The interview happened to be one of Laura’s recent episodes of her podcast which also featured Dan Morehead, alongside Joe, who happens to be the CEO of Pantera Capital, a blockchain-based investment fund founded in 2013.
Bitcoin Price Based On Life Cycle
Speculating on the price of bitcoin, when asked of his opinion of bitcoin’s life cycle and present stage, Joe predicted that bitcoin showed repetitive records and patterns which could see it flying over to around $356,000 per unit within the next couple of years, with bitcoin touching and maintaining stability at $42,000 by the end of 2019.
Bitcoin has made several familiar moves this quarter of the year and analysts believe that those are bullish signals all indicating an upswing in price in the long run.
Price Prediction By Recent Research
Recently, SFOX investigated the factors that affect bitcoin price and related bitcoin price swings to holidays and festivities. Holidays, as the research showed, has a positively great influence on bitcoin price over the years and this year, too, will not be an exception.
Moving slowly to conquer new levels and establishing new highs, bitcoin has steadily moved up at price this year and made an unimaginable come back from its 2018 price massacres. Now trading around $9700, analysts are of the opinion that bitcoin is inadvertently rising up and this time, will surpass its record all-time-high.
Cryptocurrencies In General
In the case of cryptocurrencies in general, Morehead used the Gartner Hype Cycle to predict the stage at which bitcoin and its underlying technology are just 50% down the line of total exposure.
Bitcoin’s Adoption Timeline
According to Morehead, such developments would usually take around 20 years to completely materialize and get to the mainstream. In contrast to this theory, Bitcoin has only 10 more years to prove itself and stand the test of time. In Morehead’s words,
“A small kernel of something very important gets people to be crazed about [Bitcoin] and then the trough of disillusionment [occurs]. And we’ve already gone through two of those cycles in the six years that investing in it,”
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com