Co-founder and CEO of Guardian Circle and Guard Token, Mark Jeffrey, believes that the number one crytocurrency will see a future growth to a price of $250,000.
The Bitcoin pioneer told The Next Billion Seconds podcast, with Mark Pesce, that he believes the price of one Bitcoin will reach $250,000, and the boom and bust cycles we are currently experiencing are to be expected.
Jeffrey believes the long-term future of Bitcoin is bright, and the current crypto winter isn’t that surprising.
'I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s', he said.
'We’ve just gone through the analogue of that cycle in the crypto universe in a compressed timeframe.'
Jeffrey stated that the entire process has been developping much more rapidly with cryptocurrency:
'So in the dot com boom and bust cycle it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.'
The co-founder of the Guardian Circle believes that in 2017 and early 2018 people made the mistake of becoming caught up in the crypto investment mania.
'I think people got very over exuberant and maybe extended themselves a little bit too far, and then they got scared.'
Further pointing out that the traditional markets have also experienced a lot of crashing and volatility 'so it’s not isolated to just crypto.'
Jeffrey added that he is of the opinion things will change eventually.
'I think we’re in a little dead period right now, everyone knows', he said.
Making a reference to the Star Wars movies, he said that this is not the end of the story.
'This is the middle part. This is the second act. The third act is return of the Jedi and we’re not there yet.'
Jeffrey insisted that ‘this is coming’, and stands by his early prediction of a $250,000 Bitcoin.
He concluded the interview by saying that tokens with real value will push through, and said that nobody knows what may still appear to become the Facebook of crypto.