Anyone involved in the finance industry knows that predicting something in the long run is a magic art. There are too many variables to take into account and it is simply impossible to make an accurate prediction. Even if those predictions came to be true they are just lucky guesses. This doesn’t mean that predicting the price of stocks and other commodities are a gimmick. Short to medium term price predictions are possible using historic models, etc. But this hasn’t stopped a number of high profile individuals from making claims about predicting Bitcoin price. Let’s look at a few high profile price predictions for Bitcoin.
1 Bitcoin = Million Dollars
In 2017, the founder of what became one of the world’s top software security companies, McAfee Associates, boldly predicted crypto’s largest asset, Bitcoin, would hit a price of $1 million dollars per Bitcoin by the end of the year 2020. “Let’s get real, there are only 21 million bitcoins,” McAfee said. “Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million,” he added.
John Pfeffer: $700,000
The annual Sohn Investment Conference 2018, was held in New York. During the conference, John Pfeffer, a partner at his London-based family office Pfeffer Capital, bet hugely on Bitcoin, by giving it a bold price target of $700,000. This was about 75 times the price of Bitcoin at the time (which was nearly $9,500). While Pfeffer did not put a time frame on his prediction, his target—which is modeled for his best-case scenario. “Bitcoin is the first viable candidate to replace gold the world has ever seen,” Pfeffer, told the crowd at the Sohn Investment Conference. “So if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.”
Cameron Winklevoss: $320,000
Bitcoin could be worth 40 times its current value one day. Cameron Winklevoss — one half of the famous twins. Cameron and his brother Tyler Winklevoss are responsible for establishing Gemini – one of the world’s most trusted cryptocurrency exchange platforms. In this regard, Cameran has been bullish on BTC (as well as a host of other digital assets) from the very start. Not only that, the brothers have served as some of the first mainstream proponents of this burgeoning asset class.On the subject of Bitcoin’s future market potential, Cameron has stated time and again that because of the asset’s long term SOV properties, it has the potential to rapidly gain value and even reach a price point of $320k per token within the next couple of decades.
Tim Draper: Quarter million dollar price tag
Tim Draper has predicted Bitcoin will experience huge price gains over the next four years, claiming the cryptocurrency grow more than 25-fold by 2023.The venture capitalist said, he may have underestimated Bitcoin when he previously predicted it will reach $250,000 (£201,000) – a figure he first forecast when Bitcoin was worth around $5,000 in 2018. Speaking to cryptocurrency news show Blocktv, Mr Draper said his previous price predictions had come true and that his latest one may even fall short of bitcoin’s eventual value. “$250,000 means that Bitcoin would then have about a 5 per cent market share of the currency world and I think that may be understating the power of bitcoin,” he said.
Tracy Mayer: $115,000
Meyer tipped fellow analyst Tone Vays for suggestions on what to expect over the next eleven-and-a-half months (back in January 18, 2018). $115,000, despite being a theoretical possibility based on previous behavioral cycles, would be “very overvalued,” Mayer adds
Vinny Lingham: $100,000 – $1Million
Even though Lingham is highly optimistic about the price of Bitcoin, he doesn’t have a timeline as to when the premier crypto asset will begin its ascent and reach its destined financial heights. For starters, since BTC is both a scarce and valuable commodity, its value is bound to keep increasing. However, Lingham does concede that in order for the alt-currency’s value to soar, it needs to move from being just a digital commodity to becoming a store of value as well as a legitimate transaction medium.
Bobby Lee, the co-founder of BTCC and the brother of Litecoin creator Charlie Lee, has recently made a bullish case for Bitcoin, the flagship cryptocurrency, as he sees its price surpass $60,000 by 2020 after the block reward halving.Through various tweets the entrepreneur revealed he believes that as BTC’s price hits $60,000, its total circulation value will be of over $1 trillion which will in turn see its price become more stable thanks to higher global liquidity. His prediction seemingly implies breaking the $1 trillion mental barrier will help the cryptocurrency surge to new heights well above $60,000, as most institutional investors will then be investing in the cryptocurrency thanks to its liquidity.
