As the “crypto winter” extends and prices seem have once again resorted to an all-too-familiar sideways trading range, there is nothing quite like a shot of hopium to rekindle potentially dwindling passions. With that in mind, here are some of the most flamboyant Bitcoin price predictions of recent years.
Is a $1 Million Bitcoin Really Possible? This Lot Think So…
Of course, it should go without saying but Bitcoin price predictions should not be taken as investment advice. The figures quoted below are often based on Bitcoin (BTC) assuming the role of existing monetary technologies humanity already uses (gold, major payment networks, etc.) This is obviously anything but a dead certainty. Regulatory hurdles, technological challenges, and competition are amongst the most likely contenders to halt BTC’s rise to prominence.
That said, a bit of wild Bitcoin price speculation never hurt as anyone – as long as you’re not going to bet the house on it…
No list of the most outlandish Bitcoin price predictions would be complete without mention of John McAfee. The anti-virus software developer famously stated that he would butcher his own manhood and eat it live on TV if BTC does not reach $1 million by 2020. This was actually a revision of a previous bet of similar terms, only with a $500,000 target.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
McAfee recently reaffirmed his commitment to his one-sided, high-stakes bet with allusion to Jesse Lund’s $1 million Bitcoin price prediction, detailed below.
People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz”will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html
— John McAfee (@officialmcafee) February 22, 2019
Lund is the next member on our list of BTC uber-bulls. The head of blockchain development at IBM has stated that Bitcoin will indeed hit $1 million. His prediction is more measured that McAfee’s since BTC will allegedly break seven figures at some point in the next decade:
“I have a long-term outlook. It goes back to that discussion about the utility of the network at a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the Satoshi is on value parity with the US penny.”
Co-founder of recently-revamped crypto exchange BTCC Bobby Lee is another of Bitcoin’s most bullish. Just after the height of the 2017 bull market, he stated that within the next 20 years, he thought Bitcoin would reach that seemingly preposterous figure of $1 million:
“Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000… Half a million, that’s going to be a milestone and then eventually it will cross $1 million for Bitcoin.”
More recently, Lee has speculated that a third-of-a-million dollar Bitcoin might be possible before the end of 2021.
One more coincidence: If the next #bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!#BitcoinGoldFlippening https://t.co/LNDayQIW2z
— Bobby Lee (@bobbyclee) December 8, 2018
All these Bitcoin price predictions are put to shame, however, by Tyler Jenks of Lucid Investments. On his YouTube Channel, HyperWave, the seasoned investor is short-term bearish, long term raging bull.
Jenks believes that the BTC price is following a pattern he has identified in numerous other markets throughout history. He has named it “hyper wave”.
The rational behind his hellishly pessimistic short term price prediction of around $1,000 is that Bitcoin must first return back to the line it was following prior to the 2017 price explosion. He refers to this line as “phase one of the hyper wave”. It could then resume more sustained growth, or go parabolic once again.
Longer term, Jenks believes that the ever-worsening global debt crisis could force Bitcoin to be adopted as a world reserve currency. The veteran investor also states that gold could serve a similar function in global economics, as it has previously. However, his overall message is that fiat must go. This is the rational of his undetermined, long-term BTC price prediction of $10 million per coin or more.
Related Reading: A $1 Million Bitcoin: Is It a Reckless Speculation or an Inevitable Reality?
Featured Image from Shutterstock.