Bitcoin (BTC) Price Is Now More Likely to Reach $100,000 After Hitting $10,000: Ex-Coinbase CTO

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Fri, 02/14/2020 - 06:25
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    Former Coinbase CTO Balaji S. Srinivasan explains how the growth of the Bitcoin (BTC) price can be compared to the coronavirus epidemic

Bitcoin (BTC) Price Is Now More Likely to Reach $100,000 After Hitting $10,000: Ex-Coinbase CTO

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 Price

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Bitcoin-BTC Price Pump Comes With Coronavirus Outbreak – Consequence or Coincidence? - READ MORE

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.  

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Bitcoin (BTC) Price Not Driven by Safe-Haven Buying, Says Peter Schiff - READ MORE

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.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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