While the Bitcoin bull trend has died down a fair bit since the $14,000 top seen earlier this year, the cryptocurrency market remains up over 100% from its ultimate bottom, which was established in December of last year. However, this market’s rally might not be done yet. According to a popular analyst of the Bitcoin market, BTC surging by another 500% is not far off.
Clem Chambers, CEO of ADVFN, recently sat down with gold-centric news outlet Kitco to talk up Bitcoin, explaining that the macroeconomic trend, especially macro trends that force consumers to find a way to secure their capital quick (capital flight, hyperinflation, etc.), could favor the cryptocurrency in the coming months and years:
“If you’ve got to move fast, uncertainty means Bitcoin. I mean, gold, you can’t really carry much of it, it’s hard to store, it’s quite difficult to buy. You can’t just go, I’ll have some of that gold. It’s much easier to buy Bitcoin, and move Bitcoin, and protect Bitcoin than gold. So gold is at a bit of a disadvantage. And it’s old usage as the flight capital of choice is being eroded.”
He continued that he expects for BTC to rally to $20,000, maybe even higher with time:
“I think Bitcoin could easily go to twenty thousand. I’m expecting it to go to fifty, I’ll be very happy if it were to go to one hundred thousand.”
Chambers isn’t the only one that thinks so. Adam Back, prominent Bitcoin pioneer, posted the below tweet earlier this year, explaining that a surge to $50,000 with time is entirely feasible. He backed this prediction by looking to a number of factors:
The May 2020 Bitcoin block reward reduction from 12.5 to 6.25 BTC per block
$17 trillion worth of negative-yielding bonds
Modern Monetary Theory (MMT) becoming a popular trend:
Bring it on, 2020 halvening, lots of geopolitical uncertainty, $15tril of -ve interest bonds, MMT excuses being tested to bring an even more imprudent USD inflation regime.