Bitcoin Could Hit $1 Million… Eventually
It seems that the season of Bitcoin price predictions is on this nascent sector yet again. In a recent interview with Finder.com’s crypto branch, held at the Think Conference, IBM’s pro-Stellar blockchain division lead touted that he is optimistic in regards to the cryptocurrency market.
Speaking to Fred Schebesta, Jesse Lund, who has quickly become an integral facet of the technology giant’s swelling blockchain division, noted that by the end of 2019, he expects Bitcoin to be at a casual $5,000. This represents a mere 25% higher than current price levels. Yet, it should be somewhat reassuring, especially considering the number of analysts that are forecasting a fall to $1,800, $1,700, or even $1,165.
From a much longer-term outlook, he kept his tacitly bullish tones. Lund noted that Bitcoin trading at $1,000,000 isn’t exactly off the table. The IBM executive even quipped that he likes that figure, as each Satoshi would be valued at $0.01 at that point. Fundamentally, he added that a seven-figure valuation would give Bitcoin $20 trillion in network liquidity, making corporate payments on the blockchain a possibility.
While he has high hopes for BTC, he noted that speculators are currently holding back the asset. Lund explained that this subset of investors are “thinking about it wrong,” likely regarding the argument that BTC is much more than a speculative asset, as it can be programmed for a wide array of use cases.
Interestingly, Lund went on to add that price has a key role in the utility of a cryptocurrency. Backing his claim, he noted that if BTC had a higher value, there would be higher levels of network (and market) liquidity, thus allowing banks and institutions to get acclimated to the cryptocurrency much easier. In other words, with higher valuations, he expects for Bitcoin and other cryptocurrencies to see more traction with the incumbents of the legacy world.
Lund’s long-term prediction was undoubtedly nebulous and unbelievable, but he isn’t the only expecting for BTC to break out of its quintuple-digit cell. The following is a roundup of recently-issued predictions (that may be hard to believe).
Crypto Prediction Roundup
- Bitcoin to bottom at $1,165, subsequently rallying to $750,000: Financial Survivalism, a self-proclaimed “financial revolution prepper,” recently remarked that in the long-term, the flagship cryptocurrency could “melt our faces off” with a jaw-dropping rally. In a recent tweet, the seeming anti-establishment figure claimed that while the last cycle returned 16x, as BTC ran from ~$1,200 to $20,000, the next cycle could post even greater returns. Survivalism, attributing to hopeful forecast to adoption and Bitcoin’s resiliency on a global stage, thus concluded that a “pump to ~$750,000” wouldn’t be illogical. This comes after he bet Murad Mahmudov that BTC will hit $1,165 before $10,000
- BTC to peak at $740,000 for its next rally: Zhu Fa, the co-founder of Poolin (currently has 11% of Bitcoin’s hashrate), told his WeChat followers that there’s a chance that BTC’s next all-time high will be around the 5 million Chinese yuan range. This equates to $740,000 U.S. He added that when the asset pulls back, it will find a bottom in the 500,000 yuan region, 90% lower than the forecasted all-time high.
Title Image Courtesy of Jake Givens Via Unsplash
