New Report Suggests Bitcoin May Cross $333K Mark By 2023
The crypto market is full of people who continue to make outlandish claims regarding the future value of premier alt-assets such as Bitcoin, Ethereum etc. For example, earlier this year, crypto savant John McAfee was quoted as saying that if BTC failed to touch $1 million by the end of 2020, he would “eat his manhood”. While McAfee’s prediction is by far the most bizarre and optimistic, there are many other people who too believe that Bitcoin is all set to break out from its ongoing slump soon.
“This time it will be Different” $btc pic.twitter.com/godjk3P2pw
— fil₿fil₿ (@filbfilb) December 27, 2018
Is Bitcoin Looking At An Amazing Future Ahead?
According to respected online analyst ‘Filb Filb’, technical indicators (such as multi-year cycles) in relation to Bitcoin show that the currency will most likely bottom somewhere between $2,500 and $3,100 over the course of 2019. However, he then expects the market to swell within the next 500 odd days (during which he feels the price of Bitcoin will go beyond the $10,000 threshold). Last but not least, ‘Flib Flib’ also ascertains that once in the ‘green zone’ again, there will be no stopping Bitcoin— with the analyst claiming that as soon as the ‘effects of the halvening start to seep in’ the premier digital asset could eclipse a price point of $332,733.
Bitcoin Touching $300k Is Not That Far Fetched
While for many this latest prediction may sound like another piece of superfluous talk, according to Trace Mayer, one of the world’s earliest Bitcoin proponents, with the introduction of the Lightning Network and other innovative protocols within the Bitcoin network, things are looking extremely positive for the altcoin sector as a whole.
Not only that, Mayer also believes that with Wall Street now taking an active interest in cryptocurrency, Bitcoin will slowly start to become the”de-facto go-to investment vehicle” for all forward thinking investors. If that wasn’t enough, Mayer even went as far as saying that in the near future, Bitcoin will most likely outpace an IRA or 401k, since the aforementioned investments may get nationalized over time, or may become victims of hyperinflation.
Mayer: “Consumers Will Flock To BTC As Global Economies Continue To Become More And More Debt Ridden”
Other catalyzing factors which Mayer believes will push the crypto market upward is the fact that there is a “limited amount of BTC that can go around in the market”.Not only that, he also noted that as the global economic sector continues to be ravaged by issues related to inflation and debt, more and more consumers will start to move towards crypto assets (since they are in their core essence ‘debt free currencies’).
Additionally, while addressing the state of the global macro markets recently, Mayer was quoted as saying:
“In the play Hamlet by Shakespeare, he writes that neither borrower nor lender be. We have way too much debt globally. It came largely in response to having too much debt and a failure starting in 2007… Now we have publicly-traded corporations borrowing money to buy back shares, but the productivity of the globe isn’t enough to service this debt. So people are going to fail to pay this debt.”
Another Major Financial Crisis is on the Horizon
In regards to the recent hike in interest rates by the Federal Reserve, Mayer along with a host of different market analysts believe that another “financial crisis is now looming” on the horizon. This is becoming more and more evident with each passing day— especially since traditional markets have been continuing to flounder over the course of the past couple of months. For example, both the Nasdaq Index and Dow Jones have scaled down to record lows over the week gone by (with their numbers currently equaling their worst tally since the global economic meltdown of 2008).
As a result of this shift, it is now being projected that fractional reserve-based money will continue to become antiquated as more and more people start to gravitate towards equity-based assets (such as BTC, ETH).
It is quite visible for everyone to see that whenever fiat markets struggle, Bitcoin and other similar cryptocoins start to surge. With that being said, there are still quite a few hurdles in the way of Bitcoin’s widespread adoption at the moment — with one of the primary issues being the currency’s scalability.
For example, as things stand, most crypto exchanges and trading platforms would likely buckle under pressure if “millions of users were to unload fiat onto them”. Not only that, if a mass exodus towards crypto were to happen within a short span of time, most digital currency networks would face a catastrophic amount of congestion— which would see transactions grind to a near-halt.
In closing, the future definitely seems bright for the crypto market as a whole but we still have to be…