[2017-09-17] Bitcoin Price is Headed to $25,000 Despite Recent Setbacks

[Kanapka]

Bitcoin Price is Headed to $25,000 Despite Recent Setbacks: Researcher on CNBC

The value of Bitcoin may now be compared with that of gold as it’s likely to be heading $25,000 in five years according to Tom Lee, Head Research of Fundstrat Global Advisors and Former Managing Director of JP Morgan Chase.

He said it in his recent interview with CNBC’s Fast Money program.

Bitcoin suffers
Although Bitcoin has suffered from recent negative news from countries like China such as banning of ICOs and planning to shut down the Bitcoin exchanges by the end of the month, Lee thinks there are still advantages to the situation.

According to Lee, there are two factors in the issue - liquidity effect and perspective of the people. According to him, Chinese exchanges operate with 30 percent of Bitcoin value. If they decide to shut down the digital currency, obviously there is gonna be force selling.

It's safe to point out that there have been seven times already that the crypto world has seen a setback of this magnitude.

The second factor is the perspective of the people on Bitcoin. Our society tends to see Bitcoin as a bubble and a fragile currency so everyone should be on the other side of that.

“Well for instance, you know number one Bitcoin is not what people think... We have some data, there's only 300,000 holders of at least $5,000 so think about that that's like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 of iPhones. So it's not that many holders of Bitcoin you know when you think about how many wallets there are today that holds $5,000, it’s huge so I think it's still very early stages.”

Bitcoin is different from other technologies, so the actual network itself is generating the value so that the visa of Bitcoin is going to be as valuable as the Blockchain network itself.

According to Lee, fraud transaction cannot happen on this digital currency as it will cost $30 bln dollars to create on fake Bitcoin, so it's a very secure trusted network because of the nature of Blockchain.

“I think it can be very threatening to financial institutions to see that hey, trust is created on the network and on the distribution network by the way from generation perspective I think people under the age of 30 think that makes perfect sense.”

Bitcoin is still the best tech framework of today.

Just like gold, it is worth investing on. One cannot measure its value in the future with just one look but needs a total analysis on the market. Nevertheless, it still promises a positive, valuable outcome.

https://cointelegraph.com/news/bitcoin-price-is-headed-to-25000-despite-recent-setbacks-researcher-on-cnbc

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[finthebar]

History is littered with people essentially dismissing or bashing the "new thing". Makers of Mainframe computers couldn't see a future where minicomputers took over, makers of minicomputers dismissed the PC as a joke. Ken Olsen, CEO of Digital Equipment famously could see no future where anyone would need a PC in their home (Digital Equipment was seen to be as unassailable in the 70's as Apple is today).

Henry Ford thought Toyota was a joke back in the 1970's and 1980's - He probably spent more time bashing them publically, referring to them as "those little shitboxes" as opposed to taking the challenge seriously and re-aligning his company at that time to answer the challenge.

Steve Balmer (Then CEO of Microsoft)  (and indeed apparently the entire board of Nokia) thought the iPhone was really laughable back in 2007.

None of this guarantees Bitcoin its top spot, if it succeeds, it too will become the incumbent and will face challenges - but the simple lessons of history should tell us that when you look at something like Bitcoin, which is indeed, novel, useful and growing exponentially, you would be very foolish to take a Jamie Dimon approach.

It is plausible that Jamie will earn himself a spot in the future under the "Worst predictions of all times"

That's my 2 satoshi.

[CryptoBry]

History is littered with people essentially dismissing or bashing the "new thing". Makers of Mainframe computers couldn't see a future where minicomputers took over, makers of minicomputers dismissed the PC as a joke. Ken Olsen, CEO of Digital Equipment famously could see no future where anyone would need a PC in their home (Digital Equipment was seen to be as unassailable in the 70's as Apple is today).

Henry Ford thought Toyota was a joke back in the 1970's and 1980's - He probably spent more time bashing them publically, referring to them as "those little shitboxes" as opposed to taking the challenge seriously and re-aligning his company at that time to answer the challenge.

Steve Balmer (Then CEO of Microsoft)  (and indeed apparently the entire board of Nokia) thought the iPhone was really laughable back in 2007.

None of this guarantees Bitcoin its top spot, if it succeeds, it too will become the incumbent and will face challenges - but the simple lessons of history should tell us that when you look at something like Bitcoin, which is indeed, novel, useful and growing exponentially, you would be very foolish to take a Jamie Dimon approach.

It is plausible that Jamie will earn himself a spot in the future under the "Worst predictions of all times"

That's my 2 satoshi.

Yes, we are looking for a future where Bitcoin is really flourishing and is very powerful. We will see how people who predicted its gloom and doom would say...maybe they are already also Bitcoin holders at that time. Bitcoin is now disrupting many institutions and people and that is why there are those who are criticizing it but look closely at those people and they are showing their own agenda.

[richardsNY]

I see people worry about Bitcoin's future now China is shaking up their own market, which directly indicates that these people don't know anything about the fact that Bitcoin doesn't rely on one country to remain relevant. With or without China, there is a massive future potential growth that we can, and will go through. Years ago, I was full of confidence about the market to explode in value as adoption is picking up, and till today, nothing has changed -- I am as bullish as ever. At some point people will use Bitcoin as safe haven asset to store their wealth outside the reach of banks and governments -- this time is slowly but steadily approaching.

[BitHodler]

I see people worry about Bitcoin's future now China is shaking up their own market, which directly indicates that these people don't know anything about the fact that Bitcoin doesn't rely on one country to remain relevant.

People here are very short term minded with limited to no understanding of what Bitcoin is and how its market works. Not that long ago it was the 1st of August people were going nuts on, and now it's China that rules.

If these people took the effort to actually get to know how things work here, the sheer amount of panic that we experience right now would be insanely minimized at that time ~ education is the key.

People back in the days thought that Bitcoin's days were over at the time Mtgox made this entire market sink deep to the ultimate bottom. In this case too, with or without Mtgox, and with or without China, Bitcoin doesn't care.

[Marry Finch]

Because. that bitcoin now shows a good survival in a critical situation and despite the events in China, continues to recover in its maximum rate and already today reached a mark of $ 4,063, after five bodies it really has a real opportunity to reach the rate of $ 25,000.

[lisa255]

Because. that bitcoin now shows a good survival in a critical situation and despite the events in China, continues to recover in its maximum rate and already today reached a mark of $ 4,063, after five bodies it really has a real opportunity to reach the rate of $ 25,000.

Unfortunately the price of bitcoin is not recovering as quickly as we would like. But I still hope that there is a chance that it will be very high. Bitcoin always surprises me