000% in 2022.
- ICP is averaging 660 new Internet Identity accounts per day. This represents a significant ramp-up, indicating growing interest and engagement with the platform.
Aside from trumpeting ICP’s vision to reshape the internet by decentralizing control and reinventing how we consume online resources, he carefully speculates on the future price of the $ICP, dishing the latest public information about the crypto’s tokenomics.
His insights into the potential price of the $ICP token are intriguing.
AJ highlights $ICP’s favorable circulating supply dynamics and discusses the significance of upcoming vesting schedules, foreseeing the cryptocurrency reaching multiples of its current price, with mid to long-term appreciation of 10–20x — or higher! (Note: $ICP’s market cap at its previous all-time high was $27.9 billion, with a supply of 123 million tokens. As of now, $ICP has a $2.2 billion market cap and almost 436 million coins in circulation.)
While we find AJ’s analysis to be logical and well-reasoned, we must exercise caution in speculating on any future price activity. That being said, we are keeping our fingers crossed that these predictions materialize, and perhaps even surpass his expectations. The prospects of $ICP are unquestionably limitless; it will be fun (and hopefully profitable) to observe how the token performs over the next few years.
AJ’s unwavering dedication to precision and reliability is widely recognized. This guy always does his research! His latest impeccably prepared narrative on ICP’s disruptive potential, unparalleled network performance, and potential for price appreciation reinforces his standing as a trusted thought leader in the crypto universe. The Bitsquad team has given us yet another video that we can’t afford to miss.
In an ever-growing wave of support, influential voices within the cryptosphere are championing the cause of ICP, and the positive repercussions of their endorsements are rippling across the space.
In increasingly large numbers, ICP is attracting a diverse group of Web3 believers who are drawn to its disruptive potential and eager to participate in shaping the future of decentralized technology. It’s our time!
About the Internet Computer Protocol
The Internet Computer, developed by the DFINITY Foundation, is the world’s first truly decentralized and infinitely scalable public blockchain. Operating at web speed, the Internet Computer (ICP) blockchain runs end-to-end on a sovereign network of dedicated machines, hosted by independent node providers around the globe, making ICP the only blockchain that does not rely on centralized cloud nodes. The Internet Computer blockchain is governed by the Network Nervous System, a protocol-integrated DAO where token holders have the power to vote on the future of the network.
Hundreds of dApps now host Web2-style applications (websites, mobile apps, etc.) entirely on chain at web speed, as ICP increasingly becomes a decentralized alternative to the current public internet. Presently, the Internet Computer Protocol processes upwards of a half billion transactions per day — with significantly reduced energy consumption and costs — making ICP the world’s most productive blockchain.
With the Internet Computer Protocol, the promise of a 100% decentralized internet — a trustless “World Computer” upon which the broadest possible range of internet services can exist amongst massively distributed computers — has come to fruition.
About the DFINITY Foundation
The Switzerland-based DFINITY Foundation, a not-for-profit organization dedicated to developing the Internet Computer blockchain, was founded in 2016 by its Chief Scientist Dominic Williams. DFINITY’s Zurich headquarters contains the largest blockchain R&D center in the region and boasts one of the most extensive R&D teams in the industry, with many world-renowned cryptographers, researchers, and engineers. Including its research center in San Francisco, California, DFINITY employs over 200 people globally.
