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Kraken Head of Business Dan Held explains why he believes the Bitcoin (BTC) price could reach $1,000,000.
Dan Held has been involved in crypto since 2013. In his latest interview with Cointelegraph, he dives into the early crypto meetups in San Francisco’s Mission District and explains how the price of one BTC could eventually reach a million dollars.
Bitcoin will become “very boring”
Bitcoin is famous for its volatility, but Held thinks that won’t always be the case. He believes Bitcoin to be digital gold. With that thesis comes the expectation that there will be immense growth in the asset’s market capitalization.
“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”
Held predicts Bitcoin to hold from $5 trillion to $100 trillion dollars of value in its “final stages.” This would result in a transformation from a highly volatile asset to a “very boring” currency.
Held’s belief in Bitcoin is unshakeable. He’s seen his net worth go up and drop 80% three times. And yet, 90% of his current net worth remains in Bitcoin. His unwillingness to diversify his portfolio comes from a staunch belief that blockchain technology is only useful for Bitcoin.
“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”
Under this line of thought, which he calls “Bitcoin minimalism” to spite Vitalik Buterin, he doesn’t see a reason for altcoins to exist. To Held, altcoins are just experiments that have yet to prove blockchain is useful for anything but Bitcoin.
In other trending Bitcoin News today:
Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021
The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year. A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire.
Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in.
The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion. That corresponds with approximately $55,000 per coin.
It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021.
PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price. Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence.
“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.” – Jimmy Song
“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.” – Max Keiser
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Show Notes / News Resources:
– https://twitter.com/maxkeiser/status/1279029961043697664
– https://twitter.com/jimmysong/status/1278712114077732866
– https://twitter.com/100trillionUSD/status/1279018157580210178
– https://cointelegraph.com/news/krakens-head-of-business-bitcoin-could-go-to-1-000-000
– https://www.newsbtc.com/2020/07/03/sparks-fly-critics-bitcoin-model-100k/
– https://bit.ly/2ZuOfWY
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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