Special Report: Revisiting Predictions and Updating Our Web3 Outlook for 2022 (Episode 279)
In this Special Report, Richard and Steve reflect on their Predictions for 2022 and cast their updated Web3 Outlook for the rest of the year. Who got the most calls correct? What’s next for crypto? Join in to find out.
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The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:01:12:08 – 00:01:53:24
Richard Carthon: Tell everyone. Welcome to another episode of Crypto Current hosted here Richard Carthon. And today we’ve got a very special one for you. So if you join us at the end of 2021, you know that me and my amazing CEO over here, Steven Miller, he’s joining us on today’s episode. And even Chris Norcross, who was joined us as well for some special calls for this upcoming year. It’s time to revisit that. So what better than to bring Steve on with me and to revisit some of those calls that we made, some of those predictions, and to see where they kind of landed and to see where we’re headed now that we’re basically halfway through the year of 2022.
00:01:53:26 – 00:02:02:27
Richard Carthon: So I’m excited to unpack this. Steve, I know that you’ve been doing a lot of digging and put up a lot of information. I’m excited to see how this all panned out.
00:02:03:17 – 00:02:21:18
Steven Miller: Yeah, I’m excited to show you because honestly, I think you’re going to be surprised by some of it. But I appreciate you bringing me on so we can do this. I think we’re going to do these reviews almost trimester early, so we’re gonna do this every four months and we’re going to see how we do. But we’ve also got some revisions by the end of it, so let’s jump into it. Yeah.
00:02:22:13 – 00:02:23:00
Steven Miller: Let’s do it.
00:02:23:21 – 00:02:30:27
Richard Carthon: All right. So we have some very interesting predictions here. Why don’t you just roll them back for us?
00:02:31:21 – 00:03:06:14
Steven Miller: Yeah. And of course, we are doing this for the podcast, but if you are not yet joining us on YouTube, you can see all of our amazing, beautiful visuals, a lot of them that Stephen helped prepare. So make sure you go check us out over on YouTube, subscribe over there and check us out on our other social channels while you’re at it. So anyway, a couple predictions that we had where I called $800 Cosmos by the end of 2023 or by 2023. So by the end of this year, Steven called Salon is going to crash to 1350 and then it’s going to go to 250 after both top.
00:03:06:27 – 00:03:14:16
Steven Miller: And then we had Chris who called a $200 helium by the end of this year.
00:03:14:29 – 00:03:47:14
Richard Carthon: So just to clarify for you, I call that salon and crashing to $13 and 50 following the blow off top where I was saying it was going to go to 250 at the blow off top. So I’m I’m saying 250 then down to 1350. Now the interesting thing on the on these calls is I personally say that we just all are kind of washed right now. There’s no way to know because we’re not far along. So that’s what we have on this one. If you’re following along on YouTube or you want to know what we’re doing over on YouTube, this is just going to be Mark Yellow four.
00:03:47:16 – 00:04:10:20
Steven Miller: We got to see how this one plays out. It’s almost our huddle. So let’s jump into the next set of predictions. This is our trending narratives category. So Richard called yield farming will surge during defi winter in early 2022. I called zeek rollups will come ethereum’s scaling solution of choice and daos will become the new VCs. And Chris said Solana will replace Ethereum as the preferred platform for Nfts.
00:04:14:04 – 00:04:21:11
Richard Carthon: You’re going to disagree with me, I think down disagreeing on on a couple of these but I marked this as you did not have yours come true.
00:04:24:15 – 00:04:53:13
Richard Carthon: The reason I’m going to push back on yield farming surging is that we did see a lot of, you know, a set of yield farming opportunities that Defi and APIs because that’s play was mostly had for and I think we play it back. That’s what I was pretty much going for. But yield farming itself, maybe not didn’t surge but did API and people moving their money into more of these defi protocols? I would argue yes. But as is written here, I see your point. So no, is is is the answer right now.
00:04:53:25 – 00:05:29:13
Steven Miller: Yeah. So if you actually take a trip over to defi llama, which again is one of the really great platforms that tracks the total value locked into Defi, really recommend you go check that out online. It does show that it’s been a constant decline for defi funds in terms of like how much has been locked into the market since the beginning of the year. So worth going. Looking up, that’s why I marked it red. I didn’t market red for just like personal opinion reasons, just so that, you know, in my case I said from my prediction on this one, we have to wait and see for this. This was not a call that I was going to say was going to happen quickly, but I still think that we’re on pace to see it.
