UNITED KINGDOM – Bitcoin is reportedly gearing up for a price surge of gigantic proportions. The prediction was made by two people from diverse backgrounds. The week also saw the head of the European Central Bank (ECB), Christine Lagarde, acknowledging the rising demand for stablecoins.
The notorious Silk Road founder Ross Ulbricht recently published a series of posts, dubbed “Bitcoin by Ross,” where he predicts a spike in Bitcoin (BTC) price. He said the token will hit anywhere between $93,000 and $109,000 before the end of February 2021.
Ulbricht is currently serving a double life sentence after being convicted of conspiracy to commit computer hacking, drug trafficking, and money laundering. His now-defunct Silk Road was where Bitcoin was first used a major currency.
According to Ulbricht, he successfully predicted the past two BTC price surges from inside the prison. He also claims his analysis on BTC’s price movement was based on the Elliot Wave Theory. The theory predicts the highs and lows of finance markets by determining investor and market psychology.
Bitcoin’s $100k price surge was also predicted by Mark Yusko. The Chief Investment Officer of Morgan Creek Capital Management, Yusko even made further projections and said that investors could see BTC at $250,000 by 2025.
Yusko explained his “hyperbullish” prediction on the technology’s infancy, store of value, growth metrics, and capability to reduce income inequality.
Stablecoins were also in the news this week as ECB chief Lagarde talked about digital currencies in her first press conference. When prompted about the region’s stand on digital currency, she said that based on the developments being made in stablecoin projects, it was clear that there’s a demand.
Lagarde also noted that the ECB should be “ahead of the curve” when it comes to cryptocurrencies. She stated that the ECB has already established a task force focusing on digital currency. The newly minted chief also gave a brief outline of her plans to ensure her agency stays ahead of crypto technology.
Lagarde explained that their first goal was to identify their purpose regarding stablecoins. She said there are several objectives that the agency can focus on so they need to determine where to start. Once that’s done, they can concentrate on the technicalities next.
Meanwhile, Bitcoin Cash ABC and EOS saw gains as the week ended. Bitcoin Cash (BCH) ABC was up by 1.88% on Friday and eventually landing at $211.14. The EOS also went up by 1.4% on Friday. From its 0.36% boost on Thursday, the token rallied until it closed the week at $2.63.