Ever since its inception, Bitcoin [BTC] has been the butt of many criticisms from different parties involved in the world of digital assets. This was again evidenced when Nic Carter, a Twitterati raised the age-old point that “Bitcoin has poor/broken governance”. In a series of tweets, Carter said:
“I remember when “Bitcoin has poor/broken governance” was a popular refrain and was used as justification to promote alternatives. Now it has become clear that:
– Every project that becomes significant experiences the same governance struggles
– Being hard to change is good”
He further opined that anyone who pushed the “broken governance” line has not promoted an alternative to fix the model. Carter’s tweets shot to fame in the crypto-world when Adam Back, the Chief Executive Officer [CEO] of Blockstream replied:
“Bitcoin does not have governance, and if it had governance it would not be Bitcoin. Governance meaning discretionary permissioning by groups of humans. Bitcoin has change process, but that is optimized for “no change”, other than backwards compatible, win-win tech improvements.”
Back’s statements were in accordance with Bitcoin’s mantra of adhering to transparency and maintaining transactions privacy. The only sort of ‘governance’ in the Bitcoin ecosystem followed the Byzantine General’s principle which ensures that ledger transparency during transactions is maintained.
Adam Back was not the only famous luminary who joined in on the Twitter thread as he was followed by Tuur Demeester, the Founding Partner at Adamant Capital and Jameson Lopp, the creator of Satoshi.info. Demeester pointed out to a medium article by Lopp that elucidated on who controlled the Bitcoin Core. In Lopp’s piece, he had mentioned ‘Trust no one’ mantra as there were too many people in the ecosystem right now. The article said:
“While there are a handful of GitHub “maintainer” accounts at the organization level that have the ability to merge code into the master branch, this is more of a janitorial function than a position of power. If anyone could merge into master it would very quickly turn into a “too many cooks in the kitchen” scenario. Bitcoin Core follows principles of least privilege that any power bestowed to individuals is easily subverted if it is abused.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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