Financial strategists, stock analysts, and tech gurus are all bullish on bitcoin. Even amidst concerns about how bitcoin will be upgraded and its recent violent price fluctuations, several public figures believe the cryptocurrency has a bright future. They tend to see bitcoin trending upward as demand for the digital currency accelerates. In this regard, bitcoin will either “cannibalize gold” or cause John McAfee to “eat his own dick on national television.”
Also read: The Bitcoin Scaling Countdown: Miners Begin Running Segwit2x Software
Tom Lee and the Cannibalization of Gold
On July 7, Fundstrat’s Tom Lee became the first big league Wall Street strategist to analyze bitcoin under a light of optimism. In a report, he claimed bitcoin could reach $55,000 by 2022. He also commented on the gold market, saying that urgency for possessing bitcoin will act as a substitute for gold. A CNBC article covered his enthusiasm:
“We believe one of the drivers [of bitcoin] is crypto-currencies are cannibalizing demand for gold. Based on this premise, we take a stab at establishing valuation framework for bitcoin. Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”
He went on to say gold’s market value currently sits at $7.5 trillion, and bitcoin is $41 billion (at the time of writing). However, gold’s supply is swelling due to intensified mining operations, whereas bitcoin’s supply will remain stable as a result of the 21 million cap. This apparently places a huge demand burden on bitcoin, which may cause the price to trend forcefully upward.
Ronnie Moas and Bitcoin’s Limited Supply
Major stock research analyst Ronnie Moas also commented on Bitcoin’s supply cap. Earlier this month, he said, “Since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.”
Moas believes bitcoin can reach $5,000 just before the end of the year. He elaborated in comment to CNBC: “$5,000 could happen in a few months. It’s only starting to gain traction right now. It’s starting to spread like wildfire right now.”
The analyst said he personally put a few hundred dollars into bitcoin and several other cryptocurrencies. He plans on investing even more. He mentioned bitcoin is not something he wants to miss out on. “What is more painful than losing money to cryptocurrency is inaction in the ecosystem, Moas said.
John McAfee Vows to “Eat His Dick on National Television”; An Extremely Bullish Ride
Cybersecurity guru and libertarian presidential candidate John McAfee’s thinking follows alongside Moas, except McAfee tweeted to one of his followers today that if his predictions fail to materialize, he will dine on his own penis in front of everyone. McAfee made the comment after saying bitcoin will move above $500,000 within three years.
He said, “Bitcoin’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?” Shortly after making the comment, one of his followers responded, “So 1btc 500k $ within 3years?” McAfee’s response was memorable:
If not, I will eat my dick on national television.
if not, I will eat my dick on national television.
— John McAfee (@officialmcafee) July 17, 2017
Needless to say, these public figures and many others are predicting an extremely bullish ride over the next few years for bitcoin. It will be interesting to see how everything pans out, especially when promises of eating one’s own phallus are made publicly in defense of bitcoin’s predicted gains.
Will bitcoin remain bullish well into the future? Will McAfee follow through with his promises if his prediction fails? Let us know in the comments below.
Images via Shutterstock and seekingalpha.com
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