The incarcerated Silk Road founder sees long term bullish possibilities for Bitcoin in 2020, with a potential market cap of $7 quadrillion.
After predicting a possible Bitcoin price drop to the $3,000s, Silk Road founder and federal inmate Ross Ulbricht sees long-term bullish possibilities for the cryptocurrency price staying well above $20,000.
Posting to his personal Medium account on April 24 from the United States Penitentiary Tucson, Ulbricht expanded upon his comments earlier this month in which he saw a Bitcoin (BTC) bear run to $3,200 as a distinct possibility. While admitting his prediction was a likely scenario for the second wave, the Silk Road founder wants the crypto community to know he is “still bullish long-term.”
“If wave II takes prices down to $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million. Assuming 21 million bitcoins, that’s a market cap of $7 quadrillion. That’s more than ten times the current GDP of all humanity. So the point is — long term — the sky is the limit.”
Seeing both short-term and long-term bullish possibilities for the cryptocurrency, Ulbricht attributes any possible bearish behavior between the next two waves as nothing more than “insignificant fluctuations”. According to Ulbricht: “Decades from now, [a BTC price] below $20,000 will seem cheap.”
While admitting his access to information is limited from prison, Ulbricht still provides analyses on the Bitcoin market on his Medium blog. He is currently serving two life sentences without the possibility of parole after being found guilty of money laundering, computer hacking, and conspiracy to traffic narcotics in connection with the darknet market website Silk Road.