Bitcoin’s price surge has caught no one by surprise. So much so that many within the crypto space think that this is the “it” moment when mass adoption will take place.
E-Crypto News reached out to Clem Chambers, the CEO of global stocks, shares, and crypto website ADVFN (and author of Trading Cryptocurrencies: A Beginner’s Guide – Bitcoin, Ethereum, Litecoin) on the possibilities of Bitcoin prices reaching $20,000. Here is what he had to say.
- Now that Bitcoin has risen, what are your projections for now and next year?
It’s impossible to say but I will sweat when BTC hits $35000, and I think that will happen before 2021 is over.
2. Why do you think the Altcoins haven’t followed Bitcoin this time?
You need a use case and a brand. Ethereum and Bitcoin dominate use cases because they have the brand. Altcoins therefore straggle. However, they will rise if BTC continues its vertical.
3. Do you think institutions are the new whales in the cryptospace? Please tell us the reasons for your answer.
Crypto-whales are a red herring.
4. Do you think we will have a massive reversal of prices the same way it occurred in 2017? Please tell us the reasons for your answer.
Highly probably, but so is $250,000 BTC; the route there will be wildly volatile.
5. What are your thoughts on decentralized finance (DeFi)?
Revolutionary, world-changing, and absolutely the next big thing. Colossally impactful.
6. What are your thoughts on Central Bank Digital Currencies (CBDCs)?
All currencies are digital currencies; 90% of all money is digital already. The Fed doesn’t send paper to banks anymore.
Misnomers are dangerous things. Central bank crypto? Why not? Crypto is about political structure and that can be whatever is coded and as good as the code and its structure. Would central bank crypto be any good? Probably not at first.
7. Do you think that there is an Altcoin that could replace Bitcoin in the future? Please tell us the reasons for your answer.
No. Bitcoin has an unassailable first-mover advantage.
8. What do you think are the factors causing the current Bitcoin price surge?
Trouble in China and Hong Kong
Continued growth of adoption
DeFi wrapping BTC
PayPal sucking up a lot of new issuance
Corporate treasury hedging
9. What is your timeline and prediction for the next Bitcoin All-time-high?
Before Christmas but it’s foolish to try and call; technically, market timing is impossible
10. How do you think the security vs. commodity dilemma that Bitcoin and many of the cryptocurrencies face can be solved?
Politics is never solved… resolved perhaps. Yes, it will be resolved at some point because it will become yesterday’s news and the gatekeepers will re-engineer their rentier position and grab their slice of the pie.