Although the current market environment is in such a situation, Mark Jeffrey, author of the book “Bitcoin Explained Simply” published in 2013, is still optimistic about the future of Bitcoin. He compares the current stage to a dynamic Internet boom and bust cycle, predicting that Bitcoin will reach $250,000 in the future.
The Cryptocurrency war
We may now be experiencing a cryptocurrency winter, and everyone is warming up, but Mark Jeffery thinks this is not surprising. The early Bitcoin pioneer said on the “The Next Billion Seconds” podcast:
“I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s”
Of course, the market bull in late 2017 is similar to the early days of the Internet boom. The eager investors, desperately not wanting to miss the opportunity to make money, are refining their houses just to throw the money where they need it.
Of course, when investors realize that they are buying only a vague promise, they panic.
The Crypto Market Will Fight Back
But Jeffrey believes that the duration of this process has been greatly compressed by cryptocurrencies:
“So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
We have spent a year in this cold winter, and it would be a good thing if we could see its end in the next six months. Although Jeffrey did not predict when it will happen, he believes that the current “death” period will end.
“But this is not the end of the story. This is the middle part. This is the second act. The third act is return of the Jedi and we’re not there yet.”
The Return Of Bitcoin
We arrived at the end of the “empire”; bitcoin lost control and Ethereum was captured and frozen in coal. Of course, in the process, thousands of soldiers (coins) were slaughtered.
But Amazon and Google, like the Phoenix, reborn from the ashes of the Internet bubble and become today’s giants. At the time, Facebook didn’t even exist. It seemed to have learned from prosperity and depression of the dotcom early cycles.
So How to know which coin or token will become “the Facebook or Google of Crypto. Jeffrey insisted that “this is coming” it is just a matter of time and stands on his earlier forecast of $250,000 in bitcoin.