Bitcoin could take twice as long to reach $100,000 than expected.
The latest crypto newsletter from Bloomberg states that Profit Revolution tends to “add zeros to its price”. The asset value has also increased from $1,000 to $10,000 in less than four years. The maturing process may have slowed this trend somewhat, but Bloomberg believes that it has not come to a standstill. Such an increase could happen again, although it might take some time:
“If the crypto currency repeats its previous gains with a certain maturity, it could reach USD 100,000 in 2025 in about twice the time it took for another zero to USD 1,000.
Although this forecast may seem bold at first, it is rather conservative compared to other forecasts we have seen in recent months. The cryptanalyst “PlanB” recently stated that the Bitcoin development is always consistent with the stock-to-flow model. A price of 100,000 US dollars is predicted here by the end of 2020.
In addition to the historical trends, Bloomberg suspects that fundamental factors in terms of supply and demand are driving the rise of Bitcoin. About 90 percent of the total supply has already been mined. Institutional demand continues to grow at the Grayscale Bitcoin Trust (GBTC). The Trust is expected to have approximately 500,000 Bitcoin soon”.
Bloomberg’s short-term forecast is that by the end of the year, Bitcoin could return to its 2019 peak of $14,000.
Google Cloud has joined the EOS Blockchain community and wants to become a block producer. To do so, the company would need the approval of the EOS community. EOS has often been criticized for excessive centralization and has a total of 21 block producers. The company’s press release states that Google Cloud developer and proponent Allen Day has confirmed that his company wants to become a block producer:
“As organizations begin to integrate distributed ledger technology into their infrastructures, we want to work to ensure that the information on public block chains is securely stored, reliably available and accessible in meaningful ways.
Block One CEO Brendan Blumer also said in the press release that EOS accounts for the majority of public block chain activities. However, he did not give a concrete explanation of how he came to this conclusion: