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Bitcoin (BTC) To Hit $42,000 By The End Of 2019 And $356,000 In 2022, Says Pantera Capital CEO

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Bitcoin

In the last couple of years, we have heard some bold predictions for Bitcoin. This has ranged from $20K to $1 million, in the next five years. The CEO of Pantera Capital has now thrown his name in the hat.

Dan Morehead, who is also the founder of the firm, says Bitcoin will reach a mesmerizing price of $356,000 in 2022. He also predicted that Bitcoin would end the year above $42,000. His predictions are not to be taken lightly. Back in the day when Bitcoin was priced $100, he predicted it would shoot to $5,000.

In the last couple of years, Bitcoin has been growing by 235% in compound annual growth rate. The CEO basis his end of year prediction on this. If the same is repeated this year, this will see Bitcoin hit $42,000 by the end of the year. He states:

“Graph the price of bitcoin logarithmically and its trend has been to grow at 235% compound annual growth rate. That puts BTC at $42,000 at the end of 2019. I think it’s a good shot that at the end of the year we hit that.”

He further prolongs the formula, which sees prices hit $122,000 in 2020 and eventually $356,000 by 2022.

Bitcoin (BTC) Can Do Even Better

Historically, Bitcoin has proven to follow no known formula. Bitcoin is like no other traditional asset and because of this, it has been hard to predict its movement. Last week, analyst Pompliano noted:

“You can’t value a network asset like Bitcoin with a financial asset valuation model. The value drivers are different. Bitcoin isn’t driven by revenue, profits, GDP, interest rates, etc. The value is driven by network effects, both in users and security.”

Notably, Pompliano has also made a price prediction for 2020. The analyst believes the digital asset will end 2019 above $20K, and $100K by 2020.

As the months and years come, Bitcoin fundamentals get stronger. This means that in the years to come, it is very possible to hit the predicted prices by Morehead and even do better.

One of the better predictions was made by John McAfee who was later backed by Former IBM executive, Jesse Lund. The two predicted that Bitcoin would hit $1 million in our lifetime. But, John McAfee says this could happen as early as 2020.

Cryptocurrency

Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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