Crypto Investor: Bitcoin May Retest $20,000 With Next Wave Of Adoption
Since Bitcoin (BTC) breached the monumental $20,000 price milestone and subsequently crashed, crypto investors en-masse have sought to determine when the asset would retest five-digits. While an array of crypto pundits have speculated, throwing their zany predictions into the crockpot that is Twitter, the date of the next parabolic rally’s commencement is still elusive. Yet, a majority of industry commentators, many of which have a vested interest in BTC, are sure that the flagship cryptocurrency has further to run.
Alistair Milne, the chief investment officer at Digital Currency Fund, touched on this thought process via recently-posted social media comments, in which he stated that Bitcoin accentuates an “asymmetric” risk profile.
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If Bitcoin Runs Again, FOMO “Will Be Larger Than Ever”
Milne, a Monte Carlo-based, crypto-friendly entrepreneur, took to Twitter on Saturday to remark on why he’s “still bullish” on Bitcoin, which was beaten to hell and back over 2018. Milne, who sports over 62,000 followers on Twitter, noted that earliest investors in BTC used to speculate that the asset was an “asymmetric investment opportunity.”
Now, as made apparent by comments from Mark Yusko and Anthony Pompliano of Morgan Creek, Bitcoin’s asymmetry has become a reality, not just a quixotic dream. Milne touched on this, explaining that now that there’s more regulatory certainty/clarity surrounding cryptocurrencies, coupled with the fact that BTC has tumbled by upwards of 80% from its all-time high, “the asymmetric opportunity is absolutely explicit.”
More specifically, likely referring to the dichotomy between crypto analysts’ forecasts, the Digital Currency Fund C-suite member noted that BTC may continue to drop “and/or eventually retest its all-time high… at a minimum.”
He explained that each wave of adoption, with 2017 being the most recent, is an “order of magnitude bigger than the last.” As such, if crypto asset valuations start to run again, the increased number of consumers, coupled with exponentially increasing “price expectations of “HODL’ers,” will push BTC above and beyond $20,000. Milne’s pseudo-prediction wasn’t only chalked up to the number of industry participants, as the Monaco-based investor went on to touch on industry fundamentals.
Rebutting a recent quip from Chris Burniske, a partner at Placeholder Ventures, that the mainstream consciousness has lost track of Bitcoin, Milne noted that the asset has achieved “mainstream awareness.” So, when BTC shows signs of life, monumental amounts of FOMO will begin to show its lovely face. Milne added that the institutional groundwork that is getting laid will also help propel BTC to new heights.
Don’t Doubt Gold 2.0
In subsequent comments, Milne, a self-proclaimed altcoin skeptic, added that Bitcoin has also seen its Store of Value (SoV) proposition become more apparent. More specifically, he noted that Bitcoin’s investors are now “very aware that BTC is like trading gold with 100x leverage,” along with the fact that the flagship cryptocurrency’s inflation rate will be lower than that of the precious metal. And, as “no one appears to doubt the usefulness of gold,” Milne added that they shouldn’t doubt the potential of BTC, the de-facto digital version of the asset under Fort Knox’s care.
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