The head of the blockchain startup Blockstream’s Adam Back (Adam Back) shared his thoughts on the future of bitcoin (BTC). The entrepreneur and the developer believes that the best days for the main cryptocurrency in front, and in the future there will come a day when bitcoin will replace gold and its price will reach $250-$500 thousand.
According to Beck, to rise to such a level, the value of cryptocurrencies can in the coming years. Moreover, the entrepreneur does not exclude the probability that the exchange rate of bitcoin drops to a minimum during this time. It suggests the current situation: at the time of writing the news the price of bitcoin fluctuates around the $4500, and the index data GTI Global Strength show that bitcoin is oversold.
His statement Beck made on Twitter in response to a tweet Bobby Lee (Bobby Lee), CEO of the oldest Chinese cryptocurrency exchange BTCC. Lee asked his followers, is it possible that bitcoin and gold swapped, if the cryptocurrency will increase significantly in price in the next 10-20 years. The head of the BTCC also noticed that at the moment the total value of BTC is $80 billion, which is a hundred times less than the cost of gold.
However, before bitcoin will be on a par with gold, the industry needs to change dramatically. A recent study by the auditing company KPMG says that for turning cryptocurrency into a full-fledged means of savings required the institutionalization of the sphere. Some members of the cryptocurrency industry doesn’t agree.
“[Bitcoin] did not develop in the direction of large-value payments, contrary to what we thought at the very beginning […] But it became really effective means of savings,” says Jeff garzik’s (Jeff Garzik), one of the early developers of the Bitcoin network.
The current crisis cryptocurrency market Adam Beck believes a temporary phenomenon, resulting from the rapid surge almost a year ago. His opinion is not unfounded: the same and other experts say. On the future output from the market crisis and rising prices of bitcoin, for example, always says the analyst of Fundstrat Global Advisors Tom Lee (Tom Lee). In August, he predicted the increase in the value of bitcoins to $20,000 at the end of the year. And even on the days the analyst had to reduce the projected level to $15,000, it still relies on a positive outcome.