After predicting a potential Bitcoin worth drop to the $3,000s, Silk Street founder and federal inmate Ross Ulbricht sees long-term bullish potentialities for the cryptocurrency worth staying nicely above $20,000.
Posting to his private Medium account on April 24 from america Penitentiary Tucson, Ulbricht expanded upon his comments earlier this month through which he noticed a Bitcoin (BTC) bear run to $3,200 as a definite chance. Whereas admitting his prediction was a possible state of affairs for the second wave, the Silk Street founder needs the crypto neighborhood to know he’s “nonetheless bullish long-term.”
Supply: Medium
“If wave II takes costs all the way down to $1,000 and wave III is as massive as wave I, then wave III will drive costs to $333 million. Assuming 21 million bitcoins, that is a market cap of $7 quadrillion. That is greater than ten instances the present GDP of all humanity. So the purpose is — long run — the sky is the restrict.”
Seeing each short-term and long-term bullish potentialities for the cryptocurrency, Ulbricht attributes any potential bearish habits between the subsequent two waves as nothing greater than “insignificant fluctuations”. In accordance with Ulbricht: “Many years from now, [a BTC price] under $20,000 will appear low-cost.”
Whereas admitting his entry to info is proscribed from jail, Ulbricht nonetheless gives analyses on the Bitcoin market on his Medium weblog. He’s presently serving two life sentences with out the potential for parole after being discovered responsible of cash laundering, pc hacking, and conspiracy to site visitors narcotics in reference to the darknet market web site Silk Street.