00:05:29:26 – 00:05:48:19
Steven Miller: Whereas with Chris’s call, I’m saying we’re on pace to see that come out of four. And I don’t see it happening just based on the way that things have trended so far. So I’m Arctic orange, I’m giving him the benefit of the doubt, but I don’t personally see a lot of replacing Ethereum or the preferred NFT platform.
00:05:49:15 – 00:05:52:05
Richard Carthon: But we’ll have to see on that one. Not I don’t see it happening either.
00:05:53:12 – 00:05:58:17
Steven Miller: For now, a verdict is out. Let’s jump into the next category. The end is nigh.
00:05:59:00 – 00:06:20:13
Richard Carthon: The end is nigh. So I call that the bull market will peak January 20, 22. Steve called that ETH 2.0 and ZAP verdict will trigger will stop or the blow off type of meaning when the market was going to crash down. And then Chris made the prediction that Cardano will crash below $0.50 following the blow off top.
00:06:22:11 – 00:06:23:09
Steven Miller: So how did we turn out?
00:06:25:05 – 00:06:48:24
Richard Carthon: So Steve would like to say that bull market the my call didn’t happen but if you look at the top of the market, it was in January. Yes. Did it keep going down? Yes, it did. However, if you look at the peak, the peak of the year so far, when when did that happen, Steve? It happened in January. So I would argue that I was right so far.
00:06:49:11 – 00:07:21:02
Steven Miller: And my argument is really simple. You can’t have a peak if it’s just consistently going down. We thought we saw the bull cycle peak back in November, November 5th, to be precise. And ever since then, it’s just constantly been going down. So right now, in 2022, we don’t have any peak to be referring to. That’s why I pushed back on that one. On the other hand, I think both of the things that Chris and I have said, we just need to continue to develop. Now, in our next set of slides, we are going to get into our revised outlooks.
00:07:21:12 – 00:07:42:08
Steven Miller: I will go ahead and tell you that there are a couple of things that I’ve commented on in here that I believe we need to revise just to give further clarity so that you can call me out on them next time we have this review, because I think that we need just more clarity around these predictions. But in our final set of bold predictions for 2022, what was your prediction?
00:07:43:12 – 00:08:00:01
Richard Carthon: My prediction was that institutions will move investments in the crypto from the from like traditional finance into crypto around the before the third interest rate begins to taper. So before that, the third interest rate got kicked into gear. What was yours?
00:08:00:20 – 00:08:42:06
Steven Miller: I said the second half of 2022 will mark the beginning of a huge wave of decentralized M&A. And then Chris said, Tick Tock will give creators tools to turn content in Nfts by partnering with an NFT leader. Now, this was an interesting one. This is the first category where you and I are currently on pace to be correct. Now, Chris definitely needs to have some more time to let this one incubate. But the reason why I see both of ours currently on pace is pretty interesting. It’s actually pretty current, at least since Bitcoin 2022, there have been a number of different commentaries about institutions moving into DEFI or moving their traditional finance investments into crypto.
00:08:42:08 – 00:08:59:16
Steven Miller: You’ve had moves by Goldman Sachs, you’ve had moves by Merrill Lynch, Fidelity, and even the likes of Michael Saylor, who just recently came out and said like in the last two days, he’s going to start staking some of his Bitcoin. And that’s a massive narrative shift for him. He’s been very against.
00:09:01:05 – 00:09:31:19
Steven Miller: Getting any type of yield on his crypto. So I think it’s interesting we’re starting to see this happen right now. But just in the past week, we saw the Fed come out with their second tapering update of the year. So I say that you’re on pace for that. I think with mine. We’re already starting to see some of this M&A happen. We saw a lot of it happen already in Nfts. We saw the folks over at Eagle Labs acquire both Cryptopunks and me bids and I believe they also acquired auto glyphs. And I think we’re going to just continue to see that happen.
00:09:31:21 – 00:09:52:19
Steven Miller: We’re going to see the the mass partnering of projects as the economy kind of takes a backward step here shortly. So we’ll have to see how that develops. But Richard, I want you to play back for us what your revised outlook is for 2022. What do you think people need to be aware of when it comes to your calls or your new calls for the rest of the year?
00:09:53:22 – 00:10:24:12
Richard Carthon: Yep. So my revised outlook for 2022, I have Cosmos instead of it going to $100, I think $75 is a better target. It’s an increase all the way up to, I think at one point, 32, $34 somewhere in there. And it’s come all the way back down to, I think, 18, $17. And as more money flows back into the market, I’ll see it get back to its highs and potentially keep tracking up as you have more things being built on it. So I still think that’s a really good ecosystem.
