ZenGo CEO Predicts Bitcoin’s Price Below $1000

At the beginning of 2020, Ouriel Ohayon, CEO of the cryptocurrency wallet ZenGo tweeted the predictions on the new year. One of them said that the price of Bitcoin (BTC) will crash below $1K during the year 2020.

Here is his tweet predicting the BTC crash:

Can we regard Ohayon’s words seriously?

Ohayon’s Twitter post about Bitcoin and the price crash looked sarcastic from the beginning, and later he added that ”joke made off”. When asked whether he believed the words he had written, he replied ”I am a disaster at making predictions. Did you notice the thread?” Later he confirmed that he was not serious with the predictions, but happy to get them out.

Every joke has a hint of truth

As Ohayon’s words on Bitcoin’s price in 2020 may be somewhat hyperbolic, we may find some interesting points in them.

For example, in 2019 Australian entrepreneur Craig Wright claimed that he is Satoshi Nakamoto, stirring debates in the crypto community.

Wright also said that he can not finance a 500,000 BTC ($4.5 billion) settlement in the David Kleiman versus Craig Wright case. Kleiman is believed to be one of the first developers of blockchain and Bitcoin technology.

Although it is a bit extreme to say that all hardware wallets will be hacked causing a crash in Bitcoin’s price, some vulnerabilities indeed have been found. One of them, known as ”voltage glitching” attack, allows to extract an encrypted seed used to access cryptocurrency in a KeepKey hardware wallet. The seed can then be brute-forced, as it is protected only by a 1-9 digit PIN.

Although more Satoshi Nakamoto identity revelations and hardware vulnerabilities disclosure can be expected, one of Ohayon’s predictions is far from reality. On July 11, Donald Trump stated that he is not a fan of Bitcoin and cryptocurrencies, believing that they facilitate crime.