- 24th July 2021
- Posted by: Hakeem
- Category: Crypto
In a recent interview with Bigwig FX, the CEO of Europe’s number one stock and shares website, ADVFN, talked about his views on the cryptocurrency market, Bitcoin, Ethereum, DeFi and the digital assets industry in general.
Chambers offered his view on the current market situation for Bitcoin and also shared his thoughts about the short-term movements that we might see on the market. The ADVFN CEO thinks that Bitcoin has actually moved in four-year cycles since 2011; it is now entering the downtrend:
Every boom-bubble-bust looks exactly the same as the last. You can look that up. It’s the same wave. Every time, it’s a four-year cycle. Here it is again, coming down, and it’s going to come down to well under $20,000, maybe even under $10,000. When it does, I’m going to start buying again.
He believes that long-term crypto investors should not react to every minor market fluctuation but, on the contrary, buy in over an extended period while the currency is going down. Chambers predicts a long way up for cryptocurrencies and the industry as a whole, but he draws attention to the fact that it may come down a long way first.
Chambers told U.today that he believes in Bitcoin more than Ethereum due to the fact that Vitalik Buterin’s project receives a lot of major updates that may or may not affect the cryptocurrency’s future.
In terms of the decentralized finances industry, the ADVFN CEO expressed a feeling of contentment toward the technology and the value it brings to the cryptocurrency market. But he still thinks that DeFi will be cyclical and bottom out at some point.
Chambers also told us who he respects the most in the cryptocurrency industry. His choice was Mr. Satoshi Nakamoto, who not only invented the technology itself but also still remains anonymous after all these years.
I’ll stick to my first choice: Mr. Nakamoto. He’s got $32 billion in Bitcoin, he invented it and nobody knows who he is. I mean, that really is the ultimate.
In the end, Mr. Chambers gave us his final prediction on Bitcoin’s price for the end of this year and for the near future—from three to five years from now. Chambers believes that the Bitcoin price will hit $13,000 this year and $120,000 in the future.