Wednesday, September 28, 2022
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Black swan threatens Bitcoin: Robert Breedlove

Despite Bitcoin being the most strong security network in human history, multiple black swan occurrences might wipe out the asset, according to Robert Breedlove, CEO of Parallax Digital. Breedlove admitted to Kitco News that pinpointing the exact event is difficult, but any occurrence that drastically lowers the hash rate will cast doubt on Bitcoin’s future. However, Breedlove points out that if China, the world’s most policed country, fails to prohibit Bitcoin mining, no other government will be able to do it.

According to him, because Bitcoin poses a danger to the established banking system, officials may impose punitive laws comparable to Executive Order 6102, which outlawed individual ownership of gold in the 1930s. Bitcoin, on the other hand, he believes, has the upper hand because of its decentralised structure and mobility.

Breedlove predicted that Bitcoin’s market capitalization will reach USD 5 trillion in the following five years.

Despite the fact that the asset’s market worth has plummeted in 2022, he feels the goal is within reach because Bitcoin has at some point reached the USD 1 trillion level.

 

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