Trace Mayer, an Austrian economist and an investor in various Bitcoin startups including Bitpay, Armory, and Kraken, has stated in a recent interview that the price of bitcoin could very possibly reach US$3,000 after the bitcoin block reward halving takes place in mid-July.
Mayer, who has been involved with the bitcoin industry’s most prominent digital currency companies, explained that as it did during the previous halving, the price could go up to a range between US$2,500 to US$3,000.
“When we had the halvening happen last time, it was US$7 and it ran all they way up to US$266 over a period of couple months,” said Mayer during the interview. “This time around, we’re looking at a 10x increase in price. We’re looking at it going from US$300 to US$3,000 per bitcoin,” he added.
However, he emphasized that the price of bitcoin could be affected by several factors, one of which includes the failure of a major exchange.
“Who knows what will happen. Maybe we have a failure of a major exchange and the price will tank again. Who knows what the future holds for us,” he concluded.
On the contrary, many experts do believe that the recent explosive surge in demand for bitcoin and its increase in price is irrelevant to the halving of block reward for one simple reason; it has been anticipated for a longer period of time than the previous occurrence of the block reward halving.
Based on Mayer’s statement, the price of bitcoin could only surge up to 10x or to US$3,000 due to the block reward halving if large markets like China experience the increase in the number of panic buyers. Perhaps with the supply of bitcoin halving, some investors would want to secure a solid volume of bitcoin in hopes to gain a substantial profit.
Image source: Slayerment
