Analyst Kay Van-Peterson accurately predicted Bitcoin reaching $2000 in 2017 is back at it again and gives unbelievable predictions.
Kay Van-Peterson predicted last year that Bitcoin would break the $2000 mark easily in 2017. At the time Bitcoin was trading for around $700 per coin and had never traded anywhere close to his prediction levels.
"I think you see Bitcoin reaching $100,000 dollars per coin within the next 10 years" Yes thats right, $100,000?! That would represent almost a 50X return from current levels. He says that he is assuming cryptocurrencies will account for roughly 10 percent of the average daily volume of all fiat currency trading within the next 10 years. The average daily dollar volume currently for the currency markets is just over $5 trillion dollars. Take 10% of that and you get $500 billion.According to Van-Peterson, Bitcoin will account for roughly 35% of that total market share ($500 billion). Which comes out to roughly $175 billion of Bitcoin traded on a daily basis. From there Van-Peterson says that Bitcoin's market cap should be roughly 10X it's current average daily trading volume. Which would be 10 x $175 billion, or $1.75 trillion. By his calculations, there should be approximately 17 million bitcoins in circulation 10 years from now at the current inflation rate. Then if you divide that 17 million number of coins by a market cap of $1.75 trillion, you get a price per coin of roughly $100,000 ,you believe it or not so far his predictions are proved correct . After finishing talking about his calculations for why he thinks Bitcoin will reach $100,000, Van-Peterson concluded with this:
"Cryptocurrencies will survive in the long run. This is not a fad. Cryptocurrencies are here to stay."
In his opinion there will likely emerge a handful of winners from the space and Bitcoin will be one of those winners mostly because of it's first mover advantage.Now, we just have to make sure Steem is one of those handful of winners as well... Sources . https://www.bloomberg.com/news/videos/2015-03-10/hard-to-lose-money-on-european-stocks-van-petersen https://www.crypto-news.net/bitcoin-hit-2000-usd-2017/
