Chamath Palihapitiya, Thomas Lee, Brian Kelly, Ran Neu-Ner and Arthur Hayes are all experts on Bitcoin and have recently gone on television to speak to CNBC on what they think the future of Bitcoin holds for investors and the product itself.
Palihapitiya went onto CNBC to speak about his opinions on Bitcoin. He believes that in the next 20 years Bitcoin could very well reach $1,000,000 a coin.
He went on to say that:
“You can buy the S&P 500 index, buy 99% of that [and] if you have 100 dollars to invest, invest one dollar.”
The way this works is because the one dollar you put on Bitcoin will not be “fundamentally” connected to the other $99 you have.
In June this year, Palihapitiya tweeted that he thinks Bitcoin could be worth more than gold in the future:
“Bitcoin was $130 when I wrote this and suggested everyone put 1% of their net worth in it. Now, I’m convinced it will exceed [the] value of gold.”
When the Head of Research at Fundstrat Global Advisors went onto CNBC in June, he went on to say that he believed Bitcoin worked great in terms of digital transactions and it’s a great example of security.
He went onto explain that, in 10 years, no one has entered a fraudulent entry on the blockchain. There are trillions of dollars of on-chain transactions and none of them have proven to be fraudulent.
He also believes that Bitcoin could be worth over $20,000 by the end of the year considering that the cost of mining fully, is about $7,000 and it’s becoming a lot harder to do so by the end of the year it could be closer to $9,000. Bitcoin usually trades at two and half times the price of it’s mining price.
Brian Kelly went on CNBC to explain that Ethereum is currently trading a “little bit better” than Bitcoin as it has more value.
He believes that Ether is currently overweighing Bitcoin at this point.
The founder and CEO of On-chain Capital Ran Neu-Ner says that the technology isn’t advanced enough for it to hit a mainstream appeal even though he believes Bitcoin is the store of value, he thinks that the market is just getting started.
He suggests that in a few years there will be more demand for Bitcoin than there will be for physical gold.
The co-founder and CEO of Bitmex, Arthur Hayes has said this:
“The volatility has dropped as the price has dropped which is actually a problem because if you’re investing in Bitcoin, it’s essentially a call option. You want as much volatility as possible to have as much chance that Bitcoin goes to… $1,000,000.”
He says that as the volatility drops it will have a negative effect on the market considering the market cap is around $200 billion.