Bitcoin Chance of $1Mln Bitcoin 0.25%: Vinny Lingham
Vinny Lingham has delivered a dose of reason to Bitcoin’s price moon gazers, noting the chances of a $1 million valuation are just 0.25%.
In a tweet Sunday, Lingham, who is known for his level-headed appraisals of Bitcoin’s price performance, agreed with comments from Present CEO Naval Ravikant that “fundamental analysis is impossible” for the virtual currency today.
While 0.25% is already change in tone to predictions from Xapo’s Wences Casares that Bitcoin will cost $1 million within 10 years, the stakes hardly improve for $100,000, coming in relatively at just 2.5%.
Lingham had previously warned about the detrimental effect of rapid price rises on Bitcoin.
In a pre-ETF blog post post in February, the entrepreneur stated that if Bitcoin went “into the $3,000+ territory due to mania/short squeezes/media hype/FOMO and other triggers, then alarm bells will go off for me and we start approaching bubble territory where the Smart Money starts to leave.”
A holding pattern is meanwhile beginning to emerge for Bitcoin, which is once again hovering around the $2600 barrier.
Two cycles have seen $3000 approached and lost since the end of May, prices each time rebounding to current levels after significant but brief falls.