Ken Goldberg – Bitcoin Will Be Worth $3.50 in the Near Future

We have seen many different price speculation pieces in the press regarding Bitcoin and other cryptocurrencies. Perhaps one of the more famous wrong predictions was that of Professor Bitcorn. However, it seems Ken Goldberg may have just raised the bar in this regard, as his latest opinion article on the Bitcoin price predicts a massive correction all the way to US$3.50. That opinion has already created a lot of bad blood between him and Bitcoin users.

Ken Goldberg Riles up the Bitcoin Faithful

There are a lot of people who would like to see the Bitcoin price drop. Given the current momentum, there are plenty of investors who are disappointed that they never purchased BTC at lower prices. A market crash right now would certainly introduce a lot more investors to Bitcoin, although one could argue $3,000 per BTC is still a very low price as well. If it were left up to Ken Goldberg, however, the Bitcoin price would retrace all the way back down to $3.50.

Not surprisingly, Goldberg’s reasoning for this expectation is flawed. He is another financial “expert” who likes to compare Bitcoin to the Tulip craze of the 17th century. Economists have a habit of comparing apples and oranges more often than not, or bitcoins and tulips in this particular case. It is certainly true that the Tulip craze is an economic precedent that should never be repeated again. When that market finally came to its senses, the value of tulips crashed by roughly 99% in short order.

Ken Goldberg feels the same will happen to Bitcoin sooner or later. In his opinion, one could be “wishing they’d sold this $3,500 zone, as Bitcoin breaks under $35, with growing potential for US$3.50.” That is a pretty strong sentiment regarding the world’s leading cryptocurrency and one of the best-performing assets the financial sector has seen in the past handful of years. Anything can happen in the financial sector, but expecting a massive Bitcoin price retrace to 1/100th of its current value is a bit of a stretch.

Although Goldberg’s article on the Bitcoin price fundamentals may make sense to the untrained eye, it is obvious his “harbinger of exhaustions” is nothing but a mirage. Granted, there was a decline in trading volume as soon as the price surpassed $2,900, but that was hardly a guarantee of a massive Bitcoin price drop in the coming days or weeks. Even if that drop were to happen, there is no reason to believe Ken Goldberg would have been correct in his analysis.

Goldberg predicts Bitcoin may very well spike to $3,800 in the next few days. That seems to be the general consensus among Bitcoin trading experts as well, even though there will be significant resistance across the markets. Goldberg also ventures that issues affecting the Bitcoin technology might cause a future drop. Blockchain technology no doubt has scalability issues, and moving Bitcoin off exchange platforms can be challenging at times as well. However, these problems have existed for some time now and are being addressed. SegWit and the Lightning Network will address most scaling issues, whereas solving the exchange problem can only be done through decentralized trading platforms.

For Ken Goldberg, Bitcoin has “dwarf[ed] the Tulip Bulb lunacy.” Coming from someone who firmly believes traditional finance still has a fighting chance at a bright future, these statements can easily be ignored by people who see the bigger picture. Bitcoin has been fighting an uphill battle for several years now and has come out stronger every quarter. This is not in the same league as a Tulip Mania bubble, as there has never been anything like Bitcoin throughout history. At this rate, Ken Goldberg is well positioned to become the next Professor Bitcorn.

82 Comments

  1. Paolo (Pinak)Hussain August 11, 2017
  2. Sebastian Kozub August 11, 2017
  3. brembo August 11, 2017
  4. Huginn Muninn August 11, 2017
  5. brembo August 11, 2017
  6. Chesatochi.com August 11, 2017
  7. MusicCityDawg August 11, 2017
  8. Alex August 11, 2017
  9. BTCD August 11, 2017
  10. Dave Hammer August 11, 2017
  11. WNDRKND August 11, 2017
  12. Rich Beer August 11, 2017
  13. WNDRKND August 11, 2017
  14. WNDRKND August 11, 2017
  15. Shawn Medeiros August 11, 2017
  16. SimonFromBath August 11, 2017
  17. Brad Riedell August 11, 2017
  18. Alex August 11, 2017
  19. oblomov August 11, 2017
  20. Swami Sri Jumparoundandananda August 11, 2017
  21. Brian M August 11, 2017
  22. BTCD August 11, 2017
  23. BTCD August 11, 2017
  24. BTCD August 11, 2017
  25. BTCD August 11, 2017
  26. WNDRKND August 11, 2017
  27. Jim Shepard August 11, 2017
  28. Aditya Mittal August 11, 2017
  29. LIVEDCOIN August 11, 2017
  30. paul s August 12, 2017
  31. O. Tom Chhuong August 12, 2017
  32. wh1te_mag1c August 12, 2017
  33. MusicCityDawg August 13, 2017
  34. wh1te_mag1c August 14, 2017
  35. James August 19, 2017
  36. emptiness August 27, 2017
  37. emptiness August 27, 2017
  38. earonesty August 29, 2017
  39. earonesty August 29, 2017
  40. earonesty August 29, 2017
  41. earonesty August 29, 2017
  42. earonesty August 29, 2017
  43. earonesty August 29, 2017
  44. earonesty August 29, 2017
  45. Dan McShea August 29, 2017
  46. dMnyc August 30, 2017
  47. Fred Johnson September 4, 2017
  48. Fred Johnson September 4, 2017
  49. Liberty88 September 6, 2017
  50. Coinoleum September 8, 2017
  51. Coinoleum September 8, 2017
  52. Coinoleum September 8, 2017
  53. junglekid2 September 14, 2017
  54. Blake Kincaid September 15, 2017
  55. David Smith September 17, 2017
  56. ProminentKyle September 26, 2017
  57. Ahmed Hassan September 30, 2017
  58. CS41Y October 5, 2017
  59. Shinjitsu October 6, 2017
  60. Jason Klimaszewski October 9, 2017
  61. Fred Johnson October 16, 2017
  62. Fred Johnson October 16, 2017
  63. Alex October 16, 2017
  64. Maheish M D Hukmaani October 17, 2017
  65. Gianluca John Romeo October 18, 2017
  66. Terri Haney October 19, 2017
  67. Joseph Bianca Kurczodyna October 23, 2017
  68. Joseph Bianca Kurczodyna October 23, 2017
  69. BoNz October 29, 2017
  70. BoNz October 29, 2017
  71. Angel Martinez November 6, 2017
  72. Yousef Nasser November 6, 2017
  73. Ade November 9, 2017
  74. Ade November 9, 2017
  75. Robert Slavic November 11, 2017
  76. Flapjackson November 11, 2017
  77. Jony November 13, 2017
  78. Tony November 17, 2017
  79. jon w November 17, 2017
  80. Mark Glover Masterson November 26, 2017
  81. Candyce July 21, 2020
  82. JamesCef January 13, 2021

Leave a Reply