00:10:24:20 – 00:10:56:28
Richard Carthon: Instead of 100 I see going to 75 on my next test at the next bull cycle is going to come in June or July. So we’re in the month of May right now. And I think that now that we’ve had Q1 on the books, we’ve had the regular markets kind of have to do all their reports to see how they’re doing. And we have interest rates about to increase. We’re going to see more money. People are going to start holding more cash and they’re going to want to find ways to diversify and to find good buying opportunities.
00:10:57:00 – 00:11:29:29
Richard Carthon: And to start may we see we saw Bitcoin go all the way down to like 37,000. We saw Etherium start to go down. We saw a lot of the money. We saw a lot of really good buying opportunities in the market. We’re already starting to see it go up. As of the time of this recording, it’s already starting to go up. So I think that in the next two months we’ll really start to see the start of the next cycle. And then finally, new Bitcoin all time high by the end of this year, meaning we’re going to get to $70,000 plus Bitcoin, which then translates to I think we’re going to get to a
00:11:31:18 – 00:11:38:00
Richard Carthon: $2.5 trillion overall market cap. So those are my adjusted outlooks for the rest of the year.
00:11:40:21 – 00:12:12:01
Richard Carthon: Okay. Everyone just wanted to let you know about all the amazing content that we’re making for you exclusively over on YouTube. You can stay connected to Crypto’s. Top stories and trending topics with the aftershock every Wednesday, join cryptocurrency, Steve Miller and myself for a brand new discussion on what’s going on in the wild world of Web3. If you want to learn more about cryptocurrency and blockchain but don’t know where to start crypto decrypt it will cover everything from basics and fundamental analysis to the advanced concepts of technical analysis. Join Chris Kay every Thursday exclusively on YouTube to get this content.
00:12:12:09 – 00:12:38:12
Richard Carthon: Finally, if you want to take a deeper dive into the world of Nfts and learn more about all the latest and greatest what’s happening in that space while capturing Alpha, join Stephen on NFT Thursday exclusively on Twitter Spaces on Thursdays at 6 p.m. Central Standard Time. We hope you’re enjoying our content and if you’re enjoying it, please like subscribe, share and leave comments so that we can continue to give you the content to keep you cryptocurrency.
00:12:40:03 – 00:12:47:19
Steven Miller: I’m interested by a couple of those that you chose. I happen to agree with you on your second one about the next bull cycle coming in June or July.
00:12:49:04 – 00:13:31:04
Steven Miller: Granted, that is very contrary to the rest of the market. I don’t think we have a lot of people of our peers and colleagues out in the marketplace that would agree with us that we see the next bull cycle starting up in June or July. But I do think that you’re right, because I think that there’s enough market catalyst right now that can start to turn it around, meaning like money coming over from traditional finance, people losing faith in the current economic system and banking system. I believe in that. The Cosmos call, I think is an interesting one because while I agree with you that interoperability is the future, it’s a really bullish call to say cosmos to $75 when the battle has.
00:13:32:03 – 00:14:04:04
Steven Miller: Almost like not even had an opportunity to heat up between them polkadot and Layer zero. So I’m curious how that one forms, but I think that you’re right as well. And third, I think Bitcoin all time high by 2023 sounds pretty reasonable, but it’s also because I don’t believe that we’re in a market that is traditional anymore. I think we’re operating in micro cycles now, so we can discuss that on a later episode. But as you were asking here, some of my takes on revised outlook for 2022, and I know you’re going to hate one of them.
00:14:05:27 – 00:14:36:13
Steven Miller: So you heard earlier I said that Zeke Roll-Ups were going to become easy scaling solution of choice. I actually now believe they both zeek and optimistic role ups are going to end up together becoming the scaling solutions of choice on the Ethereum network as well as still Daos becoming the new VCs. Slight adjustment. There we go on to the next one. I think this is the one that you’re going to hate. I personally believe that we’re gonna see Selena fall out of the top ten coins by market cap before the end of this year.
00:14:36:15 – 00:15:06:19
Steven Miller: Now, they may retake the top ten as well by the end of the year. The reason I say it is they’ve had so many performance issues across the last five months that I have to imagine that some of these investors are starting to get a little bit shaky in terms of the technology. We can’t keep seeing this type of slowdown from what some bots engaging on a network like. That’s not reasonable. They don’t have the amount of traffic right now.
