After predicting a doable Bitcoin value drop to the $3,000s, Silk Street founder and federal inmate Ross Ulbricht sees long-term bullish prospects
After predicting a doable Bitcoin value drop to the $3,000s, Silk Street founder and federal inmate Ross Ulbricht sees long-term bullish prospects for the cryptocurrency value staying properly above $20,000.
Posting to his private Medium account on April 24 from america Penitentiary Tucson, Ulbricht expanded upon his feedback earlier this month during which he noticed a Bitcoin (BTC) bear run to $3,200 as a definite chance. Whereas admitting his prediction was a probable situation for the second wave, the Silk Street founder desires the crypto group to know he’s “nonetheless bullish long-term.”
Supply: Medium
“If wave II takes costs right down to $1,000 and wave III is as massive as wave I, then wave III will drive costs to $333 million. Assuming 21 million bitcoins, that is a market cap of $7 quadrillion. That is greater than ten instances the present GDP of all humanity. So the purpose is — long run — the sky is the restrict.”
Seeing each short-term and long-term bullish prospects for the cryptocurrency, Ulbricht attributes any doable bearish habits between the following two waves as nothing greater than “insignificant fluctuations”. In line with Ulbricht: “A long time from now, [a BTC price] under $20,000 will appear low cost.”
Whereas admitting his entry to info is restricted from jail, Ulbricht nonetheless gives analyses on the Bitcoin market on his Medium weblog. He’s presently serving two life sentences with out the opportunity of parole after being discovered responsible of cash laundering, pc hacking, and conspiracy to visitors narcotics in reference to the darknet market web site Silk Street.