Wexnident
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November 11, 2019, 05:42:14 AM |
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I find it hard to take someone seriously when they write something like this: ... money is completely useless, other than being a medium of exchange.
A statement like that generally signals that the author takes an extreme position, and is making unsupported claims based on dubious research and data. It is kind of the truth though. Although labeling it as useless is an overstatement since it being a medium of exchange is already a huge contribution. It does indeed pale in comparison to gold since gold is a hard asset where as fiat is backed by banks which just continue printing fiat money, worsening the economic situation of the globe. Although his statement of being a Gold mining analysts allows him to truly understand BTC is a bit of an overstatement in my opinion. Not one could truly say that they understand BTC after all.
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piebeyb
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November 11, 2019, 06:12:14 AM |
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I read that and was interested in this word "Bitcoin is digital gold, whose value is derived primarily as an inflation hedge. Because Bitcoin is more money-like than gold and scarcer than gold" I feel that bitcoin is very rare, $ 400k is the price easy to reach it's just that it takes time and it needs a lot of adoption too in the next few years, I can't guarantee the price of $ 400k in the next 2 years, maybe half of that could just happen
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daarul50
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November 11, 2019, 06:50:29 AM |
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Can't find this Rodney guy on the internet. Which bank that employed him previously? I tried to Google search the profile pic but nothing shows up. Really difficult to find a former analyst and merchant banker nowadays.
Note: Street Wise is the only website that contains detailed info about him.
everyone becomes an expert when it comes to speculating bitcoin according to news sites so i wouldn't really read too much into it. there are lots of random dudes less known that this guy with far less history of investment of any kind that are being quoted as experts by these sites! as for the speculation itself, it is not really a big deal. i would be more skeptical about $1 million+ target rather that such a low price as $400k which will most probably be reached in the nest bubble cycle. always hate to heard someone who comparing bitcoin as a digital gold. this rodney stevens do identified like that. whether he has no idea at all about bitcoin or mixed things up making those long term bitcoin price target analysis based on the thin air data , he did not even mention bitcoin halving that will occured within 6 months. and this rodney steven is a founder of Digital Asset Management Corp., a private start-up, developing a cryptocurrency holdings company with the objective of providing investors with a convenient and more liquid way of gaining exposure to the cryptocurrency sector without sacrificing security. which i believe he just looking for convincing people (their investors especially) that bitcoin is always in bullish in the long term specifically. i won't surprised if someone like him put that $400k numbers overconfidently as his target , that is they way that kind guy making a sales.
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TravelMug
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November 11, 2019, 03:04:06 PM |
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Probably another guy who just found bitcoin lately and then making outlandish claim?
Or probably another banker turn hedge fund manager? So obviously he needs to shill for bitcoin right?
However, deriving bitcoin's price because of the relationship to gold? Nothing is new here, I mean everyone can make claims like this but we all know that the price is really based on the simply supply and demand here, no need to make things over complicated, just saying.
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wheelz1200
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November 11, 2019, 03:09:11 PM |
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Prices like these are always thrown around. The thing is if they hit which some ultimately will by default, they claim to be geniuses. If it falls flat then the post or article just gets buried with the rest of them. Price values for bitcoin at this point are a guess at best.
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buwaytress
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November 11, 2019, 04:41:19 PM |
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Probably another guy who just found bitcoin lately and then making outlandish claim?
Or probably another banker turn hedge fund manager? So obviously he needs to shill for bitcoin right?
However, deriving bitcoin's price because of the relationship to gold? Nothing is new here, I mean everyone can make claims like this but we all know that the price is really based on the simply supply and demand here, no need to make things over complicated, just saying.
Nah, these guys generally spend a few quiet years being lucky, earning when they dump their shares of coin and then when they've spent everything they want on lambos or other wealth, they get bored and then they want to be influencers. There's only 1 reason he'd go for something so outlandish and it's exactly to get the attention his claims are getting now. Probably acting on advise of some thought leadership advisor he hired. Like you said nothing new. But hey, new prediction to add to the pile of prophets.
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acdc
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November 11, 2019, 06:06:28 PM |
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Everything is possible in the cryptocurrency market, we have seen Bitcoin rise from $ 1 to $ 20,000, so in my opinion Bitcoin is quite capable of reaching $ 400,000. But this will take a very long time, probably for decades to come. I think it would be more realistic for us to predict when Bitcoin could return to the price of $ 20,000.
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SaShiRaJaVu
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November 11, 2019, 07:24:31 PM |
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Rodney Stevens, a former analyst and investment and merchant banker, discusses the relationship between Bitcoin and gold and how he has derived Bitcoin's value.
I thought it is another bullshit theory but he got a point when he suggested that assets with low use value will have an higher exchange value and he cited diamond and if we look at that theory what he says can be true but the market will not work according to these theories and for the price of bitcoin depends on the amount of investment coming into the market.
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kolonel_x
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November 12, 2019, 12:06:38 PM |
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Everything is possible in the cryptocurrency market, we have seen Bitcoin rise from $ 1 to $ 20,000, so in my opinion Bitcoin is quite capable of reaching $ 400,000. But this will take a very long time, probably for decades to come. I think it would be more realistic for us to predict when Bitcoin could return to the price of $ 20,000.
It's true that we think that realistic bitcoin only reaches 20k, there are already lots of happy people, especially back in 2017, A few decades reaching $ 400k will reach it, but so far I haven't thought that bitcoin can achieve that much.
