Analyst Mike Jenkins Reveals His Bullish Optimism On Monero (XMR)

In the recent video, crypto KOL Mike Jenkins from Coin Bureau explains the massive potential growth of Monero (XMR) and gives predictions about its price potential in upcoming months.

Overview of Monero

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent.

“Blockchains like Bitcoin & Ethereum are public which means that anyone can see what you are spending your crypto on. They are not fungible. However, Monero is completely fungible”, Jenkins says.

He further explains that Monero is able to achieve this with some cutting-edge tech. Through the use of what are called “Stealth Addresses”, users are able to generate a unique Monero public address and receive inward transactions. Monero also has what are called ‘Ring signatures’. This is a mechanism where a transaction is signed with a collection of other possible signers.

Medium of Exchange

In regards to the medium of exchange, the crypto KOL makes a comparison between Monero and Bitcoin and Ethereum.

“One of the most important requirements of a medium of exchange as digital cash is that it is relatively fast to send transactions and that they are affordable. Given how slow and expensive bitcoin transactions have become, it has led many people to abandon it as a medium of exchange. Ethereum has also become very expensive to use for transactions, this is given its general scaling woes”.

XMR is much cheaper to send than both Bitcoin & Ethereum. This is thanks to an upgrade to the tech called “bulletproofs”. These made the transactions not only lighter but also much cheaper and faster. Perhaps this is why Monero is increasingly being accepted as a method of payment at a number of merchants.

According to the analyst, all of this adoption of Monero as a medium of exchange has meant that total transactions on the Monero network are near all-time highs.

Exchanges and Regulations

“Monero is privacy coin enemy number one when it comes to regulators & agencies”.

Arnold further adds that Monero are funding numerous blockchain auditing firms in order to develop technology to track it.

In addition, Monero developers are working on an update to the Ring Signatures scheme that they currently use. It’s called Triptych.

However, unlike many cryptocurrencies, Monero is not a security.

“It has the lowest rating when it comes to being able to be a security. There are a number of exchanges that have been delisting Monero out of fears that regulators could eventually clamp down on their trading of it”.

However, Arnold reassures that with the potential release of Atomic swaps, Monero could bypass the need for exchanges entirely.

Network Security

“When it comes to blockchain security, one of the biggest risks that it can face is centralization and one of the most pressing centralization concerns for proof-of-work cryptocurrencies is mining centralization”.

The crypto KOL says that Monero has always been fighting against ASIC chips and mining centralization: “They’ve been constantly tweaking their algorithm in order to make sure that any chips that were developed are rendered moot”.

“These are the hardware that threatens the current state of the blockchain. Monero completely neutered this threat with their release of the RandomX mining algorithm”.

Since the implementation of RandomX, hash rate has been climbing while the number of miners on the network has also been doing so. This all points to XMR winning the battle against these ASIC miners.

Price Analysis

According to Arnold, XMR is an undervalued altcoin for numerous reasons.

One of the reasons is that XMR is still 54% off of its all time high.

“Back in the previous bull run, XMR reached a high of over 495 dollars. At the time of shooting this video it, was trading at about $222″.

He also notes that Bitcoin is currently over 3x its all time high & ETH is 30% over its all time high.

Moreover, Monero’s tech has improved by leaps and bounds since 2017 and yet it appears to be more undervalued than most other coins.

“Monero is also way below its value based on what it would be according to the famed stock to flow model. This has been quite successful at predicting the Bitcoin price and it could therefore point to the fact that Monero is severly undervalued”

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