According to Erik Voorhees, the current crypto market bubble could push Bitcoin to $ 200,000 next year
In a new interview, Bitcoin investor and ShapeShift founder Erik Voorhees predicts that Bitcoin will rise as high as $ 200,000 in 2020.
He also addresses why everyone is so consumed with speculation and the price of Bitcoin, which often seems to get more attention than the technology and emerging use cases.
Voorhees tells YouTuber Crypto Beadles,
“That’s what attracts people. That’s what made me do it. I saw this article on Bitcoin and saw it go up 500% in just a few months. Since I didn’t know anything about it, I clicked on the article because it sounded interesting. “
“Nothing has grown in value as quickly as Bitcoin, with the exception of a few private companies, but they didn’t have their price ticker public from the start. Imagine if Facebook’s stock value was public and live in real time from day one. It would have been a fascinating assent. So yeah, it piques a lot of people’s interest. It attracts people.
A lot of people are only interested in the price and that is not the purpose. The price goes up because of the importance behind it. Why is it rising? That’s because crypto is an amazing technology that is changing the way finance works around the world, and that’s way more interesting than the daily ups and downs – but I’d be lying if I said it wasn’t exciting when it has shot up. “
His latest price prediction is pushing Bitcoin into the stratosphere as the next bubble, he believes, begins to grow.
“I think we are now in the next bubble. We’re starting the next bubble, and I think this bubble will end sometime in 2020 between $ 100,000 and $ 200,000 per bitcoin. I would predict that. But markets are great at fooling people, so we’ll see what actually happens. “
Voorhees has been in the market for over eight years and has a long look at how crazy a 20x prediction can sound in such a short period of time.
“I remember debating with people on internet forums in 2011 – could Bitcoin ever be worth $ 100? We would have these heated debates about it. What would it take, how much acceptance, how realistic it was. And then the really crazy ones said it might come to $ 1,000. And it didn’t take that long. It felt like a long time in the process, but here we are. It’s eight years later and we’re at $ 12,000 per bitcoin. Totally crazy.”
Voorhees says the adoption is happening because people want to spend their Bitcoin fortune on real things.
“You can talk to the BitPays of the world, the merchant processors. You can talk to people who have crypto – they generally spend it the most when it’s mooning because they get richer. and because they want to use some of that wealth to buy real things.
Bitcoin is ultimately only useful because one day it will buy something, be it tomorrow or 50 years from now. So at some point you convert bitcoins into real things that you want to consume, like a home or food or a car or entertainment or whatever. And when it’s mooning, people feel this wealth effect and when they actually spend a large part of their spending on crypto. “
Voorhies says that as the network grows, Bitcoin becomes more stable and that he can imagine people wanting to collect their salaries in digital currency instead of holding them in fiat currency that can be devalued.
“I don’t think so in twenty years [Bitcoin] will be so volatile. I think it will be less volatile than gold today. ”
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