Founder of Silk Road, Ross Ulbricht, came out with his latest prediction about Bitcoin’s future. Saying that he has identified a long term bullish trend, Ross says that Bitcoin would stay above $20,000 in the future.
Ulbricht is currently an inmate of United States Penitentiary Tucson. He is serving two life sentences for computer hacking, money laundering, and for the conspiracy to use traffic narcotics on the Silk Road website.
However, it seems that he has been quite active and has been sharing his views, analysis, and predictions about Bitcoin on his Medium blog. On 12th April, Ulbricht posted that Bitcoin was likely to be a bearish market for some time. He said it could last until June or July of this year or maybe even next year. He went further back to last December’s prediction, where he mentioned Bitcoin would drop to a price under $4,200 and touch $3,200.
Continuing with his analysis, Ulbricht shared his latest observations on 24th April, where he talked about wave II and long term bullish effect. Ulbricht mentioned that his earlier bearish prediction was still a likely case for the second wave, but he wants the crypto community to be aware of the long term opportunities and be prepared.
Using a graph (the same one from his previous post) that showed the trend from 2012 until now, he said that though initially, he wasn’t planning to share his insights, he chose to do so in case it would help people get profits and avoid wave II scenario. Ulbricht further said that being in prison is an advantage in a way as he is less influenced by daily happenings and can consider the long term perspective.
He explained each of the waves’ movements and talked about how wave III could be as big as wave I and could push the price of bitcoin to over $333 million. He said that if wave I started at $0.06 and ended at $20,000, it meant that the prices went up by 333,333x times. This would mean that if wave II ended at $1000, it would put wave III in a $333 million range.
He took an example of $21 million bitcoins, which showed around $7 quadrillion. Mentioning that it is 10 times the GDP of all countries in this world, he went on to emphasize his point about the long term. “The sky is the limit” was his ultimate prediction. Ulbricht said that decades from now, anything less than $20,000 would be considered cheap.
He concluded the post saying that it was his honest view and would as ever be unpopular. He believes that if too many people were to agree with his predictions, it meant he fell for the market’s psychological trap and has to consider other possibilities.
We can only wait and see if he indeed has had the advantage of staying in prison and having limited access, which resulted in such predictions or not.
Want to learn more? This article might be of interest to you: