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Bitcoin is simple and elegant and very hard to replicate, says Chief Strategy Officer of CoinShares

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'Bitcoin is simple and elegant and very hard to replicate', says Meltem Demirors
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Meltem Demirors, the chief strategy officer at CoinShares, spoke with CNBC’s Crypto Trader and discussed the numerous protocols/altcoins that have come up in the cryptocurrency space. She mentioned how Bitcoin faced problems with consensus in the early days and has been finessing since then.

ICO boom, which took place in 2017 was also addressed by Demirors as she said:

“$8.6 billion went into top 10 ICOs, the largest of which was EOS. Actually, for the last few years over $30 billion has gone into protocols. I think a lot of it is people talking about the issues of Bitcoin, like its too expensive, too slow… and started designing all these protocols, that tend to solve these problems that Bitcoin has.”

Most of the altcoins that crept up during the ICO boom in 2017 were not able to survive the bear market due to lack of pragmatism in the projects, lack of funds management, etc. A majority of these ICOs were nothing but a pump and dump scheme, which lost a lot of investors’ money.

Additionally, Demirors stated:

“I think a lot of these protocols raised on these premises ‘We’re going to kill Bitcoin because we have all these features that make us better than Bitcoin’ not realizing that it took Bitcoin ten years to get Bitcoin where it is. It is simple and very elegant and very hard to replicate Bitcoin.”

She added that Bitcoin has been slowly adding to its features to it, which is making it more private and secure. Meltem Demirors also said that scalability for Bitcoin has been progressing via the Lightning network; other features like the Taproot implementation, the Schnorr signatures, etc will also be coming to Bitcoin.

Moreover, Demirors said that the value of the network and the price of Bitcoin did matter, but the important thing was the community of the Bitcoin, which has brought together so many people could work collectively on Bitcoin.

Speaking about these protocols/altcoins, Demirors added that Ethereum had done a “good job” building community around itself, although it was facing the same problems Bitcoin did.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
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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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