Brock Pierce, the head of the Bitcoin Foundation and a rich investor, predicts that the price of Bitcoin will either rise to $1 million or crash to zero.
Pierce predicted that Bitcoin would either flourish and soar to an exorbitant price or fail miserably during a recent appearance with Fox Business on May 6, at a time when Bitcoin was trading about $36,157. Investors should be aware of the hazards of investing in cryptocurrency and avoid going all-in on Bitcoin, according to Pierce.
Here Is More On What Pierce Said
” [Bitcoin] could go to zero. It’s a binary outcome. It’s either going to go to $1 million a Bitcoin or zero. It’s going to be one or the other, which is why you shouldn’t put everything there. ”
Pierce compared the present crypto ecosystem to the late 1990s dot-com and tech bubble. He claimed that while the digital boom of two decades ago generated industry heavyweights like eBay and Amazon, a “bunch” of other businesses went bankrupt. He believes crypto will follow a similar path, with a few top projects emerging from the ashes while the rest fails horribly.
Despite predicting a possible market catastrophe, Pierce described crypto and blockchain innovation as “genuine” and predicted that it would play a significant part in the collective future.
Pierce also told Fox that he is “extremely interested” in what’s going on in the non-fungible token market and that he was one of the early buyers of NFT.com, a community-driven digital asset marketplace.