Mark Yusko: Bitcoin Can Easily Hit $50,000 to $100,000 by 2021– Plus Ethereum, Ripple and XRP, Stellar, Tron, NEO
From the true value of the Bitcoin network to new support for Stellar Lumens, here’s a look at some of the stories breaking in the world of crypto.
Morgan Creek Capital CEO Mark Yusko says he thinks Bitcoin can “easily” hit $50,000 to $100,000 in 2020 or 2021.
In a new interview with BlockTV, Yusko says it’s all about the network effect, emotion and how many speculators jump into the market. Yusko uses Metcalfe’s Law – which states that the value of a network is proportional to the square of the number of users in the system – to judge the value of BTC.
“I look at it like this. If I think about network growth and Metcalfe’s Law, sometime around 2020, 2021, I think we could easily be somewhere between $50,000 and $100,000. That’s a pretty wide range. But I think the challenge of day-to-day price is that the price doesn’t reflect the value.
So back in December of 2017, we tweeted out all the time that [Bitcoin at] $20,000, with an underlying value of $10,000 or $11,000, was silly and people need to go to the sidelines. And then at $3,000, with an underlying value of $13,000 to $14,000, it was a raging buy. So we still think the underlying value based on Metcalfe’s Law and user adoption is somewhere in the mid-teen thousands.
By the end of this year, could we get back to the old highs? I think it’s certainly possible. It all depends on emotion and how many speculators come into the market. But the fundamental holders and the fundamental users are going to continue to stack sats. And they’re going to continue to accumulate or #Buyandhodl as I like to say. Right now it’s not about speculating on price. It’s about gaining ownership of the network. That’s the key to Bitcoin.”
The latest edition of EthHub Weekly is out, covering all things Ethereum.
This week’s post looks at new developments on Cloudflare’s new Ethereum Gateway, MyEtherWallet, Dharma and more.
Ripple and XRP
Ripple’s senior vice president of marketing, Monica Long, joins the latest Pattern Recognition Podcast.
Long talks about the differences between Ripple and XRP, the overall business model at Ripple and where the overall blockchain and crypto movement is heading.
The Stellar-based decentralized exchange StellarX just launched its mobile wallet on Android.
StellarX gives users the ability to send euros, yuan, pounds, dollars and other fiat currencies via ACH transactions that can then be traded for crypto.
Today we are excited to announce the launch of the StellarX mobile wallet for Android! Users will have access to wallet account balances including the ability send/receive any token on the network! More features coming soon 🚀
— StellarX (@stellarxhq) July 2, 2019
Tron’s has published its latest weekly report.
The new edition covers the launch of Tron’s mainnet upgrade, the platform’s decentralized app ecosystem and the latest on BitTorrent’s integration with the Tron network.
NEO founder Erik Zhang just sat down for an ask-me-anything on Hackernoon.
The AMA covers the latest on NEO’s development, including the latest progress on NEO3, which is designed to dramatically boost the number of transactions per second that the network can handle in order to power large-scale commercial applications.