Bitcoin To $96,000, XRP To $0.01 By 2023, ICO Advisor Satis Group Estimates
What bear market?
Despite downward pressure on the price of bitcoin for most of 2018, ICO advisory firm Satis Group sees bitcoin’s value proposition and market depth as strong vis-a-vis other crypto assets, and is estimating that its price could hit $96,000 by 2023 and $144,000 by 2028.
The predictions come in a new report on crypto asset valuation in which overall crypto market capitalization is estimated to grow from approximately $170 billion currently to $3.6 trillion over the next ten years.
Despite the broader bitcoin and crypto bullishness, the report’s predictions for tokens like Bitcoin Cash, XRP and application-specific utility tokens are quite downcast.
The authors see BCH trending down to $268 in five years’ time and forecast minimal traction for “cryptoassets which attempt to inherit brand recognition and provide minimal technological advantage to incumbents.”
Ripple’s XRP token, predicted to fall to $0.01 by 2023, doesn’t get much love either, with the authors seeing “Little value in XRP and cryptoassets which are misleadingly marketed, not needed within their own network, and have centralized ownership/validation.”
The report’s outlook on so-called utility tokens was is also less than optimistic. While the authors foresee application-specific tokens ultimately penetrating markets like information technology spending, gaming and gambling, the ability of these tokens to hold or increase in value is limited:
“(T)he high velocity of these applications combined with a lack of value-retaining construct will result in them either: 1) being not used and sinking in value, or 2) having high use, and in turn lower value as a result of the high velocity.”
Across all crypto asset sectors, Satis Group is most heavily bullish on privacy coins such as Monero – which it estimates will increase to $18,500 by 2023.
“Although (p)rivacy networks are newer entrants, we believe the network effects seen from the likes of BTC earlier on will be repeated within dominant coins here,” the report notes, adding:
“Not only do these coins target the same large and lower velocity store of value market as BTC and (c)urrencies, they present a much deeper value proposition within those markets.”
Upward price pressure for these currencies will come from global geopolitical events like capital controls, currency devaluations and other financial turmoil.
“The use cases within the (p)rivacy markets are incredibly sticky and feed on adoption, especially when regulators and law enforcement are making efforts to increase forensic penetration into public networks like BTC.”
You may be interested
Bitcoin Exchange Market 2019-2023 Booming Worldwide | Bitstamp, Coinbase, Coinmama, Kraken, BitFlyer,BtcBox, Bit2C, Luno, Bitcoin.de, Bisq, BitQuick, Hodl Hodl, Local Bitcoins, Paxful, AnyCoin Direct, BitPanda, BL3P, Kriptomat, Paymium, The Rock Trading,Editor - February 18, 2019
[ad_1] Bitcoin Exchange with the slowdown in world economic growth, the Bitcoin Exchange industry has also suffered a certain impact,…
Ethereum Classic (ETC) Breaks Past Critical Resistance, Continues To Rally – Crypto DailyEditor - February 18, 2019
[ad_1] Ethereum Classic (ETC) Breaks Past Critical Resistance, Continues To Rally Crypto DailyEthereum Classic (ETC) has shown a serious rise in…