On November 10, 2021, the price of bitcoin (BTC) reached an all-time high of $69,045. Unfortunately, since the beginning of the bear market, it has gradually declined to $18,764 as of this writing. That’s a 72.8% drop from its ATH. Considering the current realities of the cryptocurrency market, is there any hope that the price of BTC will once again reach an all-time high? This is what an expert thinks.
Gloomy predictions for the future of bitcoin
In an interview with CoinDesk TV, independent researcher Kyle McDonald gave his thoughts on bitcoin price developments going forward. In his prediction, he was resolute: “Bitcoin will never reach $69,000 again”.
He also encouraged bitcoin holders to sell their assets before it is too late. Actually, according to the specialist, the large amount of energy consumed by the Bitcoin network will lead regulators to intervene against this blockchain. This should be the reason for the decline of the queen of cryptocurrencies.
Besides, if the researcher is so sure of what he is saying, it is because The Merge is fast approaching. According to him, with the transition of Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS), “Investors and regulators will realize that POW was never needed”.
The Merger of Ethereum will mark the end of Bitcoin?
The merger will definitely be a major milestone for the cryptocurrency industry. According to McDonald, thanks to PoS, Ethereum will be able to reduce its current energy consumption by almost 99.95%. What he considers a fatal blow to the Bitcoin network.
“When you go from a system that generates as many random numbers as quickly as possible to 10 million [processeurs graphiques] worldwide, for a system running on a few thousand low-powered computers, the difference is huge”he added.
Finally, McDonald pointed out that The Merge could have disastrous consequences for NFT traders and collectors. Let’s imagine that the miners decide to stay in PoW after the merger and they manage to hard fork of Ethereum. In this case, both existing channels will have duplicate NFTs. This will significantly dilute its value.
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I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.