Tone Vays says Ethereum is Useless and Bitcoin Might Moon in 2023

Alas, all good things must come to an end and such was the case for Bitcoin as price became overextended and began to retrace.

Bitcoin's current malaise in the $7,800 to $8,500 range has produced a variety of price estimates on where the digital asset might go as the 2020 Bitcoin halving event approaches.

This week Cointelegraph spoke to veteran trader and Bitcoin expert Tone Vays to prod his brain about the current state of Bitcoin and his thoughts on the future of the digital asset.

There seems to be a new-found consensus that the Stock-to-flow modeling which implies that there is a direct correlation between a reduction in the inflation rate and price increase over time confirms that Bitcoin might be worth $100,000 sometime after the halving event.

FF: $100,000 for Bitcoin seems like a tall order and it would push Bitcoin over a $1 trillion market cap.

TV: I do think that $100,000 for a Bitcoin is achievable after this upcoming halving, but remember, we will have 4 more years until the next halving sometime in February or March of 2024.If Bitcoin is to hit the $100,000 vicinity, it will most likely be late 2023 as speculation rises going into the next halving.

If similar events in Europe are to repeat I think it will drive Bitcoin sky high.

I had greatly underestimated how much Bitcoin would rise in 2019 with a small group of major shitcoins like Litecoin, Ether and XRP.Even though Bitcoin is already at 70% dominance, Ethereum still takes up another 20%. Once people fully realize how useless and unstable that project is, a mass exit out of Ether can actually drive Bitcoin very high due to Bitcoin's low liquidity to handle a run on the Ethereum bank.

BAKKTFF: The physically settled Bitcoin futures product offered by BAKKT implies that there may be some underlying demand expected by institutional players for Bitcoin exposure.

Eventually, people will realize how dumb all these other coins are and that value will flow back into Bitcoin.