Forex Analysis & Reviews: 03.02.2022

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03.02.2022 12:35 PM

Bitcoin's market capitalization will reach $5 trillion in 5-7 years

Parallax Digital's founder and CEO, Robert Breedlove, said that Bitcoin's price should rise at least four to five times over the next few years.

Breedlove believes that central banks will eventually start buying Bitcoin and this will put noticeable inflationary pressure on the price.

He voiced such comments as US inflation hit a 40-year high and the latest consumer price index was 7%.

Breedlove previously said that inflation is a real theft, and printing money is a counterfeit money, only legalized.

"To begin with, inflation is a very confusing term. People usually call it price inflation because that's what we face in our daily life. But in reality, this is nothing more than an arbitrary expansion of the supply of fiat currency under the protection of a legitimate monopoly." Breedlove said.

He also added that the US dollar is likely to hyperinflate by 2035. During that time, Bitcoin's price in dollar terms will be astronomical, rising up to 1, 5, or even 10 million dollars. If this happens, the US dollar will lose its value.

Therefore, he said that it is not difficult to imagine that Bitcoin itself is a unit of account.

As for Bitcoin's downside risks, the world's largest cryptocurrency may face a small number of existential threats – hacking cryptography on elliptical curves, and perhaps, some massive event or an electromagnetic pulse will destroy everything electronic in the world for a long period of time. Breedlove stated that all of this is a real threat.

However, the biggest threat to Bitcoin is regulatory.

Another thing that could change Breedlove's long-term bullish position on Bitcoin is an event like the "Black Swan" (speculative bubble), which can sharply lower the hash rate. Hash rate is how much capital and energy is spent on bitcoin production and security, which will be reflected in the price. A few months ago, China banned Bitcoin mining. The hash rate has fallen by 40%, and since then, it has exceeded its original maximum, which was before China banned mining.