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- Brock Pierce believes that Bitcoin will probably hit $100,000 in the coming year and there’s even a case for the cryptocurrency hitting $200,000.
- Pierce says that a lot of the Bitcoin price movement will depend on external market factors such as the rate of inflation following the massive money printing this year.
Bitcoin is ending a record year on a sour note. As CNF reported, December is shaping up to be the worst month since May, despite hitting a new all-time high just weeks ago. But according to Brock Pierce, this is just a usual market cycle and we will soon be on the uptrend once again. The Bitcoin Foundation chairman believes that in the coming year, Bitcoin could go as high as $200,000.
Read More: Bitcoin loses more ground as December sets up to be its worst month since May
Pierce joined Cheryl Casone on Fox Business show Morning with Maria where he discussed the current market, the effect that altcoins have had on the Bitcoin price, regulations, and the future of the king of cryptocurrencies.
#Crypto will always have ups & downs. Yet, if we look back 10 years or even 2 years the highs far outweigh the lows for those committed to the journey.⚡
I chatted with @foxbusiness this a.m. about the current #Bitcoin dip & what 2022 could look like. https://t.co/YuZ4GXz7Nu pic.twitter.com/hMInl3qDlP
— Brock Pierce (@brockpierce) December 29, 2021
On his prediction for the Bitcoin price, Pierce didn’t hold back and claimed that $100,000 is within reach and that it could even hit twice that figure.
I would not be surprised if we saw a bitcoin price next year over $100,000. It’s even conceivable that it could break $200,000 for a moment and probably come falling back again.
A lot of this is dependent on external factors, however. Pierce told Fox that “we’ve printed a massive amount of currency in the world. What are we going to see in terms of actual inflation?”
Remember this is an alternative asset, and it’s one that’s not really a hedge per se as gold or real estate because it has more risk and greater volatility, but also a much more interesting return profile. Depending upon financial uncertainty in the broader financial system, that will be the primary driver.
Altcoins, regulations, and Dot-Com bubble
As Bitcoin struggles, some altcoins have continued to have a bountiful year. This has led many to argue that the money going into these alternative cryptocurrencies is what’s missing in Bitcoin and could take the pioneer crypto ‘to the moon.’
Pierce agrees. If there were no altcoins, Bitcoin’s market cap would be more than twice what it is now, he believes. However, they are crucial to the success of Bitcoin and are solving challenges that Bitcoin couldn’t, he believes.
“Bitcoin is like the digital gold. The idea for Ethereum was ‘can we create programmable contracts’?’
Just like the Internet in 1999, there will be a few who survive as the Amazons and Googles did, but a vast majority of altcoin projects will go belly up once this Dot-Com-like bubble bursts.
And while the Bitcoin Foundation chair believes that Bitcoin was created to be the digital gold, the Bitcoin whitepaper describes it as “electronic peer-to-peer cash.”
Pierce has made a name for himself for several diverse projects. He started off as a child actor, appearing in Disney films such as The Mighty Ducks and First Kid. He was among the first people in the world of cryptocurrencies and is the founder of Tether although he later exited before it became the behemoth it is today. He is also a co-founder of Block.one, the company behind the EOS project. In 2020, he ran for U.S president as an independent candidate.
