Yassine Elmandjra, an analyst at global asset manager Ark Invest, believes the fall in the price of XRP will make Bitcoin stronger.
In a new interview, Elmandjra tells Coindesk host Christine Lee that he believes altcoins could suffer in the short term alongside Ripple’s domestic fortune.
However, he says Bitcoin will improve over the long term as its value is proven in comparison.
“I think a lot of bitcoiners aren’t really surprised by the outcome of what happened to Ripple, and if something happens in the short term, while there is likely to be a correlation with the downside of alternative cryptocurrencies, then in the long run that is a good sign, very good for bitcoin because people realize how different it is.
There is no central marketing unit. The issue of Bitcoin is predetermined and is not controlled by any single entity. Ultimately, the rules are coded on the network and in the software, and not created by humans. “
XRP is down more than 65% in the past two weeks after the US Securities and Exchange Commission officially filed a lawsuit against Ripple alleging that XRP was an unregistered security when it was launched and remains to this day a security.
In a recent interview with Dave Lee, Elmandjra highlights what he believes differentiates Bitcoin from other assets.
“With the idea of bitcoin, you can’t look at bitcoin scarcity in isolation. You have to look at the idea that bitcoin is a demonstrably scarce commodity that no single company is spending. And it’s the combination of scarcity combined with no one who Really owns the emissions aspect of this scarcity, and in fact it’s backed up by very hard-to-break math and economic incentives, which makes it so much different from something like a Tesla. “
How high the BTC could be, the analyst says it could go well beyond USD 100,000 in the current bull cycle.
“Bitcoin has broken from its major previous all-time highs only twice in its history. If this most recent outbreak returns half of the previous outbreak in 2017, Bitcoin will dwarf $ 150,000. “
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