Bitcoin price predictions have been all over the place lately. But one man who is infamous for tapping into the coin’s potential early on suggests that its price will reach $100,000 in 2020.
Silk Road founder’s two cents
Ross Ulbricht, the founder of Silk Road, a defunct infamous darknet marketplace, posted a series of blog posts on December 10. He claimed that the price of Bitcoin will reach $100,000 next year. He based his analysis on letters he wrote while serving his time in prison as well as Elliott Wave Theory, a kind of market analysis technique.
He said that Bitcoin market analysis could be done even without taking the day-to-day price movements of the cryptocurrency into accounts. He also sidelined the possibility of changes in the general market conditions. Buying bitcoin using Paypal accounts has made it most popular. He forecasted the highs and lows of the market on the basis of investor psychology extremes and said that the emotions of cryptocurrency investors play a far bigger role in Bitcoin than a traditional financial asset.
Overall, he believes that the price of Bitcoin could be increased artificially by hyping up investor expectations, combining with a positive feedback loop. If you are looking to invest in other bitcoin tech startups , you can consider investing in bitcoin lotteries. This mass psychology could result in enhanced buyer optimism that would eventually create an uptick in prices.
What do other players suggest?
Many other industry bigwigs have provided their own predictions for Bitcoin. OKEx head of operations Andy Cheung reportedly predicts that Bitcoin will surpass $14,000 next year. The price may increase because of a Bitcoin ETF product in the US. On the other hand, Monarch president Robert Beadles says that the Bitcoin block reward halving in May 2020 could push the prices up to $11,000. He added,
“I would further venture to say Bitcoin will hit $2 million a coin in the next 5 years so long as the core dev team doesn’t destroy it accidentally from within.”
While most crypto bigwigs have relatively conservative predictions about Bitcoin price in 2020, Ulbricht continues to maintain his position. His website Silk Road was a popular darknet marketplace that sold anything and everything under the sun, including drugs and other illegitimate items like weapons and stolen credit card details.
His website was most well-known for selling illicit drugs because of which he was arrested in 2015 and sent to life prison. He was convicted of computer hacking and fraud, aiding in drug distribution and money laundering alongside several other charges. Crypto investor Tim Draper called for his release earlier this month.