Veteran Venture Capitalist Predicts Bitcoin Will Fall to $0-$500 And Eventually Be Replaced

Even though Bitcoin is yet to beat the Binance Coin (BNB) as 2019’s most successful crypto asset, it is still doing remarkably well and predicted to do even better before the year runs out.

At this time, Bitcoin has dropped below $8,000 and while some think it’s a bad sign, there are many bulls who have predicted before now, a significant pullback as a sort of prerequisite to another imminent surge. The past few weeks have also been unstable for the coin as the prices have been swinging back and forth in a bid to properly adjust to the current influx of retailers and institutions for the market.

Bitcoin Will Be Replaced

Not everyone is exactly bullish and there have been a few bearish forecasts on the market. However, there probably haven’t been any projections as gloomy as Jason Calacanis’. Calacanis, who is a very popular venture capitalist, has predicted that Bitcoin could drop all the way down to $0.

The investor who is known as one of the initial financiers of popular ride-hailing and ride sharing app, Uber, has said he thinks that the chance that Bitcoin will likely be relegated by a new technology is quite high.

According to a recent tweet posted by Calacanis,

“My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated. It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to lose. For most, that’s 1-5% of net worth. [Bitcoin] will likely go to 0-$500.

Could Newer Cryptos Threaten Bitcoin?

Already, there are thousands of different cryptocurrencies available in the market and only a few can even begin to match up to bitcoin in popularity and market capitalization. However, there are a few giant firms who are not only looking to use crypto in their businesses but are also working on creating their own assets. Facebook and J.P. Morgan, for example, are two of the foremost and the latter has already issued the JPM Coin.

This much interest in cryptocurrency has had a significant effect on Bitcoin but it’s also being said that big firms like Facebook have the capability to create a cryptocurrency and use its billions of subscribers all over the world to displace Bitcoin.

Bitcoin is currently still atop the crypto list but could Facebook’s recently announced Globalcoin do any real damage to the number one coin?