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Jason Calacanis, a well-known Silicon Valley investor alongside companies like Uber and Robinhood, recently went on Twitter to share his Bitcoin price forecast.
My position remains the same. #Bitcoin will probably be replaced by new technology and it is handled
It is possible that it is built to last, but it is not likely, so hold your position to a level that you are ready to lose.
For most, this represents 1 to 5% of net worth
It will probably be between $ 0 and $ 500. https://t.co/8Bs4PGmiN5
– ??????? (@Jason) May 27, 2019
Elaborating another tweet, Calacanis compared Bitcoin to MySpace, Yahoo or Palm, "which seemed inconceivable at its peak". , suggesting that he would drop to zero thereafter.
Said in another way, #bitcoin is probably MySpace, Yahoo or Palm, all of which seemed inconceivable at their peak.
It could reach 100,000 coins before reaching zero – we'll see. https://t.co/iSMAKrQsaU
– ??????? (@Jason) May 27, 2019
A Twitter user retaliated, arguing that what makes Bitcoin so remarkable is its decentralization, highlighting the unlikelyness that something like Bitcoin would be created again. It is at this point that Calacanis reveals that he and his team own Bitcoins, adding that it succeeds or not, but it remains a victory for his wallet.
We have bitcoins, in case my 70% valuation does not happen. We win anyway.
– ??????? (@Jason) May 28, 2019
Many members of the cryptographic community resisted Calacanis' bullish stance, claiming that his prediction was based on a highly improbable result. John Carvalho, COO of Bitrefill has questioned the validity of the argument:
Not the most convincing argument against it. Why do you think replacement is likely? What is the evidence or the relevance of manipulation to the persistence of BTC? Have you done the calculation of the market size if 1 to 5% of the wealth ready for investment was stored in Bitcoin?
– John Carvalho (@BitcoinErrorLog) May 27, 2019
At the time of writing the article, Bitcoin is trading at $ 8,681.11, down 1.37% over the past 24 hours.
BTC / USD Chart provided by Tradingview
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