Satoshi’s Favorite Newspaper Admits Bitcoin Value “Set To Quadruple”
Last Updated on 23 March 2021 by CryptoTips.eu
It is ironic that the same newspaper which got Satoshi Nakamoto to write the whitepaper that set the basis for the blockchain code which got Bitcoin to work, admits some 12 years later that the most famous cryptocurrency could soon embrace it as an alternative to gold.
Bitcoin started with the so-called genesis block, the first to be mined. Not only did it come with a reward of 50 BTC, it also embedded a special message saying: The Times 3 January 2009, Chancellor on Brink of second bailout for banks.
Quadruple
Many have since assumed that Satoshi Nakamoto, the anonymous cryptographer who invested cryptocurrencies as we now know them, did so to find a currency that could not be ruled by outside forces and would thus be the ultimate “hard money”.
Whoever he is, Satoshi will probably be glad to know that 12 years after reading those infamous words, the same classic newspaper, The Times, led it’s business section with the following title on 6 January 2021: Bitcoin’s value ‘set to quadruple’ after it rivals gold as safe haven.
Bitcoin is currently trading around $39,500 and is very volatile.
Crowding out
The article described how a leading JP Morgan analyst, and known Bitcoin fan Nikolaos Panigirtzoglou, predicted that the world’s most actively traded cryptocurrency would quadruple in value simply by rivaling gold as the preferred safe haven for investors.
In his research note, Mr Panigirtzoglou said:
A crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term. However, a convergence in volatilities between bitcoin and gold is unlikely to happen quickly, and is in our mind a multiyear process. This implies that the above $146,000 theoretical bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.
We can only guess Satoshi smiled when he read the article.
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