Silk Road Founder believes the sky is the limit for bitcoin’s price but in the future

Silk Road founder Ross Ulbricht sees long term highly bullish possibilities for Bitcoin in 2020, with a potential market cap of $7 quadrillion.

Earlier this month, Ross Ulbricht had predicted a drop in the price of bitcoin to $3000s, but the Silk Road founder and federal inmate Ross Ulbricht now sees long-term bullish possibilities for the cryptocurrency price staying well above $20,000. He posted to his personal Medium account on April 24 from the United States Penitentiary Tucson that he is still bullish on bitcoin’s price in the long-term. Ulbricht also expanded upon his comments earlier this month in which he saw a Bitcoin bear run to $3,200 in the short-term. 

“Bitcoin could reach the market cap of $7 quadrillion.”

Ross Ulbricht wrote that he decided to start this series so that he might be able to help others navigate with the extremely volatile bitcoin market. He admitted that his previous prediction of $3000s was likely scenario a for the second wave. He wrote that 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 would give the 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,” he added. 

 

 “Decades from now, the price below $20,000 will seem cheap.”

Credits - Ross Ulbricht; Medium
Credits – Ross Ulbricht; Medium

Ross Ulbricht admitted that his access to information inside the prison is limited, but he still provides analysis on bitcoin on his Medium post. He wrote that the remainder of wave II and the start of wave III would seem like insignificant fluctuations by the time wave III is underway. Decades from now, anything below $20,000 will seem cheap, according to Ross Ulbricht.

Currently, Ross Ulbricht is serving a double life sentence plus 40 years without a possibility of parole for his role in money laundering, computer hacking, and conspiracy to traffic narcotics in connection with the darknet market website Silk Road. Several from the crypto community, including Tim Draper, have called for the release of Ross from prison.  

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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