Over the past few months, the value of Bitcoin has been revolving around the $6,300 mark. Recently, Vinny Lingham opposed a prediction by Ronnie Moas that the price of Bitcoin would reach $28,000 before the close of 2019. The two cryptocurrency experts placed a bet worth $20,000 in this regard.
Currently, Ronnie Moas is the director as Standpoint Research, while Vinny is the CEO of the Civic blockchain project. The two were talking about the various developments in the cryptocurrency, with a particular focus on the past, present and the future performance of Bitcoin.
It was during his speech that Ronnie predicted that the price of Bitcoin would reach $28,000 before the culmination of 2019. A similar stance had been previously adopted by Mike Novogratz, the proprietor of Galaxy Digital. Ronnie based his argument on the increasing demand for Bitcoin whose supply is decreasing and will eventually stop when the preset limit is attained.
Indeed, Ronnie said that he believes that Bitcoin will be valued at $50,000 within the next two years.
In contrast, Vinny Lingham did not agree with the prediction made by Ronnie. Vinny believes that businesses that deal with virtual currencies are not making profits and will have to trade their assets for sustainability purposes. However, insufficient liquidity in the crypto market means that the balance will collapse, reducing the value of cryptocurrencies. This stance prompted the two men to stake a bet against each other.
Regardless of the result, the $20,000 stake will be given to the Free Ross organization. The Free Ross initiative is aimed at fighting for the release of Ross Ulbricht, the founder of the infamous Silk Road darknet marketplace. Ross is currently serving his lifelong jail term without the possibility of parole. His supporters argue that there were inconsistencies in the evidence presented by the prosecution and that Ross is a first-time offender.
The Future of Bitcoin
Throughout this year, the performance of Bitcoin has been a far cry from the famous bull in the latter stages of 2017. Though the past few days have seen a steady rise in the value of Bitcoin, the volatility levels experienced in recent times have been an all-time low.
Nevertheless, market pointers hint at increased buying activity and this means that the Bitcoin market is likely to embark on yet another bullish run.