William Mougayar, the author of a seminal work on the disruption of blockchain technology, with a foreward by Ethereum creator Vitalik Buterin, has some bold predictions for Bitcoin, Ethereum and other cryptocurrencies.
Mougayar, who published his book The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology in 2016, took to Twitter on Wednesday to make his year-end forecasts.
He predicts a nearly 150% jump in value for Bitcoin, a 365% increase for ETH, and a roughly 178.5% increase in total crypto market capitalization.
Correction at the end, of course I meant ETH being at 15% of total market caps, not ETC.
(wished @Twitter allowed for corrections even if only for 5 mins after posting)
— William Mougayar (@wmougayar) September 20, 2019
Bitcoin is currently trading at roughly $10,160 and Ethereum is trading at $218.33.
Mougayar has a bullish outlook on altcoins: Bitcoin dominance is currently at nearly 68%, according to CoinMarketCap, a number he predicts will decrease by 13% by the end of the year.
The author avoided making predictions about XRP because he says he doesn’t have “any insights” into the digital asset.
He did, however, express a preference for blockchains that have prioritized decentralization over swift transactional outputs.
“Those blockchains that have prioritized fast transactional outputs have done it at the expense of network decentralization. They may not be rewarded as much as those pursuing security and decentralization first; scalability and speed second.
If we wanted just transactions speed, we already have databases. If we wanted a handful of nodes to control a network, we already have cloud services.
I’m bullish on governance related applications where the underlying blockchain is a platform that is not like a database, not like a cloud, but rather an openly decentralized network that is trusted to enforce relationship logic, transactions and mediation between parties.”