The author of the 2013 book "Bitcoin Explained Simply" says he sticks to his prediction that Bitcoin will achieve a "third act" that will bring the price of Bitcoin to $ 250,000. In Mark Pesce's "The Next Billion Seconds" podcast, Mark Jeffrey compared the current crypto bear market with the dotcom bubble crash that started in 2000.
In the recent podcast, Bitcoin pioneer Mark Jeffrey claims that the key crypto currency will eventually rise to new, breathtaking all-time highs. Jeffrey noted that cryptocurrencies are similar to the early dot-com industry and joined a number of analysts who had previously made the thesis. However, in his opinion, the developments in crypto-space are compressed in time compared to dotcom, so much so that the developments in the crypto market are four to five times faster than in the dot-com bubble.
I think that's very similar to the dot-com boom and bust cycle that we saw in the late '90s and early' 2000s. We have just witnessed the analog of this cycle in the crypto-universe in a compressed timeframe.
I think people got very cocky and probably leaned out of the window a bit and then they got scared. And do not forget that [traditionellen] Markets have also experienced a crash and much volatility, so the crypto market can not be considered in isolation. So I think that affects the crypto-universe to some degree.
Besides, he also noted that the current bear market is not the end of history for Bitcoin and other cryptocurrencies, adding that current market conditions are only a byproduct of market cycles. In fact, he noted that the "third act" of this story, which he likened to Star Wars: The Return Of The Jedi, will soon be forthcoming:
The third act is coming. And if it's something like the dot-com boom and bust, we've seen a small rash, then a dead time and then an actual increase in value with Amazon, Google, Facebook and LinkedIn and others. I think we will see the same thing with cryptocurrencies.
$ 250,000 bitcoin forecast
And with all that in mind, Jeffrey doubled his earlier price forecast and said Bitcoin could eventually rise to $ 250,000. Jeffrey was reluctant to specify an explicit timeline, but given his comments on time compression in the cryptosphere, it is likely that his prediction will be reached in a few years / decade.
Jeffrey is not the only analyst to predict this bitcoin price that is currently going crazy. Tim Draper, a legendary venture capitalist and Bitcoin enthusiast, also said last year that he believes Bitcoin could reach $ 250,000 by 2022.
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