Bitcoin is poised to become the most secure computer network in human history, but several black swan events could disrupt the digital asset, said Robert Breedlove, CEO of Parallax Digital.
In an interview with Kitco News, Breedlove acknowledged that the campaign is challenging. But any event that severely degrades the hash rate will dim the future of Bitcoin.
He also said that China's ban on domestic cryptocurrency mining has caused hash rates to continue to fall, but assets are still recovering into a huge failure.
"Bitcoin, it made me realize that even though Bitcoin is the most secure network in the history of the world, black swan events can put serious pressure on hash rates."
He also mentioned the changes in Cosmosology and other threats to the existence of electromagnetic circuits as cryptocurrencies.
Threats to Bitcoin
Meanwhile, Breedlove said there are known threats to bitcoin from around the world. He noted that bitcoin is often threatened by the traditional financial system, which has led regulators to impose draconian regulations similar to the 1930s when governments banned private ownership of gold.
He sees Bitcoin as an advantage due to its decentralized nature and portability.
This can be seen in the fact that bitcoin is legally accepted in El Salvador and distributed to people in the country
However, Breedlove says BTC could reach a market cap of about $5 trillion in the next five years. Although the digital asset's market cap is set to plummet in 2022, he sees that goal looming, as Bitcoin has already surpassed the $1 trillion mark.
Watch Full Video: Bitcoin's 'Black Swan' Event Will Wipe Out Cryptocurrencies – Robert Breedlove