Worst kind of prophets ever: Famous entrepreneurs’ crypto predictions that failed

Cathie Wood at Ark Invest believes that by 2030 the market value of Ethereum will reach $20 trillion, even though the price of the second most popular cryptocurrency by market capitalization fell by 30% in 2022. “Each coin would be priced at around $170,000–180,000 (about $166,000 per coin). Based on its current price of about $2,480, ether would have to jump by about 7,200% to meet its target.” Her other prediction is that Bitcoin will rise to $500,000 in 5 years.

Experts at Economy Forecasts Agency are also predicting growth. They believe Ethereum will trade at around $18,000 per token by 2030, a 440% increase from today’s price ($1,689).

Brighton University senior lecturer Paul Levy, Finder founder Fred Schebesta, and Finder.com experts believe that ETH could reach the $6,000 to $9,000 mark by the end of this year.

But believing any forecast, especially when it comes to crypto, is extremely foolish. Most of those only extrapolate what will happen if current trends continue. So if a coin rose by 10% last year, people tend to predict it will increase in value again this year. But many factors can affect the price. We shouldn’t forget that.

In addition, cryptocurrency markets are susceptible to various speculations and unfortunate events — like Terra (LUNA) or TerraUSD (UST).

Bitcoin’s story of love and hate

In 2017, the now-deceased American millionaire John McAfee believed that Bitcoin would reach $500,000 by 2020. He was so sure that he promised to eat his penis “on national television” if he was wrong. True, when reminded of his words, McAfee replied that it was nothing more than a “ploy to attract new users.”

In 2018, Canadian gambling mogul Calvin Eyre, who supported Bitcoin Cash, told the Express that Bitcoin’s value would fall to zero in 2019 because of its worthlessness.

LTC & XRP: does anyone still remember them?

Bitcoin bull and crypto venture capitalist Anthony Pompliano better known as Pomp, made an optimistic prediction about cryptocurrencies. According to his 2017 tweet, the price of Litecoin (LTC) will be $2,500 in 2019, and XRP Ledger (XRP) will be as high as $10. But the peak price that year did not rise above $0.50 for XRP and $146 for LTC.

With Cardano (ADA), many too have missed

According to Cardanians` prediction in 2019, ADA’s price could reach $6 to $20 in a few years. But only if Cardano is as successful as Netflix and the capitalization reaches $160B (and even $500B). Three years later, the token’s price barely reaches $0.5 (as of August 2, 2022). And the market capitalization is $16,709,979,314.

Hypecoins that no one wants

illionaire Elon Musk is known for constantly promoting the meme-based cryptocurrency Dogecoin (DOGE) named after the Shiba Inu dog. In May, he promised that the coins could be used to buy Tesla and SpaceX merch. You’d think such a statement should have triggered a rise in the price of DOGE, but that didn’t happen. Analysts were inclined to believe that the meme coin would see a near-term high of $0.0637 (though, as of August 18, the price was $0.0805, it had fallen 73.49% over the year).

Tesla merch can be bought with Doge, soon SpaceX merch too

— Elon Musk (@elonmusk) May 27, 2022

Dogecoin is already accepted for payment by 1,300 companies around the world. But even this and Musk’s high-profile statement do not allow DOGE to recover even to its previous price amid the bear market.

P.S. Roubini was right???

The economist Nouriel Roubini back in 2018, called cryptocurrency “the mother of all scams and bubbles” and then stated that another collapse was coming.