How high will Bitcoin ever go
When Bitcoin passes the USD $60,000 price level in the coming years, it’ll reach a total circulation value of $1 Trillion. That will be a huge milestone for $BTC, and it’ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. "VirtuousCycle”
Bitcoin is the first viable candidate to replace gold the world has ever seen. So, if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency
So this is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.
Bitcoin (BTC) has on numerous occasions been referred to as the digital gold of the 21st century. You can see the relationship to physical gold is not only the color scheme of the Bitcoin symbol – ₿ – but also due to the fact that there is some ‘digital mining’ that has to be done to get some BTC.
Having established a link between Gold and Bitcoin, let us go back in time to March 28th, 2003, when the first Gold ETF was launched on the Australian Securities Exchange. The name of the ETF was Gold Bullion Securities and Graham Tuckwell, the founder and major shareholder of ETF Securities, was behind the launch together with M. Rothschild & Sons (Australia) Ltd, Citibank and Deutsche Bank as market makers on the Australian Securities Exchange (ASX).
On that month, the price of Gold was hovering around $330. Eight years later, on August 29th, 2011, the price of Gold was at $1,788 per ounce: an increment of 442%. The 2011 price is 5.41 times that of 2003.
Using similar figures of increment as those witnessed with Gold after its ETF went live, and the current levels of BTC, the price of Bitcoin (BTC) would get to $43,280 due to the SEC approval if its Bitcoin ETF is approved. Another method would be to project the price of BTC by mid-August. Using a conservative estimate, this value will probably be around $10,000 if all goes well. This means after the ETF announcement, BTC could get to $54,100.
Knowing that the crypto-markets function on an accelerated rate faster than that of traditional markets, the time frame to reach this value might not be 8 years as is the case of Gold. This $43,280 price might be reached in a year’s time given that Fundstrat’s CEO, Thomas Lee, has already predicted a $25,000 BTC by the end of the year.
But then again, Thomas Lee had not factored in the Bitcoin frenzy being fueled by the pending Bitcoin ETF decision. Therefore, if the SEC manage to approve the said ETFs before the end of the year, the value of $43,280 is achievable around Christmas this year or by early January.
The exact date of the SEC decision on the ETF has been estimated by many as being August 16th due to the clause that the authority usually makes an announcement 45 days after a filing is published on its website. However, news coming in indicate that the SEC will most likely postpone the Bitcoin ETF filed by the CBOE as they have already postponed several others to September 21st.
2018 was a wild year for cryptocurrency prices, exemplified by the meteoric rise in 2017 and subsequent crash of granddaddy Bitcoin. After cresting a high of more than $19,000 in December 2017, Bitcoin’s price tumbled down to around $4000 as of today. Since then, it’s vibrated at a relatively low range while the market as a whole made several false starts.
Legions of predictions have been made over the course of the year regarding when – indeed, if – Bitcoin’s price will recover. The vast majority of those predictions have failed to yield fruit. Still, the new holy grail is guessing Bitcoin’s price in the short to medium term, and there is no shortage of opinions on that subject.
One theme is clear, from the relatively conservative opinions to the out-and-out fanciful ones – few predict that Bitcoin will lose value by the end of the year. That, in and of itself, is a fairly bold prediction given the crypto world’s legendary volatility.
We’re going to take a brief survey of the thoughts swirling around the cryptosphere regarding Bitcoin’s medium-term price, from the mild to the wild. We’re also going to try to put those predictions in context to give a more complete picture of what the market may look like come Dec. 31 and beyond.
For the sake of simplicity, we’re going to list the predictions from the lowest value to the highest.
Bobby Lee: $60,000
“When #Bitcoin passes the USD $60,000 price level in the coming years, it’ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it’ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle” – Bobby Lee.
Lee, the head of the Bitcoin Foundation, believes that Bitcoin may well hit the $60,000 mark by the end of the year. Long term, prices could climb as high as $1 million, he said. His latest Twitter remark citing the $60,000 figure gives no definite timeline, but it is pegged to a $1 trillion circulation value.
Vinny Lingham: $100,000 – $1Million
“Bitcoin currently is priced at 2.5% chance of being worth $100k or .25% chance of being worth $1m.” – Vinny Lingham.
Lingham is a co-founder of Civic and a member of the Bitcoin Foundation. Lingham didn’t include a timeline along with his price prediction, but he offered an interesting caveat – Bitcoin’s price is likely to go through several boom-and-bust cycles on the way up. It’s the nature of cryptocurrency to operate in bubbles, he has previously said in a blog post.
