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A Bitcoin price prediction of $1,000 by the end of 2016 might seem over the top — except that the person making it is two-for-two in his previous predictions.
I’m talking about Vinny Lingham, a familiar name in the Bitcoin universe. He gained notoriety among cryptocurrency fans by founding mobile gift card app Gyft in 2012. Gyft allows customers to buy gift cards with Bitcoin.
Lingham left Gyft in January to found a new startup, Civic, which focuses on digital identity protection. It uses the Bitcoin blockchain to help prevent identity fraud.
His Bitcoin price predictions have been infrequent, but on the money.
Lingham made his first Bitcoin price prediction at a Bitcoin conference in San Jose in May 2013. At that point, the Bitcoin price was fresh off a run that took it from about $13.50 in December 2012 to $266 in April, then a drop back down to the $115 range.
Lingham boldly predicted that the price of Bitcoin would hit $1,000 by the end of 2013. The audience chuckled at his audacity. While many Bitcoin enthusiasts felt the digital currency would get back to $266 or even $300, few thought it would reach $1,000 so quickly.
And yet in late November of that year – just six months after the conference – the Bitcoin price soared past the $1,200 mark.
Lingham made his next Bitcoin price prediction in a late March 2014 blog post…
Another Contrarian Bitcoin Price Prediction Hits the Mark
On the one hand, everything had changed. The Bitcoin price had plunged nearly 60% from its late 2013 highs, to about $500. The Mt. Gox exchange had collapsed.
But the Bitcoin community remained undaunted. Bitcoin price predictions of an imminent return to $1,000 — and not long after that, $2,000 — were typical.
Except for Lingham. He flat out said the Bitcoin price would not revisit $1,000 in 2014. Instead, he foresaw a lengthy period of Bitcoin price consolidation in the $350 to $550 range.
And that’s very close to what’s happened, with Lingham somewhat off in his estimate for the lower bound. It turned out to be closer to $200 than $350.
Now, a little more than two years later, Lingham has weighed in again. This time he’s bullish, predicting a Bitcoin price of $1,000-plus by the end of 2016.
Why the Price of Bitcoin Will Get to $1,000 in 2016
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