The founder of infamous dark web marketplace the Silk Road has predicted that Bitcoin could reach $100,000 in 2020.
Ross Ulbricht was given two life sentences plus 40 years without the possibility of parole on charges of money laundering, computer hacking, conspiracy to traffic fraudulent documents, and conspiracy to traffic narcotics by means of the internet.
The Silk Road operated through the Tor web browser with drug dealers accepting payments in Bitcoin. It was one of the first use cases of Bitcoin and one that saw its popularity rise across the world.
At the time of Ulbricht’s sentencing in 2015, Bitcoin was worth just $235 following a two-year bear market that saw it fall from $1,150 in late 2013.
Here are the first six posts of a series I’m calling #BitcoinByRoss.
I hope you find it helpful. Let me know what you think.https://t.co/oKE8UXudTu
— Ross Ulbricht (@RealRossU) December 10, 2019
Now, writing from prison, Ulbricht claims that by using the Elliott Wave Theory, Bitcoin’s future price becomes more predictable. He has suggested that the $20,000 top in 2017 was the third wave and that the upcoming fifth wave will drive the price to $100,000.
“If the $20,000 peak is the end of wave three, then the correction pattern we are in (or just came out of) is wave four, and we can expect wave five to take us to new all-time highs,” he wrote.
The post on Ulbricht’s Medium channel is the latest in a string of uploads, with an article also being published in September on how Bitcoin equates to the Libertarian ideal of freedom.
“Bitcoin did not appear in a vacuum. It was a solution to a problem cryptographers had been struggling with for many years: How to create digital money with no central authority that couldn’t be forged and could be trusted,” he claimed.
For more news, guides, and cryptocurrency analysis, click here.