Bitcoin price on track to $250,000 unfazed by ongoing economic uncertainty: EOS founder Brendan Blumer
|- Ryan Blumer, EOS CEO believes that Bitcoin does not need an existential financial crash to rise to levels around $250,000.
- Bitcoin trading at $250,000 will mean that the US dollar has lost its reserve status.
The cryptocurrency market has undergone a rough patch in the last couple of weeks. The selloff ravaged thought other financial markets leaving stocks, oil and futures in a bloodbath. While stability has returned, recovery remains uncertain.
The impact of Coronavirus has had far-reaching negative effects on economies around the world. Most countries are expecting economic recessions. At the same time, central banks are working hard to ensure that they cushion against economic downfall.
Despite the rattling in the markets, some experts and enthusiasts are choosing to remain optimistic. Some like the CEO of Messari Ryan Selkis reckons that not even the current upheaval can deter Bitcoin from hitting $250,000, resulting in the US dollar losing its reserve status.
Given there has never been a fiat currency that has survived debasement, the future value of bitcoin isn’t measured in the thousands or millions. Technically, its $$$ upside is infinite. A $250,000 bitcoin would mean the dollar lost reserve status and is hyperinflating.
Brendan Blumer, the founder and CEO of EOS, seconded Selkis’ view saying that it is just a matter of time before Bitcoin hits the levels at $250,000.
BTC is on track to reach those levels with nothing but time. No existential financial collapse needed.
At the time of writing Bitcoin seems to be renewing the trend upwards following a 2% gain on the day. It is trading at $6,904 from an opening value of $6,768. An intraday high has been formed at $6,923 amid calls for growth above $7,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.