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Trace Mayer, the early investor in Bitcoin, has recently made a series of interesting comments about the cryptocurrency.
Mayer bought Bitcoin in 2010 when it cost $0.05-$0.30. He was a venture investor in the now widely-used Kraken exchange, the Bitcoin payment service provider BitPay, and the Armory Bitcoin wallet. Since 2011, Mayer became Bitcoin’s active promoter. During all these years he stayed in the market following all developments and hosting Bitcoin Knowledge Podcast.
According to Mayer, Bitcoin has the advantages of both gold and the US dollar without their disadvantages – it’s both sound and transferable. He thinks that ultimately Bitcoin will become the world reserve currency. As the broad money supply is about $90.4 trillion plus more than $200 trillion in bond markets, Bitcoin’s $175-billion market capitalization has an immense growth potential.
Mayer also says that the fact that the information added to the blockchain can’t be changed is one of the greatest merits of Bitcoin. “You can’t freeze, you can’t confiscate, you can’t chargeback, you can’t do a lot of the things that our current financial system has introduced,” said the enthusiast.
In his view, China and Russia will see Bitcoin as a way to diversify from the US dollar, while the US will adopt and recognize the cryptocurrency as it represents technology of the future.
Mayer estimates that Bitcoin’s fair value should be somewhere between $9,500 and $14,340. He says that advance to as much as $115,000 is theoretically possible based on the previous behavioral cycles, but would be very overvalued.
In October 2017, Trace Mayer predicted that Bitcoin will hit $27,395 by February 2018 based the 200-day Moving Average. While reading the various forecasts, we encourage you to be cautious and don’t take them too seriously. Remember that people like Meyer have their own interest in the game: they not only want to become famous by making the most breathtaking predictions but also have their money in the market and benefit from Bitcoin’s advance.
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