At the peak of the recent Bitcoin price rally, Vinny Lingham, the Bitcoin price prediction pundit, told Cointelegraph it was not healthy and would not end well.
Admittedly, it did not end as many wished, but it was unlike some of the scary bursts this ecosystem has witnessed in 2013 and 2015.
Bitcoin price actually tanked from the $2,900 range to the $2,000s when most of us were calling for $3,000. It is now struggling to find its feet at the $2,100 zone. On Sunday night, it dropped as low as $2,045 and some analysts on Bitcoin Powpow even predicted it will decline between $1,600 to $2,000.
At the time of filing this report on Monday Morning GMT, it was wavering around $2,119 with a negative growth rate. It is worth mentioning that all top 10 altcoins were in the red except the tenth ranked Golem.
For instance, Ripple experienced a sharp decline over the past week, falling from around $17 bln to $8 bln.
Has the bubble burst?
Cointelegraph reached out to Vinny Lingham once again to seek his views if the burst is over yet. Whilst the Civic Key’s CEO understands it is fuzzy, he maintains the scaling millstone is still a looming threat.
“It’s a real threat with a non-zero percentage chance. The risk is real. It’s not hypothetical.”
Even though there was some sort of semblance of agreement to activate SegWit at the recently ended Consensus Conference in New York, there seems to be no clear-cut path to scaling the network. Whilst it was reported that miners have agreed to go for SegWit by August, Bitcoin Core is still an opposition to that.
To be objective, the recent price rise caused the community to place the protracted scaling debate at the backburner. A few members of the community kept raising the issue of slow network and the growing albatross fee which is absolutely inconsistent with Bitcoin’s conception.
After all many people were attracted to the whole idea because of faster and lower cost of transactions.
The future is bright
When Cointelegraph asked Vinny if all in all he thinks the future is bleak for Bitcoin, his response was antithetic. For him, it is a process which requires time and endurance. If we are to succeed, then today we should replenish our supplies of popcorn and relax.
“No, the future is very bright – just need to be patient as we get through adolescence,” he steered out without any ambiguity. However, on the price of Bitcoin, Vinny explained it will definitely experience a free fall if woe betides the community to choose the path of a hard fork.