00:15:07:09 – 00:15:39:28
Steven Miller: To the point where bots should be taking the network down because they slam one specific protocol. It just doesn’t track to me. My last point is this I kind of alluded to, I believe in the micro cycle theory. And that said, across the year we’re going to see certain little bull patterns form in different segments and that’s what’s going to carry us and start to stabilize crypto in the long term. I personally see there being two more NFT bull cycles before the end of 2022, so that’s really specific to NFT use.
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00:15:40:00 – 00:16:01:13
Steven Miller: I see us having one more pump probably into July because we’re going to see a little bit of a pump at the end of June to kind of carry us out of a little bit of a dip that we’re in right now. That’s the first. And I think we’re going to take probably a two month hiatus before we get into the holidays and we’re starting to see a second pump. So that is my revised outlook for 2022. What do you think of those calls.
00:16:02:09 – 00:16:28:05
Man? So, you know, with the Z K optimistic roll ups and that become the solution, I still think that’s a good call. I think that ETH 2.0 needs to get figured out sooner than later. We covered this the other day on Aftershock, but you know, when the other sides, you collapse, other side lines came out and people were spending six grand in ether fees just to make a purchase that.
00:16:29:25 – 00:17:04:07
Richard Carthon: The eighth time is limited. If they can’t figure out who to point out because that people aren’t going to continue to accept that as being okay. So I’m optimistic that Zika helps can also help with that. So I think it’s a good call. And Dallas becoming the new VCs. They’re going to become the new LLC. I think so. I don’t know if I’d agree that that is becoming the new disease, I think because will do it in that way. I think another way to kind of spin it is that it will be the new Standard LLC, the new way that people establish like business entities, if you will, in the decentralized world.
00:17:05:21 – 00:17:22:08
Richard Carthon: So I’m I’m falling out. You know, I don’t know that I disagree with it potentially falling out of the top ten, but like staying out of the top ten, no shot like Salon is going to continue to be a top ten coin, especially while e to a point I was still trying to figure it out. So on it going nowhere. No time suit.
00:17:24:00 – 00:17:57:15
Richard Carthon: Look, all I’m saying is that right now, Solana is at the seventh position in terms of overall market cap and. Behind it right now are tara. Cardano Avalanche. Dogecoin. Polkadot polygon near protocol. And Cosmos and Chain Link. I see I see all of those as contenders to start stepping up. And frankly, I think Chain Link has been disrespected for far too long and people are going to start to realize the value of that in very short order because I think channeling 2.0 is scheduled to come out mid-summer.
00:17:58:01 – 00:18:30:25
Richard Carthon: So we’ll see. I just see a lot of liquidity coming out of it, at least in the in the short term, though, I do agree. I think that there’s going to be something that pulls it back in once they eventually get to launch their main. So I suppose time will tell. But those are our revised outlooks and a quick reflection on our predictions for 2022. I’m so. That’s how we play it back. What do you think of what we covered today? Do we need to chat about anything else in particular?
00:18:32:00 – 00:19:03:11
Richard Carthon: No. I think this one keep this one short and sweet. The main thing here is that not only way to keep ourselves accountable, but we want to let you all know that, hey, you know, we’re looking at these things. Things adjust, and we need to be able to reflect on things that are being called out. A lot of people make a ton of different types of predictions and then they never go back and reflect on them. Because if you make 100 different predictions and one of them come true, does that mean you’re right all the time? No. And of course, we want to highlight those. We want to just find a way to, like, show you that one.
00:19:03:27 – 00:19:30:06
Richard Carthon: We want to give you perspectives to think about in that how quickly the market can shift in that you need to be able to adjust your perspectives as the market is adapting as well. And so I think, like Steve said, a quarterly review of what’s going on is that is a good way to approach this. Waiting an entire year might be a little too old, but it was good to just check in and see what’s going on in and adjust some of our future predictions. What do you think about that, Steve?
00:19:31:07 – 00:20:06:06
Richard Carthon: Honestly, I think that it’s always healthy to review what your investors thesis is, and I think that a lot of our predictions were based on our own individual thesis. So while Chris can be wrong about a lot of what he says and that’s just me, you know, kind of nagging Chris. I think that we all have the ability to take inventory and adjust. And that’s not just if you are a host on this show or a co-host on this show. That is kind of my call to everybody out there to take a second look yourself in the mirror and say, okay, do I still believe in what I put down on paper is my actual investor’s thesis.
