Plan B, an anonymous independent analyst, has given what seems to be his final prediction for bitcoin and the S&P500. Plan B has decided to discontinue making price predictions for the world’s most popular and largest cryptocurrency.
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On the contrary, the former institutional investor is probably just getting started with his recent tweets. The pseudonymous analyst just seems to be more certain about his latest price forecast for bitcoin, giving his post an exciting sense of finality. Plan B’s tweets come amid the recent crypto consolidation that has seen bitcoin stuck below $22,000 since Monday, July 27th.
As of press time, the cryptocurrency was trading at $21,425, a 10% drop in the previous 7 days. The overall crypto market cap has also slipped below one trillion dollars, the second such event in 2022.
The first slip below the crucial mark occurred on June 14. Before that, the crypto trading market cap had been above one trillion dollars since early January 2021. In his tweets, Plan B also discusses the importance of bitcoin scarcity.
In his first tweet Plan B makes an outstanding prediction for bitcoin and the S&P 500. Here is his tweet:
Plan B’s worst case scenario for bitcoin in the next 5 years is $100,000, and his best case scenario is at least $1 million. On the other hand, he sees the S&P gaining a paltry one to two thousand dollars.
For both predictions to occur, there has to be a complete decoupling between the crypto asset and the popular stock market index. We can already see some of that now, but a complete decoupling will occur with the influx of investors, especially institutional investors, into the crypto bot trading space.
In a follow-up tweet, Plan B further mentions another reason why complete decoupling has yet to occur.
Unlike macro experts like Raoul Pal, Plan B, who believe bitcoin’s value as a scarce asset far outweighs the ups and downs of the macro environment, he states:
Plan B also takes a little bit of time to educate a twitter user who points out that bitcoin’s utility is greater than its scarcity. Here is Plan B’s reply:
Nobody rose to Plan B’s challenge, so he did the honors himself by quoting some lines from Satoshi Nakamoto, Bitcoin’s developer and the author of the original Bitcoin white paper. Here’s the quote:
This quote clearly shows the importance of bitcoin’s scarcity as Satoshi himself envisioned it. The metal he describes in the quote is not attractive enough to be used as jewelry. It is also not a good conductor of electricity like copper, nor is it strong enough to be used in construction like steel. It is not ductile and has no practical or ornamental purpose. But it has two great qualities, which are scarcity and the fact that it can be transported to anyone anywhere in the world with only a few requirements.
As Plan B stated in his tweets, these two qualities sealed the deal for bitcoin’s adoption way before we started considering other things that could be built on the network, so for the former institutional analyst it is scarcity over utility and macro-fluctuations.
[This article is a transcription of a video made by Savvy Finance]
[Original video: https://youtu.be/jKXv2b-jU1Q]