Bitcoin recently shot past the mammoth $11,000 price mark and at the time of writing, the world’s leading cryptocurrency is treading steadily at around $11,394 while showing a minor 4.64% increase in price during the past 24 hours. But since the uptick, all eyes in the financial world are now set on bitcoin’s price. Its proponents are expecting it to cross its previous high of almost $20,000 that the asset achieved back in December of 2017.
Amid the hype that is now built around bitcoin, BlockPublisher got in touch with the co-founder of Morgan Creek Digital, Jason Anthony Williams, a strong bitcoin proponent, to get his remarks on the current situation. He said:
I hope that people don’t forget to give as they realize gains from crypto — there are a lot of those out there less fortunate than the early adopters.
Further talking about his personal thoughts on bitcoin’s future price, he said:
My prediction is “up, up, down, down, left, right, left, right, B, A.”
Jason and his partner at Morgan Creek Digital, Anthony Pompliano, have been early adopters of bitcoin. Early adopters gained extreme benefits back in 2017 when the bull-run hit taking the price of bitcoin to its all-time high.
The bull-run of 2017 resulted in “bitcoin millionaires”, as they are called. These were mainly the people who had trust in the crypto world from the beginning and had invested in bitcoin when its price was nominal. One has to remember that there was a time in the beginning when 10,000 BTCs were used to buy pizzas.
The crypto world has come a long way from that point onward. Besides the early adopters, investors, who stepped in at just the right moment when the bull-run began and exited timely, also made significant gains.
Now, expectations for a bull-run are building up again. Amid these expectations lie the golden opportunity for early adopters to get huge gains once again. Seeing the expectations for bitcoin being on its way to cross its all-time high (ATH) record of 2017, a lot of new investors are now getting attracted towards this space with the hopes of making quick bucks.
This is resulting in more investment flowing into this space. And in this regard of bringing in new people into the crypto space, FOMO (fear of missing out) plays a huge part.
The witty remark made by Jason of early adopters being more fortunate than the latecomers or the skeptics of the crypto world is seemingly a lighthearted banter made at those who disregard the asset as something that carries value and those who carry huge negative narrative about the crypto space overall. Even big financial gurus like Warren Buffet dismiss bitcoin altogether. He had previously stated:
It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.
As opposed to Warren Buffet, people who are stepping into the crypto space just at the right time are getting huge returns on their investment. At the beginning of April, bitcoin was floating around in the lower $4,000s and now it is way above the $11k mark.
Bitcoin was even seen in the $3,000s earlier this year. People that believed in the asset and survived the bear run are now reaping the benefits.
Things are seemingly set for a prolonged bull run. People are hoping for bitcoin to cross its ATH from here on. Upon this price uptick of BTC, BlockPublisher got in touch with the renowned crypto analyst Mati Greenspan as he answered the question regarding where he saw bitcoin going, stating, “to the moon”. The crypto Twitter has also exploded since the price spike and the FOMO is just getting stronger.
— Justin Sun (@justinsuntron) June 22, 2019
All in all, the hype is there, the FOMO is attracting new investment, capital is flowing in; if bitcoin now goes on to cross its ATH of 2017, it wouldn’t come off as a surprise, but the bitcoin world is too uncertain.
One day the market is seen booming and the very next day it is coming down crashing due to no physical backing of the asset and pure speculation controlling the price. But then again, this is exactly what makes bitcoin a candidate of reaching new highs in the future in terms of its price.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. – John McAfee