Although there is a high level of fear and uncertainties flying around the cryptocurrency and traditional markets, some sets of crypto influencers still see a bright future for Bitcoin (BTC).
The CEO of Messari Crypto, Ryan Selkis, says he is of the opinion that Bitcoin will grow beyond imagination as long as its dollar value is put into check, based on the rapid mediation in monetary policy from the Federal Reserve.
According to him, so far, there has not been a fiat currency that survived degradation. He believes however that the value of bitcoin in the nearest future isn’t measured in the thousands or millions.
Responding to CEO Ryan Selkis, co-founder of EOS and CEO of Block.one, Brendan Blumer, is of the opinion that BTC is on a pathway toward $250,000 irrespective of what happens in the traditional markets. He believes that time is a determinant factor towards achieving this.
“BTC is on track to reach those levels with nothing but time. No existential financial collapse needed.”
BTC is on track to reach those levels with nothing but time. No existential financial collapse needed.
— Brendan Blumer (@BrendanBlumer) March 24, 2020
Although, Analyst Luke Martin says he’s also confident on Bitcoin in the long run, however, he warns that the short-term picture might remain gloomy.
Report shows that he made the following statement in a bid to buttress his point: “Businesses shutting down during a pandemic means lower earnings short-term and lower chance of success. Risk assets selling off during pandemic means lower BTC prices short-term and, if anything, the current fiat experiment has increased Bitcoin’s chance of longterm success.”
Meanwhile, Richard Burton, an early crypto investor, who worked at the Ethereum Foundation in 2014 says an actual check on the state of the global economy is in order. He went further to site example of the state of unemployment in the US as at 2017, which cannot be compared to its high rate in 2008 which caused financial crisis.