Llew Claasen: $40,000 Bitcoin & the Failure of 90% of Altcoins
Bitcoin currently trades for around $10,000, and the blockchain ecosystem is home to over 1,000 different altcoins and value tokens with a combined market cap of almost $500 billion. However, this situation is soon to change according to Llew Claasen, executive director of the Bitcoin Foundation – a non-profit Bitcoin Advocacy group dedicated to helping develop Bitcoin’s code and branding.
According to statements made at the Startup Grind conference, Classen believes Bitcoin will surge around 400% from current levels to reach prices of $40,000 by the end of 2018. But while Classen’s views on Bitcoin are favorable, he paints a much less rosy picture for the other coins, believing 90% of them will fail.
Why Could Cryptocurrency Projects Fail?
The cryptocurrency community is no stranger to failed blockchain projects. Last month, a project called BitConnect was exposed for questionable activities and forced to dial back its operations in the United States. There have also been multiple scams and failed ICOs that haven’t received as much press attention as the BitConnect fiasco. So far there have already been five major blockchain-related scams in 2018. Claasen believes the troubling frequency of cryptocurrency scams could spell doom for investors who take on risk in the sector.
At the Startup Grind conference, Claasen seemed to suggest that altcoin market is fundamentally unsound, and up to 90% of projects would fail. But while Claasen’s warnings should be taken seriously, as a major advocate of Bitcoin, he has a conflict of interest and negative bias towards other coins and this could result in an unreasonably bleak outlook towards other cryptocurrencies.
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