Bitcoin could see explosive growth this year despite the recent downturn, according to one crypto CEO.
Transcript:
FRANK SPEISER: Yeah so I think right now the market is panic selling and sort of reacting to the macroeconomic trends. I think you might see bitcoin slide a little bit further. But as I’ve previously said I think the end of this year Bitcoin $150,000 is within reach. I think that within the next four years you could see Bitcoin between 4 and 500,000. Because there’s only 3 to 5 million bitcoin transacting at any given time. And the market is modeling off of 21 million in circulation. So when you look at somebody coming in to set up a strategic reserve, for instance, that takes quite a bit of supply off the market and the market has to react to that. So just like you just saw an oversell based on economic news, the macroeconomic factors, I think what you could see is people exuberantly buying based on supply constraints. And I think that’s just going to drive the price up.
CONWAY GITTENS: So is it just a supply gravy train dynamic that pushes bitcoin to these prices. Or there is something fundamental. And that’s the thing I think that some people like to scratch their heads with. They know like when I buy a stock, I’m getting I’m getting a piece of a company, I’m getting a piece of their earnings, I’m getting a dividend. When I buy a bond, I’m getting a coupon, I’m getting an interest rate. When I’m buying bitcoin, when I’m buying Ethereum, what am I, what value am I actually getting to then understand where that value can go?
RANK SPEISER: Well, if I could back up a little bit. Bitcoin started off as a protest vote against the inflationary central bank policies. And and I think it served its purpose to to designate that people were skeptical of what was going on there. But what it’s become is almost like a national strategic initiative for for countries to and large scale financial institutions to hedge against the performance of inflationary assets and to also allow people to settle in a currency that’s not denominated in dollars. So when you look at it that way, if the United States moves forward and sets up a strategic reserve, then every other country has to react and gain a piece of the future money supply. So what you get is you get an ownership in the future money supply of a non-dollar asset where you can settle deals outside of the dollar, or you can perform transactions outside of the dollar, but you own a piece of that future economy. So I think from a strategic perspective, as an ind
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