Lark Davis says Bitcoin will hit $48,000 this year, should we believe him?

According to TradingView data, over the current year period (YTD), the price of bitcoin has risen from $16,615 to $23,502, a gain of 41.45%.

Earlier in the day, Davis told his 1 million Twitter followers that while he doesn’t expect bitcoin to cross its all-time high (i.e., about 69,044, recorded on Nov. 10, 2021) in 2023, he thinks the price of $BTC could reach $48,000 this year.

Yesterday, billionaire investor Ray Dalio was interviewed by Andrew Ross Sorkin, co-host of CNBC’s Squawk Box. During the interview, Dalio shared his views on crypto in general and Bitcoin in particular.

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I think it was, you know, pretty amazing that for 12 years it was accomplished but I don&t think it has anything to do with anything. It’s a very small thing that gets a disproportionate amount of attention“, said Dalio. “It will not be an efficient currency. It is not an efficient store of wealth. It is not an efficient medium of exchange“.

Ray Dalio thinks a digital currency tied to inflation would be a better option than bitcoin. “If you created a coin that says ok, here is a buying power in which I know I can save and invest my money and over a period of time and then I can make transactions anywhere, I think that would be a good coin. I don’t think bitcoin is the answer” he said.

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In an op-ed published Wednesday, Feb. 1, 2023, in the Wall Street Journal, Charlie Munger, the billionaire vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, wrote that bitcoin should be banned:

Instead, this is a gambling contract with a nearly 100% house edge, entered into in a country where gambling contracts have traditionally been regulated only by states that compete on a lax basis… The United States should now enact a new federal law that prevents this from happening.

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