Craig Wright, who is famous for claiming to be Satoshi Nakamoto, recently claimed that Bitcoin would never go above the $20,000 price that it achieved in 2017. According to him, the only way for Bitcoin to break past this price is via a coordinated pump and dump scheme.
In his opinion, Bitcoin has already gone as high as it will ever go and it will not perform any better than that. Bitcoin achieved its highest price to date in December 2017 when it hit $20,000. Shortly after that, it went into a bear run and it has never reached that price since.
Source: Koyfin
What He Said
Craig Wright, who is sarcastically known as Faketoshi in the crypto community, was recorded saying that the price of BTC would not keep climbing forever. He said, “There is no million-dollar bitcoin.” For such a thing to happen, someone would have to create an elaborate Ponzi scheme, in his opinion. He added that there was not enough money in the world for one BTC to be worth a million dollars. In his opinion, the only way to break past $20K is to organize an illegal pump and dump using a tether-like tech. He added that if such a thing were to happen, that group of people would head to prison.
Response from the Crypto Community
Not everyone from the crypto community supports Craig Wright. Some of those who responded to the video noted that fiat currency was constantly being printed. As a result, its value is always going down while that of BTC is not affected by inflation. Another argument was the economics behind bitcoin. With Bitcoin supply being capped, many believe a future collapse of the US dollar could cause a surge in Bitcoin price / valuation. When it’s all said and done, nobody really knows the long-term price of Bitcoin. Right now during the early stages, so many uncertainties still exist.
Bitcoin Still Around $7000
Many people had been hoping that the price of BTC would make a recovery during the holiday season. However, there has not been any major price movement; the price of the top cryptocurrency by market cap has continued to hover around $7000 for the past few weeks. Most short-term predictions are quite bearish. Most crypto “traders” expect that the price will fall below $7000 soon. The sentiment in Bitcoin has seemed to die down the last few months. No catalyst have really come to fruition. Bitcoin needs to see adoption and use case to gain investor attention. Right now – your really lot less of that.
Is Craig Wright Right
Unlike the fiat currency sector, predicting the price of crypto is quite hard. For instance, no one could have predicted that BTC, which was worth less than a dollar in 2009, would be worth anywhere close to $7000 in 2019. As a result, Craig Wright cannot claim to know with any certainty how much BTC will be worth in the future. It seems that Craig Wright is very agenda driven, especially if we look at “Bitcoin SV.” For some time now, Craig Wright still tries to persuade the market that Bitcoin SV is the real Bitcoin. It’s very hard to conclude whether Wrights thoughts on Bitcoin are true thoughts, or if it’s just his way of ultimately pitching Bitcoin SV.
It is also worth noting that the adoption of crypto in the world is still quite limited. Today, only a limited percentage of the world use crypto. Even in the US, less than 8 percent own crypto while the figure is just one percent for the whole world. Thus, if more people were to adopt BTC, the forces of supply and demand could drive its value higher.
Image Source: Flickr
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
