Vinny Lingham, who appears on South Africa’s version of the popular television show Shark Tank, has made a bold prediction for the bitcoin price… and it could play out this year!
Vinny Lingham Tweets His Price Visions Once Again
The South African entrepreneur has been a long time proponent of bitcoin. He is currently the CEO of Civic, a blockchain inspired identity theft protection service, and founded the popular gift card for bitcoin provider Gyft. Earlier this year, the gift card provider introduced a blockchain based gift card marketplace.
Mr. Lingham often tweets about cryptocurrency price movements, and in June, when the Ethereum price hovered around $20, he predicted its token was worth no more than $5. At press time, the Ethereum price is listed at $8.50.
“For the record, I’m not anti-ether,” the South African entrepreneur wrote. “I think it’s a valuable addition to the crypto industry but it’s not worth anything more than $5 today.”
For the record, I'm not anti-Ether. I think it's a valuable addition to the crypto industry but it's not worth anything more than $5 today.
— Vinny Lingham (@VinnyLingham) June 17, 2016
Now Mr. Lingham has made another prediction, tweeting:
It's not entirely clear how long Bitcoin still needs to trade in the 700's to clear out latent supply, but I doubt we will notice the 800's.
— Vinny Lingham (@VinnyLingham) December 4, 2016
As soon as bitcoin breaks through the $800 handle, according to Lingham, it will trade swiftly into the $900 range.
Lingham has offered prescient price analysis on his blog at VinnyLingham.com, introducing the notion of a diluted-inflation terms for bitcoin which takes into consideration bitcoin’s inflation rate and burned coins over time.
Other Predictions & Donald Trump
Mr. Lingham is not the only one to predict major price movements for bitcoin. Citing chiefly the impending Donald Trump presidency, Saxo Bank, a bank specializing in online trading, predicted shocking gains:
“If the banking system as well as sovereigns such as Russia and China move to accept bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the blockchains decentralised system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally.”
Saxo Bank’s prediction led mainstream news outlets to parrot with headlines like “Bitcoin Values Could Triple Under Trump,”and “Bitcoin could rise 165% to $2,000 driven by Trump’s ‘spending binge’ and dollar rally”.
Mainstream media’s bitcoin coverage has some correlation with the rise and fall of the bitcoin price, particularly because it’s still a considerably small market and for monied participants quite easily tradeable, but little if any causation can be quantified effectively.
Saxo’s predictions made waves, but Lingham’s prediction is even more shocking – the Shark Tank star thinks the price could go higher. Mr. Lingham predicts bitcoin could reach $3,000 in 2017.
What do you think about Vinny Lingham’s predictions? Let us know in the comments below.
Images courtesy of Shutterstock, and Twitter
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