Bitcoin over the last decade has returned several thousand percents for investors, especially those who entered the space early enough. Many of the current investors who are in it for the long term are hoping that this much return will repeat itself. While there are divided opinions on the matter, Craig Wright has weighed in and put a damper on things.
“[Bitcoin] is not going to keep going up in value. There’s no million-dollar Bitcoin. That’s Ponzi land. That’s a scammer land. There’s not enough money globally to have a million-dollar Bitcoin.”
Wright then continued, commenting on the long-suspicious relationship between Bitcoin and the embattled Tether. Suggesting that even that is no longer an option, Wright said:
“Tether isn’t going to pump anymore. This is dead. BTC isn’t going to $20k, to $40k, to $50k [or] $100k.”
According to Wright, the only way that his above pronouncements can be avoided enough for the king coin to surge that high is via fraudulent means.
“If you see that, it’s going to involve people pumping…some new Tether-type thing and they will go to prison.”
Not Even With the Halving?
As earlier mentioned, opinions in the cryptosphere about whether or not Bitcoin can pump very high, are divided. Regardless, it makes sense to consider the halving expected in May 2020. History, along with regular laws of supply and demand, suggests that the scarcity that will be created from the halving might be enough for a new Bitcoin surge. Judging by Bitcoin’s current price trajectory, however, there isn’t much to take home.
Reactions to Wright’s pronouncement have largely been unsupportive for him. While some have simply called him a “Bitcoin hater”, others have pointed out that saying there isn’t enough money to sustain BTC at $1 million is simply incorrect. One tweet says:
“If 1 bitcoin was $1 million, that would value it at 21 trillion. How is there not enough money globally for that? Gold has half that alone, never mind fiat, real estate, stocks etc. I agree it’s unlikely but there is enough money.”