Top New York Executive Sees Bitcoin Price at $150,000 by Q1/2022
Top New York Executive Sees Bitcoin Price at $150000. In an interview with William E. Qigley, with CNN Business, he opined that Bitcoin is ready in all ramification, to become a six-figure asset.
Also, William E. Qigley, who is a senior executive that is resident in New York further posited that there are plethora of reasons for his hopes in Bitcoin. He further stated that Bitcoin is becoming one of the world’s main decentralized currency, of which the Bitcoin rates has snowballed from $3,858 which was quite low to $58,500 in the last twelve months, the aforementioned is premised on the paucity of Bitcoin and its increasing demand among the conventional corporate houses that search for a substitute store value assets for their balance sheet.
Furthermore, the reduction of Bitcoin Blockchain’s source code supply rate, is caused by a pre-embedded algorithm which is in the Bitcoin Blockchain and such reduction is estimated to be half after each 210, 000 block or every four years. The aforementioned is known as halving. William further opined that though the aforementioned may seem to be a reduction but embedded in same can be a twenty one million bitcoin tokens and which seem to make crypto currency scarce and which in turn makes it invaluable as regards to rise in demand.
In the time past Bitcoins have an estimated of three halvings. According to reports thus far in 2012 and 2016 November, the Bitcoin/ United States Dollar rates snowballed from $12 to almost $1,150 and $ 650 to $20, 000. Also as regards to the third halving, it came up in May 2020 and increased to 558 % rise.
Flowing from the above, Mr Williams noted that:
‘The Post-halving Bull Run is about halfway through and by my estimation, there are more to go with Bitcoin. Possibly, a 100,000 and certainly, $150,00 by the end of this year to maybe Q1 next year’
It has have been argued by plethora of experts that the paucity of Bitcoin is a tactics to entice degenerate gamblers to invest in Bitcoin. Also some perosns in the persons of Nouriel Roubini an economist, Peter Schiff, Pacific Capital Ceo and Frances Coppola a financial commentator have opined that the projects of Cryptocurrency have taken Bitcoin’s open-source code to enlarge copycatkens.
The supporters of Bitcoin has rose in defence of Bitcoin by positing that Bitcoin can be trusted. The proponents of Bitcoin are of the opinion that other crypto-currencies that are copying it in terms of its network and with its attendant null history of reversal of transactions, double –spend hacks and 51% attacks. Bitcoin has taken its palce in the crypto world as most secure public ledger.
Bitcoin’s proponents defend it by bringing in the “trust” factor. The community believes bitcoin more than its copycat rivals thanks to its unmatchable network effects with zero histories of transaction reversals, double-spend hacks, and 51 percent attacks. People see Bitcoin as the most secure public ledger.
The demand of Bitcoin has forced plethora of corporate entities to demand for Bitcoin is fast replacing cash and is becoming an alternative to cash. For instance a famous electric carmaker, Tesla opined that it has added to its balance sheet a total of $1.5 billion worth of bitcoin and posited that Bitcoin will soon an acceptable means of exchange for its services.
Also, MasterCard, a credit card giant, announced that it would integrate crypto tools into its services in the same month. Bank of New York Mellon, the US’s first banking firm, joined the ranks by announcing that it would offer bitcoin custodianship via the same platform that its clients use for traditional securities and cash.