“Today, I need to provide a warning about the risks of the price appreciating too quickly. Yes, Bitcoin is both scarce & valuable, which will lead to the price continuing to increase over time, but if that happens too quickly, we will enter another boom/bust cycle – which is really not an ideal situation if we want Bitcoin to move from a commodity to a store of value,” Lingham said. “This means that Bitcoin does need to become boring again and how it has to move from a digital commodity to becoming a store of value (which by definition means low volatility), and eventually, it could become a digital currency. Every time we hit a boom/bust cycle, we will set ourselves back many years.”
Commodities investor and a proponent of Bitcoin since its price was just a quarter a coin, Mayer believes Bitcoin could settle as high as $115,000, using a Mayers-Multiple approach.
Tim Draper $250,000
“This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.” – Tim Draper.
Draper is the founder of Draper Associates and DFJ. Outside of the cryptocurrency world, Draper is largely credited with being the grandfather of viral marketing via online mediums like Hotmail, Skype, and others. Draper reiterated his earlier claim of $250,000 to TheStreet in a recent interview. While he didn’t put a specific dollar figure on Bitcoin by the end of 2018, he said that he believes pricing will be on a generally upward trend on the way to that $250,000, 2022 figure
Cameron Winklevoss $320,000
“So, if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so, a lot of people are starting to see that, they recognize the store of value properties. So, we think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.” – Cameron Winklevoss.
The Winklevoss twins, Cameron and Tyler, are stars in the Bitcoin sphere for their rapid rise to a net worth of more than $1 billion. Cameron Winklevoss’ prediction of a $320,000 Bitcoin assumes a 10- to 20-year timeline.
Brian Willson $450,000
Primaxx Crypto- Grand Crpyto Media Marketer, Brian Willson believes that Bitcoin has replaced gold in the market and it is dominating and going high and on a brink of reaching its highest level in coming years. Why Bitcoin is replacing Gold is because investors are now investing more in Bitcoin than in gold in reactions to positive investment at www.grandcrypto.tech
John Pfeffer $700,000
“Bitcoin is the first viable candidate to replace gold the world has ever seen. So, if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.” – John Pfeffer.
Although he did not give a timeline for his prediction, the Pfeffer Capital partner told a New York investment crowd this year that Bitcoin’s value will exceed $700,000 if it indeed replaces gold as a store of value. He backed up his assertion with some math: If Bitcoin replaces all privately held gold bullion, or $1.6 trillion in gold, the 18 million or so Bitcoin that he estimates will be in circulation at that time will be worth a bare minimum of $90,000 apiece. Of course, Bitcoin’s value can only go up from there, which is where he came up with the $700,000 figure. Relative odds of all this happening? Pfeffer puts 8 percent on $90,000, 1 percent on $700,000.
John McAfee $1 Million
“I absolutely stand by the million-dollar prediction…It is still two and a half years away, in which two things will happen: Bitcoin will continue to grow, and the US dollar and other fiat currencies will devalue.” – John McAfee.
Legendarily controversial software and cryptocurrency figure McAfee has predicted, along with a particularly gruesome wager involving auto-cannibalism, that Bitcoin will hit the $1 million mark by 2020. McAfee has more than 840,000 followers on Twitter and has been accused of making somewhat dishonest price predictions in the past in exchange for money – or possibly to increase the value of his own holdings. For what it’s worth, McAfee also predicts that number 2 cryptocurrency Ethereum will experience a similar explosion in value, reaching $500,000 in the same time frame.
David Drake $30,000
“I’d say this year is a cryptocurrency Wall Street time and … we think cryptocurrency on the Bitcoin will be worth $30,000 at the year-end—it is limited.” – David Drake.
Drake is the founder of LDJ Capital, and his enthusiasm for cryptocurrency isn’t limited to Bitcoin. Drake believes that Bitcoin will always retain its preeminence in the cryptosphere, but cryptocurrency in general is headed toward much more widespread acceptance. Eventually, he said, hundreds of different cryptocurrencies may play an important part in the day-to-day life of the financial market.
Conclusion
Cryptocurrency price predictions are notoriously hard to make, and it’s a virtual certainty that one or more of the above folks will hit the nail on the head. After all, the prospective guesses range from $0 to more than a million. It would be a rare market indeed for Bitcoin to fall outside of those limits.
Only time will tell, but for now, all the market can really do is watch, invest wait, and guess.