00:20:06:08 – 00:20:41:26
Richard Carthon: My strategy for investing in this market is right now the rest of the markets in the world do not look good. That’s just the truth. So we have to be super cognizant of that. If we want to be making money and we want to be continue to invest in this world that we believe is going to thrive into the future. So that’s kind of my final word on it. Rich But the last thing I do want to say is we have some amazing new programming coming up, and I want to make sure that everybody is super, super aware of it. Richard, what do we have coming up in terms of the show and also on our editorial schedule? Do you have anything in particular that you would like to highlight?
00:20:43:03 – 00:21:13:17
Richard Carthon: I’m just highlighting that we are continue to put out a lot of new great content. I’m probably start doing a lot of like a lot of short form content of newest updates that are going on just to see which I’ll think about that kind of information. We have a lot of editorial coming out of new and amazing ways that you could be learning about the newest buzz phrases and words in the world of crypto. And we’re going a little bit deeper into them so you can understand what’s happening and several other things. But I will just tease those for now.
00:21:14:13 – 00:21:48:06
Richard Carthon: Awesome. Well, you also have these Twitter spaces that we’ve been doing the last couple of weeks. I want to make sure that you’re aware that we’re doing those 7 p.m. Eastern Time on Twitter. Just make sure you’re following the crypto current Twitter account and you’ll get notified every single time we’re about to go live with that. That’s some great conversations there. Also, just this past Friday, we had Avery Akkineni on the show from Varner NFT. If you’ve not yet listen to that podcast episode strongly recommended. She’s one of the top minds in the NFT space. Great interview. Love doing it. And then last but not least, we need to wish a big congratulations to Mr.
00:21:48:08 – 00:22:02:15
Richard Carthon: Richard Pathan because this is officially his first episode as a full time crypto man. So I’m stoked for you. Congratulations. This is the first of many big moments to come for you in the world of crypto.
00:22:03:11 – 00:22:36:13
Richard Carthon: Absolutely. Appreciate it. Everyone doing the support all through the years, but a lot of great things on the horizon and excited to get this kicked off and on the road. But Steve, thank you so much for joining me today. It was fun to unpack this. What is in some time, I’m sure. And of course, for everyone listening today, cryptocurrency. Hey, critical crew. We want to give a quick shout out to all of our faithful listeners out there. It’s been an amazing journey and we really appreciate your support throughout the years as we’ve been growing as a community. Each episode, we decided that we would start sharing some of the reviews that you were leaving for us for today.
00:22:36:15 – 00:23:07:04
Richard Carthon: We would like to share this review. Today’s review comes from Jay Bauer underscored crypto amazing podcast for both beginners and the crypto world or if you are a seasoned veteran, learn so much from this podcast and Richard’s awesome questions. We sincerely appreciate this review and all reviews and would like to ask that. If you’re enjoying our show, please take a quick moment to go and leave a review on our podcast so that hopefully we can be highlighting your review next. Simply go to our show notes or go to our website where we have a link where you can share your review today. Hey, everyone.
00:23:07:06 – 00:23:46:08
Richard Carthon: Hope you enjoyed today’s episode. For more information on today’s episode and all of our episodes, please visit us at W WW That crypto dash current, that’s SEO. You can also find a link in the show notes. Want to stay up to date in the latest news in cryptocurrency, sign up for our newsletter today. You’ll receive daily emails Monday through Friday that are personalized and curated content specific to you and your interest. Powered by artificial intelligence, you can either go to our show notes or go to our website to sign up today. We would like to give a special shout out to our main sponsor, Acacia Digital Acacia Investment Partners, with early stage blockchain companies who are solving complex problems in large markets.
00:23:46:18 – 00:24:16:20
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00:24:17:12 – 00:24:36:26
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00:24:42:18 – 00:24:54:29
Richard Carthon: Thanks for tuning in to another episode of Cryptocurrency with Richard Kragen. We’ll be back with more exciting developments from the world of blockchain and cryptocurrency next week. But until then, stay crypto.
00:24:55:01 – 00:24:55:16
Richard Carthon: Current.
00:25:05:02 – 00:25:06:15
Richard Carthon: We used to.
00:25:10:20 – 00:25:45:10
Richard Carthon: Thank you for joining us for another episode of Cryptocurrency. Just one quick reminder. Cryptocurrency is a cryptocurrency and blockchain education platform that’s bridging the gap between the curious newcomers who are just discovering the space and the thought leaders who are shaping its future. All opinions expressed by Richard Carleton, the crypto current team and their guests on this show are exclusively their own opinions. You should not treat any opinion expressed by Richard. The team and their guests as a specific inducement to make a particular investment or to follow as financial advice. This show and any other crypto current production is exclusively for informational purposes.
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