The CEO of Identity Management Startup Civic, Vinny Lingham expressed in a recent interview on November 26 that the BTC (Bitcoin) cost will remain within a tight range for a certain period of time, while it could seize up the $3,000 mark.
In a conversation with CNBC Fast Money, Vinny Lingham recommended that Bitcoin trading will remain somewhere in the range bound of $3,000 and $5,000 for about 3 to 6 months. He appeared skeptical about whether the Bitcoin value will be able to break through the hold level at $3,000 since there is presently a great deal of purchasing going on around that point.
Lingham, however, added that if we could not find a clear solution for the downtrend of crypto price within the coming 3⎯6 months, then the $3,000 level could go up. Expressing his apprehensions, Lingham stated that it would be risky to buy Bitcoin at this point of time, as the future looks quite uncertain—the situation can be different for the high risks as it could lead to high returns if the market turns up.
When asked whether the current value of Bitcoin can influence the Bitcoin-based platforms, Lingham contended that Bitcoin’s current value would not hold back the development of Bitcoin-based platforms, but it is most likely to slow it down.
He added that one big issue is the original story of Bitcoin which portrayed the coin as a store of value. Refuting the belief of investors who bought Bitcoin for long-term benefits, he expressed that it is not worthwhile and has never proven to be true. Others, he expressed, became tied up with the possibility of Bitcoin as a payment channel that would contend with payment processors such as Visa or MasterCard.
Previously bullish on crypto, Lingham entered the crypto market and specifically in Bitcoin in 2013. He claims to have a checkered past in the crypto network for his suspicious conducts. In February 2017, he composed a blog post cautioning about the risks of another rise in cryptocurrencies. Remarking on this issue, he said that basics need to lead the market, not theory. However, the community seems to be opposed to this idea.
Also recently, Mike Novogratz, founder of Galaxy Digital expressed his hopes that crypto money will flip one year from now since that is when costs begin moving again. Mike also predicted that financial organizations would change from putting resources into cryptocurrency assets to investing in cryptographic forms in the first three months of next year.