The CEO of Uphold, a crypto brokerage house, explained why Bitcoin will reach $85,000 in the coming weeks and 5 altcoin projects with enormous potential if the stock continues to rise. we too Cryptocoin. com, we have compiled the statements of the famous CEO for you.
How did the founding idea of Uphold come about?
Serving more than 4 million customers in more than 180 countries, JP Thieriot, CEO of Uphold, met Bitcoin in his hometown Argentina after witnessing the birth of the internet at the technology-focused investment bank Hambrecht & Quist. Following the collapse of the dot-com padlock, JP Thieriot invested in the Argentine cattle and land industries during the commodities supercycle of the 2000s. The famous CEO says in an interview:
We made a lot of American investor money in Argentina. Troubles arose later, as is often the case in Argentina, and we were having a really hard time getting our investors’ money out of the country.
JP Thieriot, who started looking for a solution, met Bitcoin, which was traded at about $ 8 at that time. The CEO makes the following statement:
I had no faith in taking the dollars of tens of millions of investors committed to investing in agriculture and cattle and putting them in Bitcoin. Frankly, that would be the best financial decision ever made.
In early 2013, a tech entrepreneur he worked with flew to Argentina and had a talk with him about Bitcoin as the “second coming of the internet.” “We spent three days talking in an apartment and he convinced me enough that I’m currently selling everything in Argentina whatever the offer is,” says JP Thieriot. After that conversation, the duo launched Bitreserve, a crypto brokerage platform later rebranded as Uphold, that collects prices from 15 liquidity points in 2015. Famous CEO says:
We are tied to all major exchanges. As a result, I think we have more liquidity and frankly better performance than any other exchange.
JP Thieriot’s Bitcoin prediction
Bitcoin hit a new record high on Wednesday, surpassing $66,000. While many analysts attribute the price increase to the strong demand and successful launch of the first futures-based Bitcoin ETF, JP Thieriot thinks the cryptocurrency’s short-term outlook is intrinsically tied to the equity market:
If the stock market continues to climb, it creates the possibility of a padol for Bitcoin. Both vote to ‘we don’t trust central bankers to control inflation’.
Billionaire trader Paul Tudor Jones said in an interview Wednesday that inflation is “probably the biggest threat” to financial markets and society in general. The hedge fund giant added that if the Fed tightens its monetary policy, its stocks could fall. The tapering process, in which the Fed will begin to reduce the monthly asset purchase rate, may begin in mid-November. JP Thieriot makes the following assessment:
If there is a sell-off in the stocks, it will likely remain range-bound in Bitcoin’s high $50,000 to $60,000 range. If the stock market continues its trend in response to the inflation story, then I think Bitcoin will bounce from the mid-to-high $60,000 to $85,000 before the end of the year.
5 altcoins with enormous potential, according to the famous CEO
Uphold has only listed 36 cryptocurrencies so far, and JP Thieriot says this is a result of the firm’s listing committee’s “selective criteria.” The CEO states that when choosing altcoin projects that offer “enormous potential”, they are looking for good projects supported by strong underlying technology, and that is why he is a fan of layer one protocols such as Solana (SOL) and Polkadot (DOT).
Solana is a decentralized Blockchain that achieves consensus through a hybrid of Proof of History (PoH) and Proof of Stake (PoS) models. One of the fastest and lowest cost blockchains in its ecosystem with over 400 projects spanning decentralized finance (DeFi), Non Fungible Tokens (NFTs) and Web3. The network claims to process more than 50,000 transactions per second. According to CoinGecko, the SOL token has skyrocketed by 10,897% last year.
Polkadot was founded in 2016 by Ethereum co-founder Gavin Wood. A protocol called the “internet of blockchains” that aims to allow different public and private blockchains to communicate with each other. Polkadot announced in November that its parachains will go through a major development that will connect them to external blockchains such as Bitcoin and Ethereum. The announcement turbocharged its native token, which rose 71% last month.
JP Thieriot also likes the altcoin project Helium (HNT), which leverages a decentralized network of individually owned hotspots to connect the low-power IoT to the internet. These hotspots often create enough connections to connect to the internet for low-power devices like air quality sensors, tracking sensors for scooters, and pet trackers. Helium mining is on the rise, especially among individual investors. The CEO makes the following statement:
I don’t know what the upward limit is for that if, on a common basis, they can rebuild the global cell phone infrastructure with a group of mining grassroots participants, it would be huge.
The CEO finds altcoin projects like Sandbox (SAND), a decentralized, community-owned virtual world containing games to win and NFTs similarly fascinating:
Sandbox builds a large metaverse warehouse and sells meta real estate. It works with some gaming companies that have between eight and 10 million monthly active users and 15 million monthly transactions with in-games. So if it gets caught as a game or entertainment then its potential is huge.
JP Thieriot also shares that he likes a newly launched middleware project called Casper Network (CSPR), an open-source Proof of Stake (PoS) Blockchain network aimed primarily at businesses and developers.