New report suggests Bitcoin can Cross $ 333K Mark by 2023
The cryptographic market It is full of people who continue to make extravagant claims about the future value of the major alt resources like Bitcoin, Ethereum etc. For example, at the start of this year, the crypto savant John McAfee had stated that if BTC failed to touch $ 1 million by the end of 2020, would "eat his manhood". While McAfee's prediction is by far the most bizarre and optimistic, there are many other people who believe too much that Bitcoin is ready to get out of its current collapse.
– fil₿fil₿ (@filbfilb) December 27, 2018
Is Bitcoin looking at an incredible future ahead?
According to respected online analyst & # 39; Filb Filb & # 39 ;, technical indicators (such as multi-year cycles) in relation to Bitcoin show that the currency will probably be at the bottom between $ 2,500 and $ 3,100 over the course of 2019. However, then wait for the market to swell within the next 500 odd days (during which you hear the Bitcoin price will go over the $ 10,000 threshold). Last but not least, 'Flib Flib & # 39; also notes that once in the 'green zone' again, Bitcoin will not stop- with the analyst stating that as soon as the effects of halvening begin to filter into the "premier digital" the asset could eclipse a price of $ 332.733.
The bitcoin that touches $ 300k is not so exaggerated
While for many this new prediction might seem like another superfluous discourse, according to Trace Mayer, one of the first supporters of Bitcoin in the world, with the introduction of the Lightning network and other innovative protocols within the Bitcoin network, things they seem extremely positive for the altcoin industry as a whole.
Not only that, Mayer also believes that with Wall Street he is now actively interested in cryptocurrency, Bitcoin it will slowly begin to become the "de facto go-to investment vehicle" for all forward-looking investors. If that were not enough, Mayer even went so far as to say that in the near future, Bitcoin most likely will exceed an IRA or 401k, since the aforementioned investments may become nationalized over time, or they may become victims of hyperinflation.
Mayer: "Consumers will crowd at BTC as global economies continue to become more and more debts"
Other catalysing factors that Mayer believes will push the encrypted market upwards is the fact that there is a "limited amount of BTC that can go around in the market". Not only that, he also noted that the global economic sector continues to be devastated for issues related to inflation and debt, more and more consumers will begin to move towards encrypted assets (since they are in their core essence "debt-free currencies").
Furthermore, while the state of global macroeconomic markets was recently discussed, Mayer said that:
"In Shakespeare's Hamlet, he writes that neither the borrower nor the creditor is.We have too much debt globally.It came largely in response to having too much debt and a failure since 2007 … Now we have publicly traded companies that borrow money to repurchase shares, but the productivity of the globe is not enough to serve this debt, so people will not be able to pay this debt. "
Another major financial crisis is at the horizon
Regarding the recent rise in interest rates by the Federal Reserve, Mayer along with a host of different market analysts believe that another "financial crisis is looming on the horizon". This is becoming increasingly evident with each passing day, especially as traditional markets have continued to wriggle over the past two months. For example, both the Nasdaq Index and the Dow Jones have scaled back to bring the lows back in the past week (with their numbers currently equaling their worst tally since the 2008 global economic meltdown).
As a result of this change, it is now projected that money based on fractional reserves will continue to be antiquated as more and more people are starting to gravitate towards equity-based assets (such as BTC, ETH).
It is quite visible to everyone that every time the fiatic markets are debating, Bitcoin and other similar cryptocoin begin to rise. That said, there are still some barriers to the widespread adoption of Bitcoin at the moment – with one of the main problems being currency scalability.
For example, at present, most of the cryptographic exchanges and trading platforms would probably be under pressure if "millions of users were to download the credit card on them". Not only that, if a mass exodus to the crypt were to happen in a short period of time, most of the digital currency networks would face a catastrophic amount of congestion – which would cause the transactions to stop almost uninterruptedly.
In closing, the future looks decidedly bright for the encrypted market as a whole, but we still have to be realistic about the scalability of our existing digital networks.