OG crypto investor Charlie Shrem: BTC’s journey to $250,000 accelerated, ETH will 10x sooner
2 min read
It feels like the last bull run’s BTC pump predictions are back. One of the OG Bitcoin advocates and investors, Charlie Shrem, has predicted the Bitcoin rally to $250,000 and Ethereum’s price rise to 10X after PayPal issues its stablecoin. If Bitcoin’s price moves to $250K, it will have a market cap of $5 trillion.
He posted on X:
Paypal launching a stablecoin will skyrocket Bitcoin to at least $250,000 faster than it was supposed to, and ETH likely will 10x on a faster timetable. Very exciting.
Who is Charlier Shrem?
He created one of the earliest bitcoin companies, BitInstant, in 2012. BitInstant is now defunct. At one point in time, 30% of all bitcoin transactions happened at BitInstant. Shrem is the one who met the Winklevoss brothers, pitched the idea of a bitcoin exchange, and raised $800,000 in investment from them.
In 2014, Charlie Shrem was arrested and given a two-year prison term for his indirect role in sending $1 million in Bitcoin to the Silk Road black market. He was released from prison in 2016.
Read this Wallstreet Journal’s article about him.
Why did he go to jail?
He was the CEO and Chief Compliance Officer at BitInstant. There was a daily limit of $1000 on BTC purchases, but he allowed a user named BTCKing to buy over $4000 worth of BTC every day. BTCKing eventually spent around $900,000 on Bitcoin purchases. Later, the police found out that the Bitcoin BTCKing had bought had been used to buy drugs that were against the law.
Source: Investopedia
The 33-year-old now claims to be mining his experience and calling for new crypto firms to build walls against corporate misconduct.
Read this interesting post by NYPOST: How the weed-loving CEO of a bitcoin firm partied his way to jail
Forbes take on his prediction: ‘Very Exciting’—Legendary Investor Predicts $5 Trillion Bitcoin And Ethereum Price After Shock Bombshell
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