As the “crypto winter” expands and prices seem to have reverted to an all-too-familiar sideways trading range, there’s nothing like a shot of hopium to rekindle potentially waning passions. With that in mind, here are some of the most flamboyant Bitcoin price predictions in recent years.
Is a $ 1 Million Bitcoin Really Possible? This crowd thinks so …
Of course, it should go without saying, but Bitcoin price predictions should not be construed as investment advice. The numbers quoted below are often based on Bitcoin (BTC) taking the role of existing monetary technologies that humanity is already using (gold, large payment networks, etc.). Obviously, this is far from a dead certainty. Regulatory hurdles, technological challenges, and competition are among the most likely contenders to halt the rise of BTC.
Even so, a little bit of wild bitcoin price speculation never hurts – as long as you don’t bet the house on it …
No list of the fanciest Bitcoin price predictions would be complete without mentioning John McAfee. The antivirus software developer famously stated that if BTC didn’t hit $ 1 million by 2020, he would slaughter his own manhood and eat it live on TV. This was actually a rework of an earlier bet with similar terms, only with a target of $ 500,000.
When I predicted Bitcoin at $ 500,000 by the end of 2020, it used a model that predicted $ 5,000 in late 2017. BTC accelerated much faster than my model assumptions. I now forecast Bircoin to be $ 1 million by the end of 2020. I will still eat my cock if I’m wrong. pic.twitter.com/WVx3E71nyD
– John McAfee (@officialmcafee) November 29, 2017
McAfee recently reaffirmed its commitment to its single-sided, high stakes bet, alluding to Jesse Lund’s $ 1 million Bitcoin price prediction detailed below.
People are waking up to the fact that Bitcoin is going to cost $ 1,000,000. But when? “Someday”. “Maybe 5 years”. “Within a decade”. I’m the only one who gives you a tough date: December 31, 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 over-cops. The head of blockchain development at IBM has stated that Bitcoin will actually reach $ 1 million. His prediction is more measured against McAfee’s, as BTC is said to be breaking the seven-figure figure at some point in the next decade:
“I have a long-term perspective. It goes back to the discussion about the usefulness of the network at a higher price. I’ll see Bitcoin at a million dollars one day. I like that number because if Bitcoin is a million dollars, the satoshi is worth the same as the US penny. “
Co-founder of the recently revamped crypto exchange BTCC Bobby Lee is another of the most optimistic about Bitcoin. Shortly after the bull market peaked in 2017, he stated that Bitcoin would hit the seemingly absurd number of $ 1 million within the next 20 years:
“Right now it’s 10,000, it will be 100,000 and then 200,000, 500,000 … Half a million, that will be a milestone and then at some point it will exceed 1 million dollars for Bitcoin.”
More recently, Lee has speculated that a third of a million dollars worth of bitcoin could be possible before the end of 2021.
Another coincidence: if the next #bitcoin rally (in 2021?) Actually hits USD 333,000, the price of Bitcoin will rise roughly to that of #Gold by USD 7 trillion each! #BitcoinGoldFlippening https://t.co/ LNDayQIW2z
– Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) December 8, 2018
However, all of these bitcoin price predictions are put to shame by Tyler Jenks of Lucid Investments. On his YouTube channel HyperWave, the seasoned investor is a short-term bearish, long-term raging bull.
Jenks believes BTC price follows a pattern that he has identified in numerous other markets throughout history. He called it “hyperwave”.
The reason for its hellishly pessimistic short-term price forecast of around $ 1,000 is because Bitcoin must first return to the line it was on before the 2017 price explosion. He calls this line “phase one of the hyperwave”. It could then resume more sustained growth or become parabolic again.
In the longer term, Jenks believes that the worsening global debt crisis could lead to Bitcoin being adopted as the world reserve currency. The veteran investor also states that gold could have a similar role in the global economy as it did before. However, its general message is that Fiat has to go. This is the rationale for its indefinite, long-term BTC price prediction of $ 10 million per coin or more.
Related reading: A $ 1 Million Bitcoin: Is It Reckless Speculation Or An Inevitable Reality?
Featured image from Shutterstock.