Tech Update: 3 Future Crypto Predictions
In a recent article published by CNBC James Altucher makes 10 predictions about where he thinks BTC and the cryptocurrency market in general is going. In this article I'd like to examine a few of his predictions in greater detail.
Altucher, founder and publisher of Choose Yourself Financial, a subscription-based financial publication cautions that 98 percent of cryptocurrencies are scams. But bitcoin and a few other cryptocurrencies are here to stay, he believes.
I would tend to agree that many cryptocurrencies are scams but I disagree with this 98% statement. I feel that there are at least 20-30 worthy cryptocurrencies at the moment possibly more which in my count would make the percentage stated above inaccurate at best and essentially rubbish. Lets move on...
"This is the greatest tectonic shift in money and wealth that we will see in our lifetimes," he said.
I'd agree with James that we are witnessing a huge shift in what is considered money and wealth.
The following are 3 predictions Mr. Altucher has made for cryptocurrencies:
At least one country's currency is likely to fail soon — likely Argentina or Venezuela. This will lead to mass adoption of bitcoin among that populace. That will in turn lead to bitcoin rising by more than $50,000 when it happens.
I'll agree that this situation is certainly possible. A government default on debt and their citizens shifting to BTC is certainly a possibility... I would also suggest that BTC could hit $50,000 but not because of the people in the country adopting it but rather speculation by big banks.
Mainstream banks will accept bitcoin, and will start offering storage and software access. They will also create cryptocurrency derivatives — as the CME is about to start doing.
This seems very likely. In fact I believe this process has begun with CME and Nasdaq offering BTC futures in just a matter of weeks from now...
Techblogger Wrap Up
Its very hard to predict such a volatile market. Keep in mind cryptocurrencies have only been around for about a decade. There is stil a lot of room for growth. Many people will make fortunes predicting and investing in this industry while others may lose more than they can really afford to. My advice is to tread carefully and remember not to invest more than you can afford to lose.
What are your thoughts on these predictions?
Thanks for dropping by!
Source:
James Altucher's 10 predictions about where bitcoin and cryptocurrencies are headed - CNBC
Image Source:
CNBC
Bitcoin has a tremendous future ahead no doubt about it . I believe it can hit 20,000 before Jan.18 then atleast double at the end of next year . People need to stop playing the short game , we are at a 350 billion dollar market cap right now . We haven’t even scratched the surface ! The future is very promising. If you in this space right now it’s a perfect time to bunker down , HODL , and buy more . Before Wall Street get in it we’ll be sitting pretty waiting on our next moves . Stay a couple of steps ahead and don’t be late to the party ! Thanks for you
Exactly - CME Bitcoin Futures aka "the wall street" will come at 18 December 2017. Thats in two weeks. I expect this insane market to go even crazier after that.
Bitcoin will grow big because of CME futures and in long run it should get close to gold market cap
https://steemit.com/bitcoin/@petermail/how-big-bitcoin-will-b
This post has received a 6.33 % upvote from @booster thanks to: @anotherpoet.
This post has received a 27.78 % upvote from @sneaky-ninja thanks to: @anotherpoet.
This post has received a 19.51 % upvote from @upmyvote thanks to: @anotherpoet. Send at least 1 SBD to @upmyvote with a post link in the memo field to promote a post! Sorry, we can't upvote comments.
This post has received a 5.22 % upvote from @buildawhale thanks to: @anotherpoet. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
You got a 30.18% upvote from @upme thanks to @anotherpoet!