Bitcoin (BTC) to reach $98,000 in the next few years: New Study

Bitcoin (BTC) to reach $98,000 in the next few years: New Study
Aug 31, 2018 at 12:10 PM
Satis Group, an advisory and research firm to Initial Coin Offering (ICO), conducted a new research wherein they state that the price of Bitcoin (BTC) could reach as high as $98,000 in the next five years. The prime researchers of the report were Sherwin Dowlat and Michael Hodapp. Satis group covered the cryptocurrency industry in a five-part series, this being the penultimate.

The aforementioned report, not only analysed the prime cryptocurrency i.e. the Bitcoin (BTC), which is estimated to reach $96,000, but also Monero (XMR) to reach $18,000, currently priced at $107 and Decred (DCR) which will rise to $535, currently priced at $41.

Bitcoin Cash and Ripple (XRP) will take a beating as per the report, with the former predicted to slump to $268, currently priced at $543 following “[attempts] to inherit brand recognition and [provides] minimal technological advantage to incumbents.” The Ripple (XRP) price will be $0.01 citing little value of centrally owned cryptoassets.

Ethereum (ETH) is also not looking too good, with the research team forecasting that the “platform network” will lose share to half by 2028”, stating:

“While we do acknowledge the strong community behind the ETH network, minor flaws in design and governance (which we believe will result in contention leading up to the future network upgrades, notably the move to Proof-of-Stake (PoS) consensus) can expose the relatively low switching costs of overlying networks built on top of it (the ICO’s, and tokens).”

Cryptoassests were also part of the study, with their value estimated to increase from about $500 billion next year to $3.6 trillion by 2028, 90% owing to extraction from offshore deposits in the following decade.

Further research, from Sanford C. Bernstein & Co. indicates that the revenue generated by the crypto-exchanges could double to $4 billion in 2018. The ICO market report for the second quarter of 2018, by ICORating showed that the market surged to more than double in a year’s time