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According to Bitcoin, can get ready for a huge step upward Erik PetersCoinbase’s (Nasdaq: Coin) Coinbase Asset Management Unit Investment Manager and CEO.
Peters on August 25 The Bankless Podcast said the cryptocurrency market, especially Bitcoin, had a 25% chance of experiencing a “southern bubble -like movement” when asked how high cryptocurrency assets could actually get.
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The Bubble of the South Sea indicates a significant financial collapse that took place in the 18th century, covering Britain’s joint stock firm Southern Sea company; The company had slave supply to Spanish plantations monopoly in America, promising great profits and high return. However, when the trade failed to get rid of, it caused an unfair increase in its assessment to maintain the ruse and while it was in operation. The growth of the company’s shares caused a speculative flair that reached the highest point in 1720. The company’s stocks increased by more than 680%a year, with more than 80%crashing, as Bubble eventually exploded.
Peters said Bitcoin and a wider cryptocurrency market can experience a similar rally as obstacles to large institutions, while passive flows increase due to limited supply.
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“Everything else that people have ever invested in if the price increases, you create more,” he said. “You don’t create more bitcoin. I mean you are a little creating, but there is no great response to supply. The rate of mining does not rise, as the price is doubled either triple or four -legged. It just doesn’t rise. You just have to attract people who currently have to sell it at a higher price. So you can see some mass movement. “
In addition to the south -sea bubble type, Peters also said he believed that another 25% chance of Bitcoin would move from $ 50,000, $ 75,000 to $ 250,000 over the next five years. He also said that maybe 25% of the possibility of selling Bitcoin for the next five years even smaller.
“I don’t know,” he said. “It would probably be [sic] hostile administration. Some things really make a mistake that I can’t predict at the moment. ”