Riccardo Spagni aka Fluffy Pony, a core team member, and developer at Monero, in an interview with Laura Shin, spoke about the importance of privacy and Bitcoin, if it ever decided to adopt privacy.
Spagni agreed that he was a firm believer in Bitcoin’s success and also shared his story about how he fell into the ‘rabbit hole’ as he discovered Bitcoin and started mining it back in 2011.
Monero is known in the crypto-verse due to its privacy aspects and Spagni believes that privacy must be a basic “human right”. Explaining the reason why he got into Monero, he said:
“I have a belief in privacy as basic human rights and I was interested in this technology that could advance that that could enable people’s privacy, especially those who were in places and in situations where their privacy was taken away from them.”
Spagni continued comparing this to the Facebook Cambridge Analytica data breach or with the Edward Snowden revelations people have started caring less and less about privacy. He said that the internet populace has forgotten how important privacy is or that they have stopped caring about privacy.
Furthermore, he added:
“I think that people are largely apathetic and they’ve got this worldview where they’ve been suckered into believing that you can have access to a bunch of services on the internet for free and that’s a good thing.”
Spagni said that Bitcoin most definitely needs privacy adoption. He continued that if the privacy was ever introduced in the core [code] part of Bitcoin’s protocol, it would be an “excellent feat of engineering”.
Spagni brought forth the point of the Bitcoin community saying that Bitcoin is accepted by the regulators due to the fact that the privacy aspects in Bitcoin are less as compared to Monero. He added:
“Adding privacy to Bitcoin will be bad that Bitcoin has only been accepted by regulators because of this transparency and traceability and trying to switch it up and make Bitcoin privacy enhanced is bad. And from a regulatory perspective, regulators are just going to use that as a reason to stomp on Bitcoin.”
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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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