In an interview with Bloomberg, Kerner stated that Bitcoin is on its way to becoming a respectable store of value. In his words:
“Gold right now is an $8 trillion asset while Bitcoin is a $60 billion asset. In my opinion, the value o Bitcoin can go up 100 fold that will ensure that the field of digital assets goes a long way.”
Kerner went on to talk about the recent cryptocurrency price crash, blaming the community who ‘got ahead of themselves’. He stated that capitalism was the main issue that brought the prices down. The CryptoOracle official had earlier said that the field of cryptocurrencies had seen the up-down price movement before by adding:
“For as long as I can remember, Bitcoin has followed this pattern: this continuous rise and fall throughout the spectrum. If you compare Bitcoin of today and Bitcoin of yesterday, you will not see any change.”
During the interview, Kerner went on to say that the industry disruption from Bitcoin will be much more than the disruption caused by the advent of the internet. According to him, Bitcoin is like Yahoo-it is a big thing but not ‘the’ thing. He was also of the opinion that the industry is at the very beginning of its growth and that in 20 years, the cryptocurrency is going to trade at astronomical heights. Kerner stated:
“If Bitcoin becomes a good store of value, then it will hit $100,000. The current dip is normal in cryptocurrencies and is evident if you look at the history of other currencies. Across history, you can see that almost all the coins have dipped to zero.”
Kerner furthermore said that the dollar is a Ponzi scheme and that there was no possible way for America to pay off the trillions of dollars’ worth of debt. He also mentioned that since Bitcoin has no functional governance, it struggles to evolve. This evolution is not mandatory for Bitcoin to become a store of value but rather to become a currency. The Bitcoin bull also claimed that investors need not worry about the prices as Bitcoin is going up in 2019.