Monday, June 17, 2019

Vinny Lingham and Ronnie Moas in $20,000 Bitcoin Price Bet, Whose Side Are You On?

As we have entered the fourth quarter of the year 2018 and moving closer to the year’s end, there have been several speculations as to what bitcoin price would become by the end of the year. These speculations are as a result of the price movement bitcoin has displayed in the past especially during these periods in previous years. It has been noted that bitcoin usually experiences a boom, popularly called a bull run towards the end of a year, especially during December.

Another indication with which experts forecast the future and price of the coin is by the oscillating movement which the coin has displayed this year, and it seems due for another bull run. The former combined with the latter makes a lot predict a sharp rise in the coin leading up to $20,000. While some have high hopes for the coin, some don’t.

A Charity Bet

This debate has two industry giants; Ronnie Moas, who is the founder and director of Standpoint Research, and Vinny Lingham, the co-founder and Chief Executive Officer at Civic on two ends of a $20,000 bet that bitcoin price would not hit $28,000 by the end of 2019. Both parties, while speaking in Las Vegas at the stage of World Crypto Con expressed their concerns about the price of bitcoin in the nearest future. Regardless of who wins the bet, both parties agreed that the proceeds of the bet should be donated to a group of supporters working together to provide legal aid to Ross Ulbricht in the famous Silk Road case. These people are called the Free Ross Charity.

Ronnie Moas thinks that the price of bitcoin will get up to $28,000 in 2019 and then move all the way up to $50,000 by the end of the year 2020. This he says is as a result of the normal economic rule which he applied to the case of bitcoin whose demand will increase and the supply will reduce thereby making the price go up. The owner and famous investor of Galaxy Digital, Mike Novogratz also backs Moas on this standpoint.

The Big Party’s Hangover is Still On

Vinny Lingham, as expected is on the other side of this argument and has a different perspective of the market.  In his own take, he claims that companies in the cryptocurrency space are not making a considerable profit and are hereby forced to sell their cryptocurrencies in other to keep up with necessary expenses.

Vinny Lingham

According to his notable quote, “the bigger the party, the bigger the hangover, he stands on the fact that cryptocurrency had a “big party” last year and is still in the “big hangover.” This hangover does not seem to be ending soon as it is glaring that the big players and investors in the cryptocurrency industry have pulled out their funds. Unfortunately, without enough money flowing into the market to compensate for the ones leaving, the price would surely reduce due to the imbalance.

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