Bobby Lee Issues Tweetstorm, Hints At Crazy Bitcoin (BTC) Prediction
Through a series of tweets, starting a so-called “tweetstorm,” Bobby Lee, the co-founder of BTCC and the brother of Litecoin creator Charlie Lee, hinted at an extremely bullish prediction for Bitcoin (BTC). This tweetstorm, which began on Friday, saw Lee, a long-time cryptocurrency proponent, pose optimistic hypothetical scenarios to his social media following.
Drawing lines between Bitcoin’s decade-long history of tumult, dismal bear markets, and jaw-dropping parabolic rallies, the crypto-centric entrepreneur claimed that if “history repeats [itself] perfectly,” BTC will first find its true long-term bottom by January 2019 and at $2,500, a further 30% drop from current prices ($3,600), somewhat echoing comments made by his peer industry insiders.
If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.
And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Something like that? https://t.co/M8ljIVnt73
— Bobby Lee (@bobbyclee) December 7, 2018
In Lee’s speculative scenario, once BTC bottoms at $2,500, the popular digital asset will enter a lull, which may keep crypto markets in a seduced state until late 2020. By late 2020, just months after the next Bitcoin Block Halving, the anti-traditionalist expects for crypto’s next monumental bull run to start to fester, and eventually embark on an unprecedented rally that will bring BTC above $250,000 a piece, over 100 times the price that it bottomed. The prominent cryptocurrency player wrote:
[The next rally] would peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023. Something like that?
In subsequent tweets, the BTCC co-founder further outlined the rationale behind this ambitious call, primarily referencing his expectation that the market capitalization of Bitcoin will surpass that of gold in due time, as a result of BTC’s classification as the second coming of the aforementioned precious metal, but in a digital semblance.
Lee explained that if BTC goes for $333,000 a piece, the market capitalization of the asset will reach $7 trillion, the assumed value of all gold on Earth. He wrote on the matter:
One more coincidence: If the next
#bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!
Although it would be hard to claim that this was an explicit prediction, considering Lee’s former comments lauding BTC and cryptocurrencies, it would be fair to assume that $333,000/BTC is a logical eventuality in his mind. Still, interestingly, Lee’s most recent forecast comes just months after he claimed that the next halving would only (relatively) send BTC above $60,000.
Not The Craziest Crypto Prediction…
While Lee’s prediction(ish) is undoubtedly somewhat ludicrous, especially considering that cryptocurrencies still have a ways to go, the Bitcoin Foundation board member isn’t the only industry savant to make such extravagant claims.
As reported by Ethereum World News previously, John McAfee, the eccentric multi-millionaire that founded McAfee Software and a long-time zealous anti-governmental figure, told CoinTelegraph that the bear market hasn’t been irksome, as the fundamentals of the Bitcoin Network are alluding to the fact that BTC’s true value is still “escalating tremendously.”
He explained that if “you track the usage curve [of Bitcoin],” $1 million per BTC by 2020 (his original prediction) is conservative, adding that eventually, BTC will be valued by its usage, not by speculative factors and investors.
Title Image Courtesy of Brian Garcia Via Unsplash
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