Jesse Lund of IBM: Bitcoin (BTC) Value Derived From Its Utility

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices up 10.1 percent in the last week.
Jesse Lund projects Bitcoin value to hit $1 million in ten years
Transaction volumes increase in the last three weeks

Jesse Lund is optimistic of future Bitcoin prices valuing the coin at $1 million. Cementing his optimism is increasing adoption which he says draws value and hence the huge valuation. Before $1 million, Bitcoin (BTC) must first breach $4,500 with decent volumes.

Bitcoin Price Analysis

Fundamentals

The creation of Bitcoin was monumental. It will continue to be as long as the demand for better fiat alternatives exists. Going by latest projection, it is likely that BTC prices will find use, proving its utility as peer-to-peer electronic cash.

Although the contention is on whether the coin will find eventual use as a store of value, that is, a settlement layer, or a medium of exchange, it is clear that Bitcoin adoption curve is on the right track. Regulators are thawing, and as the Lightning Network gain traction, it is the borderless BTC that will draw demand.

As a result of this upbeat view, it is no wonder that the SVP of IBM, Jesse Lund is very bullish on Bitcoin. It’s all about utility and the more valuable the coin, the more value it draws. In an interview at the Think Conference, he said the currency would be at $1 million in a decade:

“I have a long-term outlook. It goes back to that discussion about the utility of the network at a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the Satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.”

Candlestick Arrangements

In the short term, the trend is set, and Bitcoin (BTC) buyers are in control. Despite yesterday’s liquidation attempts, BTC is edging higher thanks to demand surge in the Asian session. As a result, price action has been realigned and trending in line with our last BTC/USD trade plan.

Since prices are up 10.1 percent from last week’s close, buyers have the upper hand. First targets will be at $4,500 but it is when prices rally above $4,500 is when risk-averse, conservative traders can buy on dips with first target at $5,800—the first resistance level.

Technical Indicators

Encouragingly, market participation is on the rise according to data from BitFinex. Average daily volumes are up from 10k registered on Feb 6 to 15k of Feb 21. We expect this trend to continue as BTC prices expand towards $4,500. Ideally, any break above $4,500 should be at the back of high volumes exceeding Feb 18’s 37k.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.