Quick take:
- Top crypto analyst, Timothy Peterson, believes that ChainLink will eventually be bigger than Bitcoin.
- His prediction is based on the fact that LINK is not affected as much by BTC’s movements.
- Furthermore, the price of LINK is dependent on ChainLink’s user growth.
- ChainLink allows for the interaction of real-world information.
ChainLink (LINK) is destined to become bigger than Bitcoin. This is according to the top crypto analyst, Timothy Peterson. Mr. Peterson is an Investment Manager at Cane Island Alternative Advisors and he shared his analysis of LINK via the following Tweet. Additionally, he explaining that he had moved his excess money out of his Chase Bank account and into LINK.
Very real possibility that #ChainLink will be bigger than #bitcoin one day. The applications are enormous. I moved all my excess $ out of @Chase and into $LINK. pic.twitter.com/bNAHX9BI43
— Timothy Peterson (@nsquaredcrypto) July 8, 2020
$8 per LINK Coming Soon?
Key to his analysis is Metcalfe’s Law which he has also used to predict a $10,000 value of Bitcoin by mid-August. In the tweet predicting that ChainLink will be bigger than Bitcoin, he shared the following chart that provides a possible $8 value of LINK by December 2020.
Why LINK Will Be Bigger than BTC
In an in-depth May 2020 report, the team at Cane Island explained that ChainLink was ‘a new and promising incarnation of blockchain that allows for the interaction of real-world information’. ChainLink is the first of its kind to spearhead oracle-interaction blockchains. Additionally, the price of LINK was somewhat immune to Bitcoin’s price action.
Unlike most other cryptocurrencies and tokens, LINK was not materially influenced by Bitcoin’s price movements. The merit to this finding lies not only in an investment diversification benefit, but in that almost none of the popular naysay arguments against Bitcoin would have much weight or applicability to LINK.
Additionally, the fate of LINK in the crypto markets was highly dependant on Chainlink user growth that stands at 17% per month.
We found that LINK’s user growth rate has been an astonishing 17% per month. Our opinion is that ChainLink has viable real-world business application. LINK does not simply serve as a speculative store of value or medium of exchange.
Therefore, adoption of the ChainLink protocol by businesses and governments for legitimate purposes has the potential to further drive adoption of the LINK token.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
