As the long, cold crypto-winter continues, predictions for future market values change by the day… and none more so than those for the price of daddy-crypto-currency Bitcoin.
It’s currently trading around the $16,000 point… but venture capitalist Tim Draper predicts it’ll be worth $250,000 by mid-2023.
Galaxy Digital CEO Mike Novogratz disagrees with Draper, however. Because he thinks it’ll be worth a colossal $500,000 by 2025.
And splitting the difference between those two is crypto analyst Dave The Wave, who says it’ll be worth $350,000… but not until December 2027.
While Mark Yusko of Morgan Creek Capital thinks it’ll be worth $250,000 ‘in the long run’.
Meanwhile, on the less optimistic side, Standard Chartered say they can foresee a potential scenario in 2023 where Bitcoin drops to $5,000.
It’s a pretty broad range of predictions — and on a wide range of time scales from a relatively precise ‘summer 2023’ via a nicely distant ‘December 2027’ to the incredibly vague ‘in the long run’.
But what’s going to happen to these great prophets when they’re inevitably proved wrong? Who’s going to call them out? And will they have good excuses or explanations for being wrong?
The answer is: yes they will! Because here is Planet Crypto’s top ten best excuses and explanations for being wrong with a wild crypto prediction.
- When I said 250,000 dollars, I meant Canadian dollars. Or Solomon Island dollars. Or Liberian dollars. Basically, whichever one makes me look less wrong.
- My cat sat on my keyboard and added two zeroes to what I typed.
- I was allowing for inflation.
- I wasn’t allowing for inflation.
- My remarks should have been taken in inverted commas to imply irony and thus a deliberate wrongness commenting on the futility of predicting anything accurately.
- I only said it to make everyone else feel better about being less wrong than me.
- I wasn’t the wrongest! That was Novogratz/Standard Chartered (delete as applicable)
- Did anyone really take what I said seriously? My predictions are like celebrity gossip… it’s all publicity baby!
- I really didn’t think anyone would check… and in the short term my ludicrous prediction pumped up the price and I made a profit, so who cares?
- In hindsight, I should have said ‘at some nameless point in the future, Bitcoin will be worth somewhere between ‘the combined value of everything in the universe’ and ‘two camel farts in a bag’.’ Then I’d have been right!