Bitcoin At $5 Million? Some Analysts Think So…
Bitcoin has been surging crazily as of late. The world’s number one digital currency by market cap jumped to about $66,000 per unit about a week ago, though at press time, the asset has fallen to about $63,000. Still, the currency seems to be on a roll.
Bitcoin Is Headed for the Moon
According to a panel of approximately 50 crypto experts, the asset is going to surge even further throughout the year. Some believe that the currency will potentially hit $80,000 before we’re ready to say hello to 2022. In addition, some are going so far as to claim that the asset will hit the millions by the year 2030… Roughly $5 million, to be exact.
Is a feat like this even possible? Perhaps. After all, bitcoin has shocked us on so many occasions it’s hard to know where or how it will move next, and 2030 is about nine years away. That’s a long time for bitcoin to hit such a peak. Daniel Polotsky – founder of bitcoin ATM firm Coin Flip and one of those predicting bitcoin’s ascension to $80K by the end of the year – stated in an interview:
As bitcoin continues to mature and increase in value, usability, age, and trust, it will behave less like a growth stock and more like a gold-like store of value. Eventually, bitcoin will dethrone gold as the king of safe-haven assets, and hopefully this changing of the guard takes place by the end of the decade.
The group making these predictions consisted of several digital industry heads which included entrepreneurs, researchers, and many analysts. The sentiment is that bitcoin will surge to $80K, though it could fall a bit prior to the end of 2021 and finish the year out at roughly $71,000. This will bring it to its third all-time high over the course of eight months.
The general sentiment is that between 2025 and 2030, one unit of bitcoin will potentially shoot up to anywhere between $249,000 and $5 million. Quite a range, but certainly doable in the long run.
Gunnar Jaerv – chief operating officer at First Digital Trust – explained:
The bull run is different this year. More innovations, more regulatory involvement (despite fear, uncertainty and doubt, known as FUD) and the ecosystem and infrastructure puzzles are falling into place quite nicely.
Not Everyone Thinks This Will End Well
While many of the analysts on the panel felt positively about bitcoin’s potential ascension, others were more bearish. For example, John Hawkins – a senior lecturer at the University of Canberra – said:
A bitcoin price collapse could be the result of disillusionment with all private crypto (with the possible exception of stable coins with genuine backing) as central bank digital currencies demonstrate they are the future of e-currency, or it might just be because Ethereum (or if it ever launches, Facebook’s Diem) is seen as the better crypto.