The Bitcoin pioneer who literally wrote the book on the digital currency (well, kind of) has made a bullish market prediction.
Mark Jeffrey, who published ‘Bitcoin Explained Simply’ in 2013, believes the price of a Bitcoin will reach $250,000, and the “boom and bust” cycles we’re seeing now are to be expected.
Bitcoin is not dead
Micky recently explored the claims and apparent evidence that Bitcoin is dying a painful death.
A year after the so-called ‘Crypto Winter’ began, some experts are predicting it could turn into a ‘nuclear winter’.
But Mark Jeffrey believes the long-term future of Bitcoin is bright, and the current down-trend isn’t surprising.
“I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s,” he told Mark Pesce on the ‘The Next Billion Seconds’ podcast.
“We’ve just gone through the analogue of that cycle in the crypto universe in a compressed timeframe.
“So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
Bitcoin and crypto markets cooling off
Mr Jeffrey says in 2017 and early 2018 people made the mistake of becoming caught up in the crypto investment mania.
“I think people got very over exuberant and maybe extended themselves a little bit too far, and then they got scared.”
“And don’t forget that the (traditional) markets have also experienced a lot of crashing and volatility so it’s not isolated to just crypto.”
Where Bitcoin is heading
High-profile investor and cryptocurrency pioneer Mike Novogratz expects institutional money to flood into Bitcoin eventually and he’s surprised it’s not happening on a larger scale already.
“(I) don’t understand why all the big macro funds out there don’t have a one per cent position in BTC.”
“(It) just seems logical, even if you’re prone to be a skeptic.”
Don’t understand why all the big macro funds out there don’t have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward
— Michael Novogratz (@novogratz) February 9, 2019
Mark Jeffrey is of the opinion things will change eventually.
“I think we’ll in a little dead period right now, everyone knows,” he said.
“But this is not the end of the story. This is the middle part. This is the second act. The third act is return of the Jedi and we’re not there yet.
“That is coming. And if it’s anything like the dot com boom and bust …” M
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