If there’s one thing that crypto enthusiasts want it’s for Bitcoin to surge. But not just to $20,000, I mean, we’ve seen that already. No, what the majority want is for Bitcoin to reach seven figures, imagine it, not only would thousands of investors making enormous gains but the mainstream adoption that would come with would be phenomenal.
Jesse Lund is the VP of blockchain and cryptocurrencies for the American multinational conglomerate based in New York and is one of the most recent industry experts to proclaim that the Bitcoin price could hit seven figures.
Speaking with Finder, Lund said, “I see Bitcoin at a million dollars, maybe $5,000 by the end of the year but a way higher trajectory… that means there’s over $20 trillion of liquidity in this network.”
But Lund isn’t the first figure to make such a big prediction.
Bitcoin’s bullish predictions
The American broadcaster, Max Keiser said on his show three years ago that, “most of the people who are on the sidelines not buying bitcoins today will start to buy when it gets over $1,000, and then a greater percentage of people will definitely plow into bitcoin once it trades over a $10,000.”
The Swedish IT entrepreneur and founder of the Swedish Pirate Party, Rick Falkvinge believes that it’s reasonable for Bitcoin to capture one percent to ten percent of the international investor market. Falkvinge wrote:
“This leads us to a target market cap of 600 billion to 6 trillion USD, to be fulfilled by about 6 million bitcoin, which makes for easy calculations. That means that each bitcoin would be worth $100,000 at the low market cap and $1,000,000 at the high market cap.”
The CEO of the Bitcoin service provider Xapo, Wences Casares said on a panel that he thinks a $1 million BTC price isn’t out of the question. In fact, he said that it could be more likely than not, saying “I think that there is a higher than 50 percent chance that a bitcoin is worth more than a million dollars.”
Casares even gave his firm opinion on the Bitcoin.com forum saying:
“It is hard to estimate how many people on (sic) bitcoins, but it may be somewhere between 13 and 15 million people right now,” he wrote at the time. “If Bitcoin is successful we will see hundreds of millions of people own Bitcoin and, eventually, billions. The only way we can get to billions of people owning Bitcoin is by the price going up by several orders of magnitude, let’s say $ 1 million (but this is highly speculative and risky). So, if I am right, and Bitcoin has to go from $390 to $1,000,000 the best way for it to get there without crashing irreversibly is with as much volatility as possible.”
Several cases have been made for the Bitcoin price to reach $1 million by the host of the Bitcoin Knowledge Podcast, Trace Mayor who said:
“If you moved just 1% of the cash balances from offshore tax haven bank accounts, which currently hold estimated $30 trillion of value, if you move just 1% of that into bitcoin you are looking at $2.8 million per bitcoin.”
If by the end of 2020, the price of a Bitcoin increase were in line to reach $1 million, one Bitcoin should be worth around $40,000 in today’s market. This is according to an online tracker that measures the John McAfee prediction that the cryptocurrency would reach $1 million by the end of 2020.
This is a huge prediction and there isn’t a long time for the cryptocurrency to reach such a price. In order to reach the $1 million mark in a more conservative timeframe of five years, Bitcoin needs to see a daily growth of around 0.3 percent at least. It has exceeded this in the past, during the highs of the bull run in 2017, Bitcoin saw a massive increase in growth on a daily basis.
Over the past two months, we have seen some decent growth but nothing to really write home about. That being said the price of Bitcoin has been holding steady between $3,500 and $4,200 since the end of February.
Despite McAfee was the first crypto figure to make such a big prediction, there is something about the seven-figure mark that is just irresistible for the bulls of the crypto space.
Backtracking to Jesse Lund forecast, “two billion adults are unbanked yet one billion of those are carrying smartphones. If the price of Bitcoin were higher, there would be more liquidity and we could be having a different discussion with banks right now.”
Institutions share similar sentiments saying that Bitcoin needs to find stability at a price that reflects the utility of the cryptocurrency. A best-case scenario would include an extended and rapid gains for Bitcoin.