Its forecast is similar to that of Fundstrat Global Advisors Co-founder late last week
Block.one’s former chief strategist officer Brock Pierce has forecast the price of Bitcoin will eventually rise to $ 200,000. To justify his prognosis, the former child actor stated that the economic situation, that is, the growing inflationwho have favourited FlagshipCryptocurrency into the world would drift into the five-digit range.
Bitcoin rose to a 7-day high of just under $ 52,000 on Monday, but has been on a downward trend since then. The most recent dip places the coin 31.75% below his All time high from November.
Bitcoin price is unlikely to reach its initial forecast price number
In an interview with Fox Business, he admitted that his previous forecast of $ 100,000 before the end of the year was no longer practical. Although he didn’t set his goal, the former U.S. presidential candidate backed Bitcoin for more profits.
“I wouldn’t be surprised if we see a Bitcoin price of over $ 100,000. It is even conceivable that for a moment it could exceed $ 200,000. ” Brock revealed.
His prediction coincides with that of Fundstrat Global Advisors’ co-founder Tom Lee, who similarly raised crypto to $ 200,000.
“So maybe Bitcoin is in that range of $ 200,000. I mean, it can be done and I know it sounds fantastic, but it’s very useful. “ Lee said in a Market Rebellion round table conversation last week.
Elsewhere, on-chain analyst Willy Woo also predicted that Bitcoin will experience a grandiose rally in the first two months of 2022.
“Was [currently] recover and set up for it [the main phase of the bull run]. I think we won’t make it until 2022. […] January, February could be interesting. “ Woo said.
Pierce noted that Bitcoin’s high price compared to Alts was one of the reasons potential investors switched to other digital assets. On the other hand, he highlighted the high return potential of Bitcoin as one of the reasons why investors are appealed to the crypto asset. However, he stated that Bitcoin does not qualify as a solid hedge against traditional financial assets such as gold due to its inherent volatility and regulatory issues.
Regulation will help the crypto sector
the Tether-Co-founder also spoke about regulations in the cryptocurrency industry. Pierce showed its support for well-defined and practical regulations, noting that regulations for the good of the cryptocurrency sector would work, but only if properly implemented. He criticized Senator Elizabeth Warren for remarks that cryptocurrencies would not help address the issue of financial equality. Pierce indicated that the senator did not have the correct background information and that her remarks were not based on adequate research.
“I encourage you to keep doing your research. I’m glad she took the time to learn. I’m glad she took the time to form an opinion, but make sure you have the correct information before you do this, “ he said.
Pierce, however, joined the Senator’s observation that a vast stash of the Bitcoin supply was in the hands of only a few people acquired during its inception. He said that the distribution of Bitcoin shouldn’t be limited to a handful in order for Bitcoin to be even more decentralized. His remarks carry significant weight considering that he is an influential figure in the cryptocurrency space.
He played an active role in the development of the, along with Reeve Collins and Craig Sellars Stablecoin Tether. He was also the chairman of the Bitcoin Foundation, a nonprofit that was created to raise awareness of Bitcoin. His latest major crypto project co-founded Block.one, which is the open sourceBlockchain EOS.IO created.
Source: Crypto News Deutsch