By
Temitope Olatunji
April 26th, 2024
Warren Buffett expert Preston Pysh is very bullish about the fortune of Bitcoin after the halving event. He says it may reach $300,000.
Warren Buffett expert Preston Pysh has indicated that Bitcoin could reach $300,000. This he believes could occur after the halving event. The Buffett’s Books founder said this during an interview with Nathan Latka.
In the podcast, Preston said:
“I would tell you that I think the next orbit level is $80,000 to $100,000. It’s gonna go straight through that number, and it’s probably gonna go to $200,000 or $300,000 “.
He also said that electricity prices (for miners) will be a growth engine as well. He expects a Bitcoin run in a month or two after halving.
Pysh had also spoken about stocks of remote teleconferencing company Zoom Video Communications (NASDAQ: ZM). While he did not recommend selling the stock, he said that it was something that they should be doing.
Pysh has previously predicted that Bitcoin will outperform gold. His stance is based on fundamentals that involve the halving event. His views are in divergence to the prominent investor and billionaire Warren Buffett. Buffett is reportedly anti-Bitcoin and anti-cryptocurrency, however.
Warren Buffett Expert: What May Influence Bitcoin Price
They hold some water as there are factors at play that will push Bitcoin (BTC) prices higher.
Previous Bitcoin halving events have always been followed by bull runs. These bull runs resulted in significantly higher prices. The market forces of demand and supply have been the forces at play. There is no hanky panky behind the scenes.
With the reward for miners reducing by 50%, it then means that scarcity will set in. This will drive prices higher. With increases in the Bitcoin mining difficulty, we are going to see the effects of this Bitcoin scarcity drive demand up.
As the world reels from a pandemic, Bitcoin has decoupled itself from the financial markets. The March 12 price drop seems to have been over. Financial markets the world over are still dropping. the effects of COVID-19 are yet to be quantified.
This will lead to investors pouring their funds in Bitcoin as a haven. The value of any asset is determined by the value given to it. Gold, Bitcoin, silver, paper securities, and the like are all driven by this fact.
One of the things that give Bitcoin its value is the trustless factor. In an age where there are few to trust, Bitcoin seems to be one of the few ways left to hold and transfer value without having to trust anyone.
This is important because the whole world is up in arms at the moment due to the coronavirus.
Bitcoin is digital. For investors of the previous generation, “What-You-See-Is-What-You-Get” (WYSIWYG) was the standard. Now, what works is “proof-of-concept”. If it works then it serves the purpose.
This is why we have new fields such as computer science and information technology existing in the first place. If it works for technology, why can’t it work for finance?
It takes less than a minute to get a Bitcoin wallet. In some developing countries, it can take months to open certain kinds of bank accounts. Adoption of Bitcoin and the rest of the cryptocurrencies is going to occur with these kinds of red tape.
Decentralization has also changed the way people think about financial assets. In times of crisis such as now, the existence of decentralized assets has changed the game. While Preston sees it from one side, there are many more reasons why from this year, Bitcoin (BTC) prices will increase in successive phases.
For now, we all wait for the halving and see what comes next.
At the press time, Bitcoin (BTC) price was at $7,101.53 (+1.67%).