Bitcoin will either reach $1 million per coin or zero.
This is the last thing anyone would anticipate from an organization’s chairman. The one tasked with rehabilitating Bitcoin’s reputation following multiple scandals and promoting its growth and adoption
Brock Pierce, the Chairman of the Bitcoin Foundation, warned in a recent interview with Fox Business that Bitcoin might fail “spectacularly.”
$0 or $1M?
Price swings in the traditional stock market have an impact on the crypto market, according to Pierce. This is despite the fact that the traditional stock market and the cryptocurrency market are linked.
He stated that, as much as they wish for a moment when bitcoin becomes an uncorrelated asset class, it tends to move with the market. They tend to see the same thing in the space when they see a large sell down in traditional equity markets.
He also discussed Bitcoin’s lack of mainstream adoption and legal tender status. It also considers if this will drive the biggest cryptocurrency’s price to zero. It might go to zero, he said. It’s a simple choice. It’ll either go to $1 million per Bitcoin or nothing. It’ll be either one or the other, which is why no one should put everything there.
He also compared the current bitcoin “craze” to the 1990s’ web 1.0 bubble. This takes him back to 1999. They’ve reached that point. The Dot-Com 1.0 period gave birth to eBay, Amazon, and a slew of other noteworthy enterprises.
However, a significant portion of it was reduced to zero. He believes that will be the case with what he sees here. However, this does not negate the fact that the innovation is real and will have a significant impact on the collective future.
Pierce revealed he had just made a nine-figure investment in EOS.IO when asked about his recent actions in the crypto and blockchain area. He used that to convert all of his Block.one shares.
EOS.IO is an open-source blockchain platform designed to support and operate digital infrastructures. It is a competitor to Ethereum. He went on to say that he was curious about what was going on in the NFT space.
While speaking about his scepticism of crytocurrencies at Berkshire Hathaway’s annual meeting a few weeks ago, Chairman and CEO Warren Buffett stated that he would not buy all of the Bitcoin in the world for $25.
There are numerous current and prospective use cases for cryptocurrencies that people are aware of. However, it is unclear why the world’s billionaires appear to be uninterested in widespread worldwide adoption of cryptocurrencies.