According to Dan Held, the growth leadership in Krakow, Bitcoin (BTC) is currently experiencing a supercycle that could power it up to $ 1 million.
In Held’s view, this market cycle is fundamentally different from the previous ones. “It’s a moment in a hundred years,” he said, referring to the coronavirus crisis, growing mistrust in financial institutions and the printing of money in the central bank as catalysts for today’s cryptobics market.
“People are no longer just for speculative running.” People buy it because they see the value of bitcoin, “he explained.
Held also believes that once bitcoin reaches its full potential for digital gold, it will question governments’ monopoly on money.
“Bitcoin undermines all their power and authority by removing money from their property,” he said.
At that moment, the government will see the crypto as a threat and action against it in what Held defines as “an event of mass extinction of the cryptocurrency.” According to Held, altcoins will not be able to survive such an attack, because most of them “degrade their resistance to censorship and decentralized properties to increase their permeability.” However, Bitcoin has been specially designed to withstand such censorship.
“Satoshi built a blockchain to build a bitcoin and built it as an incredibly resilient tool against governments,” Held said.