Bulls Tom Lee, Reddit Co-founder Alexis Ohanian and Bobby Lee remains bullish about Bitcoin's materialization in years to come
Image source: pixabay - MiraCosic
It has been quite clear that Bitcoin bulls speak soundly and confidently about BTC. Many of their arguments have been well stitched together. Almost like sales personnel doing door-to-door sales. How much fact and truth do the bulls have? Wait till you hear what Bitcoin bears are saying.
John Crudele's dirty tactics are unsightly and shameless, writing a 100-word prose on NYPost again. This has not been his first attempt to smear Bitcoin's name, with allegations without evidence or facts. Quickly perusing through his rant so as not to waste my time, he has once again resorted to name-calling on the tabloids.
Moving on, Bobby Lee, the co-founder of the BTCC exchange, explains how Bitcoin prices would surpass $20,000 in the next BTC reward halving event in 2020. On Ethereumworldnews - Nick Chong, Bobby Lee sees Bitcoin prices hitting $60,000 and reaching a circulation value of $1 Trillion.
Bobby Lee's prediction is based on the fact that Bitcoin's next halving in 2020 will see Bitcoin miners using an estimated $54 million worth of electricity a day and this would be equivalent to a Bitcoin price of $60,000. These sky-rocket high prices merely followed the on-going trend of the increasing hashpower of Bitcoin. Lee's simple math may have made a point but not yet a stand.
Image source: pixabay - StockSnap
Alexis Ohanian, the co-founder of Reddit, has been moving further into the cryptocurrency industry. Otherwise known as the husband of tennis player Serena Williams, Ohanian is optimistic about Bitcoin amidst instability of fiat currencies in countries with economic turmoil:
“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because as unstable as it is, it is actually a lot more stable for a lot of people than their own nations’ fiat currency. But right now, we’re still in the earliest, earliest stages.”
Source: newsBTC - Cole Petersen
Also witnessing the hyperinflation of Venezuela's national currency in addition to the economic situation in Turkey, many countries with weak fiat currencies are at risk of devaluation. More are turning to Bitcoin to hold the true value in times of imminent crisis.
Image source: pixabay - TeroVesalainen
Lastly, permabull Tom Lee solidifies the bullish future of Bitcoin by looking into the emerging markets trend. Lee's argument states that emerging markets as indicated by the MSCI Emerging Markets Index shit up and went down, following Bitcoin's trend closely. He explains why Bitcoin and emerging markets are connected:
“So why do we think they’re connected? Well, there is two factors. The first is hedge funds — see hedge funds typically rent emerging market stocks. So they do risk-on, risk-off. So when they’re risk-off, Bitcoin also suffers because they are risk off. The second reason has to do with wealth effect. Wealth effect means that if you are living in an emerging market, and you see your stock market fall hugely, that you will have a lot less money to buy Bitcoin.”
Source: newsBTC - Nick Chong
Lee also pointed out that hedge fund managers are diversifying into Bitcoin and other cryptocurrencies. This changing landscape in the trading ecosystem will be set to see increasing interests in Bitcoin as a hedge asset. Coincidentally, this viewed is also shared by the author of "Rich Dad, Poor Dad", Robert Kiyosaki in a recent podcast.
Are Bitcoin bulls claiming facts or just fiction? I challenge Bitcoin bears to make better arguments.