While chart watchers wonder whether Bitcoin’s latest movement is the start of a bull run or simply a guppy rally, various individuals in the financial world continue to make long-term predictions.
One such prognostication by the CEO of financial market website ADVFN claims that the cryptocurrency will not only touch the all-time high of $20,000 but also has the potential to cross the coveted mark of $100,000. He told Express.co.uk at a recent Blockchain Summit:
“The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term. Will bitcoin go back over from its previous high? It will probably hit $2,000 before it hits $20,000. But will it hit $20,000? I think so. Will it hit $100,000? I think that’s quite likely.”
Given the fact that the elite cryptocurrency is striving to even touch the $7000 mark, a $100k prediction does sound a little grotesque, but the industry believes that the continued innovations and developments might lead to mainstream adoption. He also added that people fail to observe a few aspects before making such predictions. Chambers explained:
“There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out. They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift.”
Chambers isn’t the only expert to make such predictions. Arthur Hayes, co-founder of cryptocurrency trading platform BitMEX said:
“We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, [maybe] an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
Likewise, Claire Wells, Director of Legal and Business Affairs at mobile payment company Circle, believes a Bitcoin price increase is ‘inevitable’.