This is the first in a series of articles that I will write summarizing group expert opinions of future cryptocurrency prices for various cryptocoins.
The premise for this series of predicting cryptocurrency price points based on the collective consciousness is based on social science theory. In social sciences pooled expert opinion, consensus weighting, Delphi-styled analysis and expert elicitation are all techniques used to estimate values and give answers to questions where the answer is not known (usually due to a lack of evidence, collected data or research). The experts answers are treated as statistical data bounded by confidence intervals (how certain the experts are in their answer). Expert elicitation exercises are often used to obtain proxy values or place holder values until research can obtain the evidence base needed for more precise, accurate answers.
In other words, ask a group of experts for the answer as they know more, have insights and can make connections that many of us can’t. The reason “think tanks” remain so popular is due to the fact that expert groups usually come up with the approximate answer based on their collective knowledge.
The method involves assembling the opinions from a small group of experts to try and derive a group consensus. It can inform where the price is going in the near (1-2 years) and longer term (5-6 years).
About Chainlink
Chainlink (LINK) is a decentralized oracle service which allows for data from other sources to be connected to smart contracts. Existing blockchains cannot access data outside their native network so oracles like Chainlink are used as data feeds providing external data. Smart contracts can be “triggered” if external data meets preset criteria. Oracles provide increased interoperability between blockchains and smart contracts.
Price Estimates for LINK
Price estimates for LINK are available and a small number were aggregated. More price estimates for Chainlink are given for the near term (within the next year). The degree of uncertainty of new developments over time makes price predictions for any coin further out in time more speculative.
The various price estimates are shown in the table.
Compiling the expert values we can obtain a trend for LINK price in the long term.
What if LINK becomes a top 10 coin by its market capitalization?
Currently LINK is ranked by coinmarketcap as #19 with a market capitalization value of $635 million USD. However, the value in the long term could be higher depending on the overall market capitalization of all cryptocurrencies and of LINK’s adoption. Several experts expect the total cryptocurrency space market capitalization to reach a trillion dollars by 2025. If Chainlink moves to be one of the top coins, say in the 5th or 6th position, then based on today’s values the market cap for LINK would be approximately 15-20 billion dollars with a LINK price as high as $40. It’s a bullish scenario.
Conclusion
From the group average estimates the consensus is that Chainlink will see steady and continuous growth.
LINK is estimated to reach an average price of $9-$10 by the year 2025.
Chainlink has great potential during the next bull run and over the longer term. I would also recommend Blocknet (BLOCK), its coinmarketcap rank is #480 with a current price of $0.594281 USD. BLOCK is a “biosimilar” to LINK with equivalent technology and use case. I believe both coins will do well in the future and realize great investment multiples.
Disclaimer: I hold no Chainlink or Blocknet coins in my portfolio.
