Mark Jeffrey, author of 2013 book, ‘Bitcoin Explained Simply’, remains bullish on the future of bitcoin, despite the current climate. Drawing analogies to a supercharged dot-com boom-and-bust cycle, he predicted future growth to a price of $250,000.
We may be currently experiencing crypto-winter, hodling together for warmth, but Mark Jeffery thinks this should not be surprising. The early Bitcoin-pioneer was talking on ‘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
Certainly, the period in late 2017 was analogous to the early days of the dot-com boom. Eager investors, desperate not to miss out, were remortgaging their homes, just to throw the money at anything that asked.
And certainly, when investors realized they were buying into nothing more than a vague promise of something, they panicked.
The Market Strikes Back
But Jeffrey suggests that the process has been greatly compressed with cryptocurrency:
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.
Just over a year into our crypto-winter, it would be warming to see an end to it within the next six months. Whilst Jeffrey stops short of predicting when it will happen, he is confident that the current ‘dead’ period will end.