Despite his short-term adverse views of Bitcoin’s price, Ross Ulbricht remains bullish in the long-term. In a recent post from the prison, he reiterated his last $1,200 price prediction, saying that this could be simply the start of a vast upwards movement, which could lead to $333m per one BTC.
Bitcoin To $333 Million?
As Cryptopotato reported recently, the incarcerated founder of the notorious Silk Road dark market, Ross Ulbricht, claimed that the price of the primary cryptocurrency could be heading south soon.
He based his prediction on the popular Elliot Wave Theory. According to him, Bitcoin is currently at the “Wave II” phase, which could take it down to anywhere between $2,800 and $1,200.
Earlier this week, Ulbricht issued another detailed post on the matter, saying that he wanted to reiterate his previous stance. He still believes that his “short-term bearish forecast” will come to life, but he’s quite bullish in the long-term.
And by referring to the “Wave III,” which could be “even more impressive than wave I,” he made a highly daring prediction for Bitcoin, to say the least:
“If we consider $0.06 to be the start of the wave I and $20,000 the end, then wave I drove prices up by 333,333x. If Wave II takes prices down to $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million.”
Ulbricht didn’t provide a specific timeframe about his prediction. However, he believes that “decades from now anything below $20,000 will seem cheap.”
Being behind bars, it appears that Ulbricht is somewhat active in making Bitcoin predictions. Another one from December 2019 forecasted that the benchmark digital asset would reach $100,000 in 2020. As today, April 25th, BTC trades at $7,500, this seems a bit improbable.
The $333 million prediction, though, takes the implausibility to a whole another level. As 21 million bitcoins will ever exist, this would mean a total market capitalization value of about $7 quadrillion. That’s more than ten times the current GDP of all countries. Yet, he added that “the point is – long-term – the sky is the limit.”
Now, it’s also worth noting that when Bitcoin was trading at about $0.06, it definitely sounded unlikely that it will explode to $20,000 in only several years.
In any case, Bitcoin at $333 million is arguably the boldest prognosis to date. It obliterates the famous $1 million prediction made by the popular cryptocurrency proponent, John McAfee.
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