On November 10, 2021, the price of bitcoin (BTC) reached an all-time high of $69,045. Unfortunately, since the start of the bear market, it has gradually declined to $18,764 as of this writing. Which is a 72.8% drop from his ATH. Given the current realities of the cryptocurrency market, is there any hope that the price of BTC will ever regain its all-time high? Here’s what an expert thinks.
A grim prediction for the future of bitcoin
In an interview with CoinDesk TV, independent researcher Kyle McDonald gave his thoughts on bitcoin price developments going forward. In his predictions, he was adamant: “Bitcoin will never reach $69,000 again”.
He also encouraged bitcoin holders to sell their assets before it’s too late. In reality, according to the specialist, the large amount of energy that the Bitcoin network would consume will lead regulators to intervene against this blockchain. This should cause the decline of the queen of cryptocurrencies.
Moreover, if the researcher is so sure of what he is saying, it is because The Merge is fast approaching. According to him, with Ethereum’s move from Proof-of-Work (PoW) to Proof-of-Stake (PoS), “investors and regulators will realize that PoW was never necessary”.
The Merge of Ethereum will mark the end of Bitcoin?
The merger will most certainly be a big turning point for the cryptocurrency industry. According to McDonald, thanks to PoS, Ethereum will be able to reduce its current energy consumption by almost 99.95%. What he considers a fatal blow to the Bitcoin network.
“When you go from a system of generating as many random numbers as fast as possible with 10 million [processeurs graphiques] in the world, to a system running on a few thousand low-power computers, the difference is huge”he added.
Finally, McDonald pointed out that The Merge could have disastrous consequences for NFT traders and collectors. Let’s imagine that the miners decide to stay in PoW after the merger and they manage to create a hard fork of Ethereum. In this case, there will be duplicate NFTs on the two existing channels. This will significantly dilute their value.
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