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INVALID BBCODE: close of unopened tag in table (1)
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smyslov
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November 12, 2019, 02:29:22 PM |
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Before reading this article I thought this is just another guy making a hype on Bitcoin without any basis just like what Mcafee predicted on the price of Bitcoin which is $1 million, but after reading the article the guy has a basis to say that Bitcoin will reach $400 k price target for Bitcoin is approximately $400,000 per coin, based on taking the market cap of all the gold in the world and dividing it by the number of bitcoins that will ultimately be in circulation. I don't know if this is going to happen in my lifetime, but I agree on his observation that Bitcoin's volatility is now decreasing.
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Wilhelm
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November 12, 2019, 02:36:08 PM |
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*me grabs popcorn and waits for $400k BTC*
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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coin-investor
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November 12, 2019, 03:50:21 PM |
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*me grabs popcorn and waits for $400k BTC*
The author did not mention any year could be in the next five years or ten years or twenty, that's a lot of popcorn for you, but I'm quite impressed with his analysis, he has a good theory to back it of, but he still playing safe by not mentioning a specific years compared to other experts who have a specific year attached on their prediction, but I prefer to take it one step at a time, 10k, then 15, then 20k, safer and realistic this way.
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beerlover
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November 12, 2019, 04:57:32 PM |
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LOL! Money is completely useless except when used as a medium of exchange. That is the most hilarious form of "meme" I can think of, it should become a huge copypasta in everywhere and it can turn into really funny stuff. "Food is completely useless except when used as nutrition", "water is completely useless except when used to hydrate" "books are completely useless except when you read them".
I can think of a billion things like this! All things aside when bitcoin is not even ten thousand dollars right now, I feel like it doesn't really make that much sense to talk about $400k. Sure, mathematically speaking there is a "possibility" of bitcoin becoming $400k one day, yet it looks almost close to impossible right now so why don't we focus on what we have right now instead of dreams.
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aardvark15
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November 12, 2019, 04:58:36 PM |
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A value of $400,000 in a couple of years is possible if Bitcoin experiences another bubble like the 2 past bubbles in 2013 and 2017. In those bubbles, the price increased from around $3 to $1200 and $400 to $20,000 respectively in 2 years prior to the bubble.
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Harlot
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November 12, 2019, 09:39:56 PM |
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Well it does't compete with gold and it has nothing to do with its prices even in the past. Why? For two reasons I have seen during Bitcoin's climb upwards way back 2017 gold there was struggling but at the same time quickly recovered as well during that year we observed to movements for gold and only one for BTC this just show that they don't have any correlation between the two. Other than that there is no proof or hard evidence that shows that investors of gold are also the main traders in crypto market. If someone offloads gold to buy BTC then we all know who would drop and who would go up, which in this case we haven't seen yet.
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samcrypto
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November 12, 2019, 10:57:52 PM |
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*me grabs popcorn and waits for $400k BTC*
Eat popcorn a little longer and you might not see the price of bitcoin at $400k simply because it will take more years before it happen. Speculation are too exaggerated without any concrete evidence, for now we need to break the wall so we can see bull run or else this $400k will take decades before it hit.
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sunsilk
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November 12, 2019, 11:11:29 PM |
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I can't also see other information about the guy so this is another random expert gut that we're talking here. That quote that he has mentioned in the article as pointed out by other folks here is totally out of his mind. I don't even think that he heard what he just said or wrote in that article.
I would want to see $50k-$100k first before aiming for a higher desirable price.
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1Referee
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November 12, 2019, 11:20:55 PM |
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I don't know if this is going to happen in my lifetime, but I agree on his observation that Bitcoin's volatility is now decreasing.
That 'observation' only requires people to think logically. A market that's capturing more value and thus more economical mass, will see its volatility diminish as result. Bitcoin at $400,000 is quite conservative if given enough time. It has never happened that a form of money emerged with Bitcoin's properties. People lose satoshis continuously, which means that there are fewer satoshis circulating every year that goes by. Currently there is more inflation than deflation due to the block rewards, but that will change in the future when block rewards consist solely of transaction fees. Gold on the other hand will continue to be dug up as technology improves and the techniques to mine Gold become more efficient and cheaper.
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clickerz
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November 13, 2019, 03:37:07 AM |
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Prices like these are always thrown around. The thing is if they hit which some ultimately will by default, they claim to be geniuses. If it falls flat then the post or article just gets buried with the rest of them. Price values for bitcoin at this point are a guess at best. Anything can happen and possible but I think he doesn't have a timeline when this will happen. We know that bitcoin will appreciate in the long run but slowly as the demands grow. Anyone can say $400k, $500k to 1M$ but to say a specific price on a specified year is different. In my observation, the author Mr. Steven seems pessimistic about bitcoin on his article..
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alexsandria
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November 13, 2019, 08:20:18 AM |
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From 10/27/18 Rodney Stevens, a former analyst and investment and merchant banker, discusses the relationship between Bitcoin and gold and how he has derived Bitcoin's value.
He ain't even popular but anyway. He got a point but he only based the value of gold and bitcoin from the supply itself that he made no value to fiats. But the thing is fiats ain't working that way. Besides, bitcoin couldn't be more real without fiats specially when cashing out when store or other enterprise don't have any option of accepting crypto currency.
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