Jeet Singh: $50,000
Indian-American business entrepreneur Jeet Singh is probably best known for being the co-founder of Art Technology Group – a venture that pioneered the use of software and other digital tech mediums within the e-commerce market during the early ’90s. The project was extremely successful and thrust Singh and his partner Joseph Chung front and center of the global finance stage. In Singh’s estimation, Bitcoin will most likely suffer from a period of volatility in the short term – which will cause the premier digital asset to float around the 10k mark for quite some time. Following this period, he believes the asset will scale up beyond $50,000 threshold. Lastly, it also bears mentioning that over the last six years, Singh has been working exclusively as a cryptocurrency portfolio manager.
David Drake: $30,000
Drake, who is the founder of LDJ Capital, believes that as awareness regarding crypto continues to grow, it would not be surprising to see Bitcoin become increasingly more expensive. In this regard, he believes that by the end of the year, BTC will rise to a price point of around $30,000. Not only that, his optimism seems to permeate beyond Bitcoin into a host of other altcoins – who he believes will play an ever-increasing role in the day-to-day life of the global economic sector.
Max Keiser: $28,000
Max Keiser is the host of Keiser Report on RT, a show which has been strongly advocating for cryptocurrency. Even before most people have even heard of Bitcoin. According to Max Keiser’s tweet on April 8, grounds that were set during the bear market will see Bitcoin’s price hit $28,000 as its new all-time high. The Bitcoin enthusiast also said the virtual asset will still visit $100,000 which has been his prediction since 2011. However, Keiser did not put a mark on the time when either of these will happen.
Thomas Lee: $25,000
During this year we could see a bull run that would take the price of Bitcoin to $25,000. This is what Thomas Lee, co-founder and head of research at Fundstrat Global Advisors. The prediction comes after he miss-predicted a price increase in Bitcoin after the Consensus conference, as happened during the last few years after the event. Thomas Lee is a very important figure in the cryptocurrency world, that has been predicted crypto-related prices and trends In the last few years. The last accurate prediction was related to the US tax day in April, when he explained that Bitcoin was going to increase its price in the coming weeks. And that’s what happened.
Kenneth Rogoff: $100
The likelihood of Bitcoin falling to $100 was greater than that of the digital currency rising to $100,000 a decade from now, Harvard economist Kenneth Rogoff said. Regulation would be a trigger for lowering prices, Rogoff said, although he acknowledged that it would not be an overnight development.
Bill Gates: $0
The billionaire who has regularly featured in the list of the world’s most wealthy individuals has been a crypto hater since Bitcoin came to the forefront back in 2011. For example, a few years ago, Gates went on record to state that the asset class was a pure ‘greater fool theory’ type of investment. And while he hasn’t ever given an official price prediction for Bitcoin, he is quite sure that the asset will become worthless in the coming few years.
Joe Davis: $0
Davis is a well-respected economist who believes that there is a good chance that Bitcoin’s price might to down to zero over the next few years. Additionally, he also points out that because BTCs price is merely based on speculation, it is subject to insane price swings. Lastly, Davis – who is currently serving as the head of Vanguard’s investment strategy group – believes that people should only put their money in traditional investment vehicles that are known to provide their owners with definitive returns. Davis further says Bitcoin is a poor store of value, due to its volatility, and advises folks to only invest in tried-and-tested assets.
Considering other assets, predicting the price of digital assets are a far more complex issue, first of all, the market is not regulated and hence a lot of normally unlawful activities happen. The lack of long term investors is another headache, retail investors are highly volatile. A huge presence of speculators drive the price up and down without much reasons, and finally the markets are primary driven by emotions and not by fundamentals. In these circumstances predicting anything about crypto is not possible, and most of these predictions are just a random numbers of the person’s imagination. And even if the person predicting the price comes up with an explanation as to how they reached the magic number, it’s usually something they came up with. As always be cautious before investing in crypto, all indicators show a good year ahead for the market.
More from Bitcoin News
What if stores accepted direct cryptocurrency payments without the hassle of converting your cryptos to fiat first? Meet EXENO.
A bitcoin exchange-traded fund (ETF) tracks the behavior of the Bitcoin price, therefore, you don't buy the asset itself, but …