Bitcoin price predictions

FabulousPanda

What are your short and long term price predictions for BTC? Where do you see the market cap?

Personally I think it has greater potential than gold, because the total supply has a known limit unlike gold and people don't use gold as currency (anymore) — so the market cap could increase up to 7 trillion dollars and still have a way to go. It'll be interesting to see how the lightning network develops in 2018.

cowdogger

I have a hard time seeing it go past 20k once Wall Street gets involved. I think that it will look like gold, as in the chart will be a nice slope like gold was from 2001-present, with a drop off eventually happening.

FabulousPanda

Do you mean you think wall street involvement will limit the price somehow, or that you don't think it has the potential for a larger market cap even when big players are getting in? I think only doubling in price is pessimistic if hedge funds etc. start investing.

cowdogger

I've changed my outlook on this, but I'll explain what I meant. At the point that Wall Street's influence on shorting and betting on futures becomes a large influencer, things may even out, because they're just betting, not buying. However, if Wall Street is buying buying buying, prices will go up.

I talked to Ronnie Moas yesterday, and he explained how if 2% of the world's investments in stocks/assets/gold etc go into crypto, that the price of bitcoin could go up 10x. He's a smarter guy than I am, so I believe him.

FabulousPanda

We're pretty close to 20k just a few weeks later! Since the futures market opened today there was a lot of press so I'm guessing there'll be another jump in prices in a couple of days when people can get their cash in to the exchanges, will be interesting to see whether that lasts and how it pans out long term.