Cryptocurrency Pioneer Predicts “New Bitcoin Bubble” Could Top $100k

  • Vinny Lingham, CEO of Civic token, recently spoke at an event hosted by the Blockchain Entrepreneurs Club of South Africa.
  • During his talk, he reminded the audience why he’s bullish on cryptocurrency, and why he thinks new all-time highs are coming.

Earlier this week, Civic CEO Vinny Lingham brought some much needed bullish optimism to a cryptocurrency event in Johannesburg, South Africa. Speaking at The Chain Reaction event, hosted by the Blockchain Entrepreneurs Club of South Africa (BECSA), Vinny spoke highly of the future of cryptocurrency and blockchain. Alongside Vinny were other prominent figures in the cryptocurrency space, including Monero lead maintainer, Riccardo Spagni.

During his talk, Vinny explains why prices will climb to new all-time highs in the future.

“Do I think we’ll have another bubble? Probably, because people just don’t learn...Once it broke through $20k, it would run to over $100k and then we have the start of a new bubble bust cycle.”

Vinny Lingham, CEO, Civic

Famous for his position as a “shark” on South Africa’s version of Shark Tank, Lingham has previously called cryptocurrencies mankind's “biggest technological experiment.” Still bullish on cryptocurrency, he recognizes that this technology is still in its early days: “Even though we are about a decade into blockchain technologies, we are still in the infancy.”

Even with this positive outlook, Lingham does hint that the optimism must be kept in check. He recognizes that the majority of the users of cryptocurrency are traders, simply using the technology to turn a quick buck: “Primarily the number one use case for cryptocurrency outside of money transfers is trading. It’s mostly a speculation game.” This claim clearly has some substance, as most of the BTC/USD trading volume is on BitMEX, a derivatives exchange, that doesn’t actually buy or sell Bitcoin.

Lingham warns that although there is a lot of money entering the space, it’s important to stay focused on developing the technology: “You shouldn’t do this stuff for the money, you should do it because you’re passionate about what the goals of the project are.”

He also explained why he thinks the price of BTC (and every other cryptocurrency) exploded last year. In his opinion, the explosion of ICOs is what pushed the prices to unprecedented highs. Despite ICOs propelling the market forward, Lingham recognizes that the market is now suffering from an ICO hangover, and ICOs are having trouble getting started.

“Last year, we saw an indicator of a massive amount of investor interest in the space and not enough supply...right now you have way more supply of ICOs than buyers, and with the price of Bitcoin and other cryptocurrencies dropping, those buyers have less money to spend.”

Vinny Lingham, CEO, Civic

Despite this, Lingham advises that the best thing to do right now is focus on accumulating for the future: “I have seen three or four bear markets and cycles...In bear markets, it is more about consolidating and going into high-quality coins like Bitcoin.

Peter Schiff: ‘I Just Lost All the #Bitcoin I Have Ever Owned’

Siamak Masnavi

On Sunday (January 19), famous gold bug and Bitcoin critic Peter Schiff claimed that he had lost access to all of his Bitcoin holdings.

On 4 July 2019, Schiff, who is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer, and a man who is extremely bullish on gold, bearish on the U.S. dollar, and highly skeptical about Bitcoin, admitted to owning Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH), and said that he was going to HODL his bitcoin no matter what happens to the Bitcoin price.

Earlier today, Schiff took to Twitter to express his anger with Bitcoin after allegedly losing access to the crypto wallet that holds his bitcoin:

Although Schiff thinks that the wallet he was using has "somehow" gotten "corrupted" and that is why his password -- which he is sure of remembering correctly -- is being rejected, not everyone in the crypto community is convinced that is right.

One of those who believes that Schiff has simply forgotten his password is Anthony Pompliano (aka "Pomp"), Co-founder and Partner at Morgan Creek Digital:

After Schiff denied forgetting his password, Pomp, offered to help Schiff recover his bitcoin:

Interestingly, Schiff then claimed that the unfortunate situation with his wallet has not occurred because he incorrectly set up the wallet, and that it was in fact Eric Voorhees, Founder and CEO of ShapeShift, who set it up:

Carlos Acevedo, Director of Sales at Brave, then told Schiff that Bitcoin was not to blame and that if Schiff had used a cold wallet (such as a hardware wallet made by Ledger) or made a note of the recovery phrase, then this situation could have been prevented:

Schiff says that he did not change to a more secure wallet because he wanted all those people who had sent him bitcoin last year to be able to "easily monitor their value".

Although quite a few people are now blaming Voorhees for not making saving the private keys for the wallet he allegedly set up for Schiff, overall, there is not much sympathy for the man who has constantly been attacking Bitcoin over the past few years.

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