Civic CEO Vinny Lingham Bets $20,000 That Bitcoin (BTC) Won’t Moon Before 2020
South African CEO of the identity protection and publishing blockchain Civic has made a bet that Bitcoin won’t surpass $28,000 in the next year.
The bet was made with Ronnie Moas of investment firm Standpoint Research, the terms of which dictate that leading cryptocurrency Bitcoin (BTC) will maintain a value below $28,000 on December 31st, 2019.
In contrast, Moas believes the king of cryptocurrencies will explode in price due to limited supply and exceed $50,000 in 2020. Lingham believes mining companies will need to cash out their assets due to a lack of profitability that the cryptocurrency mining industry will suffer.
It is currently estimated that the mining of Bitcoin will become unprofitable if the value drops below $6,000. However, many proponents of Bitcoin believe the inconsistency will resolve itself due to decreasing hashrate from miners leaving the industry. This, in turn, will then lower overhead costs and improve profits.
Lingham and Moas have agreed that whoever wins the bet will donate the money to Free Ross, a charity that supports the release of alleged Silk Road operator Ross Ulbricht, who is currently serving a life sentence in U.S. prison.
Bitcoin (BTC) is currently trading at $6,470, down 2.7 percent since yesterday.