Bitcoin price is moving on a downward slope as it slips down to $6,175. According to Joseph Carson, the Chief Security Scientist at Thycotic Software, the most likely scenario for Bitcoin is to die and come down to $43.
Bitcoin price [BTC] slips below $6,200, Carson Says – BTC to hit $43
Bitcoin price is slumping hard. It is coming close to touching the $6k price value as according to tradingview, it is currently trading at $6,175.
This weekend, Bitcoin has been around $6,800 which started tumbling down on Tuesday stopping at $6,400. It did maintain a bit of stability yesterday but again took on a downward slope today.
The entire crypto market is experiencing the red right now. Ethereum (ETH), XRP, EOS, Bitcoin Cash, Cardano, IOTA, Tron along with a majority of the cryptocurrencies are down by 3 to 7 percent in the past 24 hours.
However, a number of experts and analysts are still sticking to their price predictions for Bitcoin to hit $25k and $60k. But according to Joseph Carson, the Chief Security Scientist at Thycotic Software Ltd. is not at all bullish of Bitcoin price, rather he is being extremely bearish in his prediction.
Carson told the media channel, Express.co.uk,
“The most likely scenario is that bitcoin will die; my current valuation of bitcoin is approximately US $43 as opposed to the hyped and manipulated valuation.”
Bitcoin got only three options
However, he does have the areas of improvement for bitcoin,
“Unless Bitcoin is able to become more efficient at mining, and more stable overall, it is likely to die. These higher mining costs and the fact that more retailers are failing to accept bitcoin as payment – as they are unable to convert it as it is too expensive – will mean the end of it.”
Carson’s’ response to the Bitcoin price has been on one of the three options illustrated by Noah Smith. Bitcoin has three paths that it can take, the first one comprises Bitcoin replacing the fiat currencies. This will make it the main unit of exchange. People are using bitcoin to pay for rent, buying properties, pizza or for plane tickets.
Recently, a study by eToro and Imperial College of London also stated that in the next decade, bitcoin can become the mainstream form of payment as it already fulfills one of the three fundamental rules of fiat money.
The other option is that bitcoin will become like gold. He clarifies that fiat will keep on its role of the main unit of exchange. Fiat money will be used everywhere except for those economies which are extremely dysfunction like Venezuela.
This situation will see a rise in the value of bitcoin while keeping its importance. During this period it will go through bubbles and crashes at times but will overcome them all.
The last situation is when Bitcoin loses its value among people and stops being useful as a payment method.
For now, the market sentiments are somewhat divided. At one side, people are extremely optimistic and hoping for the bulls to return. On the other hand, the pessimism is at its peak as experts that see bitcoin as a bubble believes it is bursting right now.
Which scenarios according to you is the most likely for BItcoin Price?
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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com