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Bitcoin to peak at $100,000: Influencer BitBoy Crypto shares his journey into crypto, and explains why one of the worst bear markets ever could happen after the next big run up

Business Insider logo Business Insider 12/1/2021 lhmaidan@insider.com (Laila Maidan)
Ben Armstrong, BitBoy Crypto and family. Ben Armstrong © Provided by Business Insider Ben Armstrong, BitBoy Crypto and family. Ben Armstrong
  • When Ben Armstrong first bought bitcoin, he had no idea how much it could appreciate. 
  • He's now focused on building his wealth and watching the final leg of the bull run. 
  • He believes bitcoin will peak at a maximum of $100,000 by December or January. 

Before Ben Armstrong began to pursue crypto, he had a very different life. And he's very open about the trials and tribulations he faced before he became publicly known as BitBoy Crypto, a persona and franchise that includes paid crypto training and free YouTube videos for 1.4 million subscribers.  

He was in rehab for 20 months for a drug addiction that caused him to overdose. Financially, he wasn't always in a good place. But he had a knack for helping others navigate through similar experiences. In the 10 years after his experience, he was an executive director of a drug and alcohol recovery center for teenage boys, he said. 

His path to crypto wasn't exactly planned. In fact, when he first bought bitcoin, he had no idea what he was doing. It started in 2012, after he needed to pay for advertising software that could only be purchased with bitcoin, he said. 

And so Armstrong purchased $400 worth of bitcoin when it was trading at around $12 to cover the cost of the service. 

"But I had no idea it was an investment. To me, it was just something I was getting a chunk to make a payment with. And then in 2013, what had happened is the price of bitcoin spiked and went all the way up to about $200," Armstrong said. 

He continued, "And I went and I looked at my account and all of a sudden my account had blown up overnight. And I was like, what happened here?" Armstrong said. 

A couple of hundred dollars had become about $2,000 in his account. But at this point, it didn't click that this digital asset could continue to grow. 

"And so of course, like an idiot, I sold it all. I was excited. I took my family on a little vacation. We went down to Florida, stayed at a hotel, and paid off a couple of bills," Armstrong said. 

That same amount today would have been equivalent to almost $600,000 based on bitcoin's current trading price. 

It wasn't until 2017 that Armstrong realized bitcoin was a viable investment asset that could keep growing in value.  


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"I just started doing all the math on how much money I would have if I just bought bitcoin as an investment," Armstrong said. "At that point, we were struggling as a family. I've got a wife and three kids and we were struggling to get by and I'm sitting there thinking, 'I should be a multimillionaire right now and I'm not'."

He realized he had made a "gigantic mistake" by not holding and continuing to buy bitcoin. Then he decided to begin investing in cryptocurrencies, eventually starting a YouTube channel to teach others how to. 

Crypto became his passion both for its ability to change his financial situation and its decentralized and censorship-resistant design. He said he saw the power of centralization that could come from the government and didn't like it. 

But one thing, in particular, made him realize that he was willing to risk everything for crypto. 

"We're not going to be trading pieces of paper and pieces of metal in a hundred years," Armstrong said. "If you can't see that, then you are totally blind to the future of the digital world. When you understand everything is going digital and you have the opportunity to get in on the currency that will drive the digital revolution, why in the world would you not do it?"

The final leg of the bull run

As for the last quarter of 2021, Armstrong says bitcoin will likely reach an "overheated price" when it hits $100,000. 

Armstrong follows the four-year crypto cycle which many other investors watch. It begins with the bitcoin halving, when rewards for miners are reduced. We're now in the final leg of the current four-year cycle. 

Four years ago, in December 2017, bitcoin saw a huge run-up past $19,400 before peaking. And four years prior to that in 2013, bitcoin peaked above $1,100.

Armstrong says we are still in the bull run that's leading up to the price peak which would see bitcoin in the six figures. Other bulls like David Gokhshtein, founder of Gokhshtein Media and PAC Global, Dave Keller of Stockcharts.com, and Jakob Palmstierna, head of product and business development for the crypto trading firms, GSR, have said they expect bitcoin to hit $100,000.

"I still believe it's possible that we hit that by the end of December," Armstrong said. "It is also entirely possible in January, but I don't see it extending much further than that. And altcoins may run for a while after that." To hit $100,000, bitcoin would need to nearly double within a month from where it traded on Tuesday.

Once bitcoin reaches what Armstrong foresees as its peak point and altcoins rally shortly after, he believes the bear market will begin. That's regardless of the rate of mass adoption crypto has seen since 2020, because he believes deflation will likely kick in to control the economy. 

"I actually believe, very contrary to a lot of people, that this could be one of the worst bear markets ever," Armstrong said.

If bitcoin's price action four and eight years ago are any guides, the $100,000 milestone could be another peak. Armstrong is also worried about the impact that deflation, or falling consumer prices, would have on bitcoin, which is often considered a hedge against inflation. Additionally, a climb to as high as $300,000 within a short time is unlikely, in his view, because it would meet technical resistance from institutional investors who own bitcoin.   

To be sure, Americans are still seeing higher prices for several consumer goods, and deflation may not set in as soon as January. But for now, Armstrong and other investors will continue to wait and see whether the four-year pattern repeats itself. 

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