Interest per week
Interest per year
Balaji S. Srinivasan, former CTO of cryptocurrency exchange Coinbase, says it is now more likely to cross the $100,000 mark now that it's trading above $10,000.
To prove his point, he compared BTC to the number of coronavirus cases that rapidly accelerated past 10,000.
Bitcoin and the coronavirus outbreak
At first glance, the idea of comparing Bitcoin to the deadly virus might seem absurd. However, Srinivasan explained that both of them can be modeled as stochastic processes. While there are no certainties, one can use GBMs and SEIR models to calculate the mathematical probability of different scenarios.
The link between Bitcoin and the coronavirus might go far beyond math. As reported by U.Today, Nigel Green, CEO of deVere Group, claimed that Bitcoin (BTC) price pumps might be directly related to new coronavirus cases since the leading cryptocurrency now acts as a hedge asset.
Fundstrat's Tom Lee mentioned the Chinese pneumonic plague as one of the reasons why BTC was going to experience another rally in 2020.
No needs for narratives
While pundits like to create new narratives around Bitcoin, it's price appears to be gearing up towards $100,000 with or without military conflicts or epidemics. Legendary chartist Peter Brandt and Silk Road founder Ross Ulbricht predicted that the price of BTC could end up in the six-digit reality as early as this year based on their technical analysis.