The IOTA Foundation is behind a project whose goal is to rule the world of the Internet of Things (IoT). Even so, the coin that will power this revolutionary hyper-connected world trades at around 30 cents, with billions in circulation and mined beforehand. Regardless of price, opportunities and low competition believe that the next wave of bulls would see backers see the asset rise to $ 55 if IOTA had control of 10 percent of the IoT space.
According to a cryptocurrency analyst, Taipei Style, IOTA has the potential to climb 18,333 percent to $ 55 in a tentative time frame – possibly years after 5G internet is fully adopted. In a tweet, the IoT fanatic and an avid supporter said that IOTA says that progress towards dominance would be in lock increments.
If #IOTA was responsible for 1 percent of IoT spending, it would translate into a market cap of $ 15 billion. With a stake of 10%, this value would already amount to USD 150 billion.
150 billion USD = exchange rate of 55 USD / MIOTA
Shared by Bitcoin_Julko pic.twitter.com/hJQkKiwXSo
– Linkmann (@ change5168) May 4, 2019
First, a one percent control would increase market cap to $ 15 billion in a market he believes is worth $ 1.5 trillion. Should the participation rate increase to 10 percent, the market capitalization of IOTA would be around 150 billion US dollars. At this point, the IOTA price would be $ 55, and Taipei thinks this is doable.
Note that in the last Bull Run cryptocurrency market in 2017, IOTA hit an all-time high of $ 5.25 with a market cap of $ 14.5 billion. If the cryptocurrency hits that price again, it would account for 1 percent of transactions in the IoT space as its market cap retests the $ 15 billion level. However, this is unlikely and should that happen it could result in a complete shift in the IOTA consensus algorithm, which initially works as planned and works flawlessly when implementing the coordination murder.
His feeling comes a few days after another supporter argued that any IoT companies that want to be relevant should start amassing IOTA coins. The IOTA bull cites breakthrough technology and a billion dollar market that companies are beginning to explore. Though critics argue that the IOTA platform is not simply a network and is not designed to add real value to data as competing centralized companies such as Amazon Web Services, Google, and Microsoft are testing and improving. The huge market would pique investor interest.
It is predicted that there will be more than 30 billion devices connected to the Internet of Things by 2020 and the sheer amount of data customers are ready to share could be overwhelming. According to a report by Forbes, the IoT market is projected to grow to $ 521 billion in 2021, with the CAGR exceeding 50 percent, driven by the increasing connection and optimism of companies.
Despite the backer’s projection, IOTA has been trading at $ 55 for eons. As mentioned above, the network’s consensus algorithm should work properly without criticism and centralization.
Dear @Elonmusk, you don’t know yet, but you want it!
You want: -less transactions, -free data transactions, -an insurance use case for a Tesla that is already working! #IOTA pic.twitter.com/OKgQbjipTb
– 42 💎🦋💎 (@ 42_paradox) April 30, 2019
On the other hand, IOTA must have strong partners in the manufacturing area when they introduce products with IOTA as an intermediary. Only if there is full trust can IOTA expand to over $ 55.
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