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There\u2019s no denying it, the crypto industry is known for its eccentric individuals, statements, and startups. John McAfee<\/a>, for example, promised to consume his family jewels if Bitcoin (BTC) doesn\u2019t reach $1 million apiece by 2020\u2019s end. While McAfee\u2019s call is by far the most bizarre, especially what he wagered, he isn\u2019t the only industry insider to expect for BTC to break out of its quintuple digits cell.<\/p>\n In the end, these predictions may be headline-seeking, but there are a number of catalysts that could push BTC far beyond current price levels.<\/p>\n Filb Filb, a prominent crypto analyst that often touts zany charts, recently took to his Twitter feed to release another one of his (in)famous charts. The chart, which highlighted Bitcoin\u2019s entire history as a liquid asset, accentuated the asset\u2019s multi-year cycles, which were created by the Bitcoin issuance (halving) cycle.<\/p>\n “This time it will be Different” $btc<\/a> pic.twitter.com\/godjk3P2pw<\/a><\/p>\n \u2014 fil\u20bffil\u20bf (@filbfilb) December 27, 2018<\/a><\/p><\/blockquote>\n Basing his prediction off the previous cycles, Filb noted that BTC could bottom at anywhere between $2,500 and $3,100 over the next year. And if the cards play out correctly, once the halving occurs in ~500 days, the Bitcoin price could begin its next run beyond $10,000. If the asset\u2019s historical action\u00a0is any indication, BTC could eclipse $332,733, once the effects of the halvening hit the supply and demand of crypto markets.<\/p>\n Trace Mayer, one of the earliest Bitcoiners and an anti-establishment proponent, recently explained his personal take on Bitcoin\u2019s value proposition, specifically from a long-term point of view. The diehard, who began publicly advocating for cryptocurrencies in 2011, told The Crypto Sphere<\/a> that as the financialization of Bitcoin occurs, BTC will become a \u201chuge player\u201d on the global stage.<\/p>\n Mayer explained that with the advent of Lightning Network<\/a> and other innovative protocols, coupled with the eventual influx of Wall Streeters, BTC<\/a> will become the de-facto go-to investment for any intelligent\u00a0consumer. Mayer even quipped that holding BTC will easily outpace an IRA or 401k, as the latter investments may get nationalized over time, or get printed straight out of existence (hyperinflation).<\/p>\n This wasn\u2019t the only bullish catalyst that the \u201chard money\u201d apostle touted, telling his interviewer that there \u201csimply isn\u2019t enough [crypto] to go around,\u201d claiming that there\u2019s only 0.17 BTC for every active consumer<\/a> in this market. And as global economies begin to sag under inflating worldwide debt figures, more consumers will continue to flock to cryptocurrencies en-masse.<\/p>\n Speaking on the deteriorating state of macro markets, Mayer noted:<\/p>\n \u201cIn 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\u2026 Now we have publicly-traded corporations borrowing money to buy back shares, but the productivity of the globe isn\u2019t enough to service this debt. So people are going to fail [to pay] this debt.\u201d<\/p><\/blockquote>\n Perfectly segwaying into his cardinal point, Mayer noted that this financial crisis, which is rapidly festering, will drastically alter the globe\u2019s power and influence structure. And as traditional markets\u00a0flounder, the investor noted that psychologies will shift, as fractional reserve-based money becomes antiquated and equity-based money (like BTC) takes over. This, of course,\u00a0is hyperbitcoinization<\/a> exemplified, and could single-handily propel the cryptocurrency beyond the limits of human rationale.<\/p>\n This isn\u2019t an unpopular opinion\u00a0by far, as pundits like Tim Draper and John McAfee have claimed that the collapse of fiat will push BTC well past the all-time highs it established in late-December 2017.<\/p>\n Yet, there remain a number of roadblocks in Bitcoin\u2019s way, namely scalability<\/a> and a lack of suitable infrastructure. As it stands, exchanges and platforms supporting cryptocurrencies would likely crumble if millions were to unload\u00a0fiat simultaneously. Moreover, the decentralized networks themselves would likely undergo a catastrophic period of congestion, where transactions grind to a near-halt. But, these (to-be) issues haven\u2019t gone\u00a0unchecked, as there are dozens, if not hundreds whose\u00a0raison d\u2019etre is solving these issues at any cost, and by any means necessary. So have no fear, [maybe] hyperbitcoinization is near.\u00a0\u00a0<\/span><\/p>\n <\/p>\n The post Bitcoin May Breach $333,000 By 2023: Why This Prediction Isn\u2019t Crazy<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Market Cycles Predict Bitcoin Could Surpass $333,000 By 2023<\/strong><\/h2>\n
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Why This Bitcoin Call Isn\u2019t Too Zany<\/strong><\/h2>\n
Related Reading:\u00a0Bitcoin and Crypto are Solutions to the $164 Trillion Global Debt<\/a><\/h5>\n
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