One of the ‘sharks’ on the entrepreneurial themed reality show, ‘Shark Tank South Africa’, Vinny Lingham has given his thoughts on the price of Bitcoin in a recent interview on CNBC’s Fast Money segment.
Lingham is the co-founder and CEO of Civic, the blockchain-based startup that is a leader in the identity verification space has been given a nickname ‘Bitcoin Oracle’ by the media because of his scarily accurate Bitcoin price predictions.
Bitcoin was trading at around $3,670 yesterday but today it seems to have jumped a bit by going to the £3,700 region. Lingham appeared as a guest on the Fast Money segment by CNBC in which, Melissa Lee - the host - kicked off the questions by asking him where he thought the price of Bitcoin was going from here.
In response to this, Lingham said:
"I think it's going to be range-bound for a while, between $3K and $5K, at least three to six months. I don't think we break through the support level of $3,000 just yet. I think there's a lot of buying in the short-term around that mark. But if we don't get out of the crypto bear market cycle in the next three to six months, that $3,000 level could go."
Throughout the interview, Lee asked Lingham several questions, as you would expect, but we’re going to highlight what we think are the most significant answers that Lingham provided.
As reported by CryptoGlobe, another question that Lee asked was if this kind of volatility in price wasn’t harming any projects that wished to build around Bitcoin and blockchain what does this mean?
"I don't think it halts it. I definitely think it slows it down. The issue is really the narrative. The Bitcoin narrative is that this is a store of value, and so people buying at $15,000 or $20,000 believe that, and that's proven not to be true. The original narrative, which I bought into, is that this is a payment network that could compete with Visa and Mastercard... Bitcoin can't get there because the community has basically blocked an increase in [block] capacity from 1MB upwards."
One of the last questions the Lee asked Lingham was if there was any current reason(s) to be bullish on Bitcoin:
"I think in the short term it is a market where you've scared away the retail investors, you've scared away the institutional money... So, it's kind of a risky scenario... Obviously, high risk, high reward. So, if the market does turn, this could be a great time to buy right now, but I think... there will be better opportunities later on. You may to pay a bit more, but buying in above the key support level that was broken, $5,700, so buying in at that level or $6,000 in the future would obviously be a higher price, but you'd be a bit more de-risked if Bitcoin could get to that level and make a run back to its previous highs."
What are your thoughts? Let us know what you think down below in the comments!