Bitcoin's highly-anticipated halving event was completed on 11th of May, and many analysts expecting its price to surge in the coming years. The main argument for the price increase is that Bitcoin's reduced supply. After halving, the block rewards for miners cut in half and is now 6.25 BTC. That number was 12.5 BTC prior to halving.
So, assuming the current situation will continue, the daily Bitcoin price prediction will 'halve' and many people state that this will be a big advantage for the leading cryptocurrency, especially considering the economic situation at the moment. FED and many other big central banks around the world are printing money at the pace that we have never seen before. During this time, a limited supply asset like Bitcoin have a big advantage to thrive. Today, we put together 8 of the best price predictions for Bitcoin, coming from prominent figures in the industry.
Worth noting, these are not investment advice, and you should always do your own research. (or DYOR in crypto terms)
Nicknamed as 'Pomp' he is a prominent figure in the cryptocurrency industry and is a big believer in Bitcoin and Blockchain technology. Pompliano is the founder of cryptocurrency investment firm Morgan Creek Digital, and it's safe to say he's putting his money where his mouth is.
Always saying Bitcoin is the future, the prominent investor believes Bitcoin will reach $100K by 2021. Pompliano says that Bitcoin is the best alternative that we can find for the current monetary system, and the investors in this sphere will eventually be happy.
If his price prediction proves to be true, then Bitcoin will have something around $2 trillion in terms of market cap. Given gold's current market cap is way higher even than $2 trillion, we can say that it's certainly possible for Bitcoin to reach these levels. However, only time will tell what will happen.
Again, another important investor in this sphere, Dan Morehead claims Bitcoin will reach $111.000 at the end of August 2021. Founder of the Pantera Capital Investment Group, Morehead stated they've taken a deep look at other two Bitcoin halvings and have found out that the leading cryptocurrency is rising significantly after both events.
Morehead added that his price prediction could expand into something like $550.000 in the same given time frame. However, he believes $110K level would be the fair assessment considering Bitcoin's price at the moment.
PlanB is an analyst you can find on Twitter. He developed a model for Bitcoin which is used for precious metals such as gold and silver. His Stock to Flow (S2F) model predicts Bitcoin's price will reach $100.000 in 2021. The model uses scarcity and demand to calculate the price. After Bitcoin's halving, analyst expects the leading the cryptocurrency will surge to new ATH's.
Stock to Flow is a controversial model for sure, but it's currently working. Previous price predictions based on this model were accurate. However, given Bitcoin's volatility, this situation could change in the future. However, this is something to give attention in the future.
The author of the book named 'Why Buy Bitcoin' the Californian investor is a big fan of the leading cryptocurrency. A wealth manager for US-based firm WESCAP, Edstrom said Bitcoin would 'easily' reach the $8 trillion market cap in a decade. Worth noting that, $8 trillion is currently the gold's market cap. Many people see Bitcoin as a 'Digital Gold' and Edstrom certainly believes 'The Digital Gold' will eventually catch the real one in terms of market cap, or even surpassing it.
Let's detail his price prediction. If Bitcoin do reach $8 trillion market cap, then one Bitcoin would worth around $400.000. And this almost 40x increase in current price. Possible? Maybe, especially if you think like Edstrom, who believes BTC will be the world's default currency in 10 years. Better stack some Sats, then.
Founder the research and analytics firm Fundstrat Global Advisors, it's safe to say Tom Lee is a big Bitcoin bull. Always talking in favour of the 'orange coin', Lee stated in January 2018 that Bitcoin price will reach $125.000 by the end of 2022.
However, Lee is always happy to outline his opinions for strict timelines. He previously said that the leading cryptocurrency would reach $25K at the end of 2018, which never materialized. He has also given $100K price prediction by the end of the current year, and it's unlikely to happen at the moment. Because of that, you have to take these predictions with a pinch of salt.
Draper is the ultimate venture capitalist. He has made a series of successful investments during his career, most notably Hotmail, Apple, Tesla and Skype. He's a big believer in Bitcoin too, having made his first investment for the leading cryptocurrency when it was traded around $600.
Draper is very insistent on his price prediction for Bitcoin, which claims Bitcoin will reach $250.000 at the end of 2022. He keeps repeating the same predictions on numerous occasions and adding Bitcoin and cryptocurrencies will be used everywhere in the future:
"In five years you're going to walk in and try to pay fiat [a government-backed currency like the U.S. dollar] for a Starbucks coffee, and the barista is going to laugh at you, because they're going to say, 'What is this? Are you counting out pennies?' Give me shells?'" he said on CNBC, back in 2018.
Founder of the cryptocurrency bank Galaxy Digital, Mike Novogratz is a big fan of cryptocurrencies. He previously said he would consider quitting this industry if Bitcoin fails to recapture its ATH at the end of the year, which is $20K. Novogratz believes the current macroeconomic conditions are creating a perfect storm for Bitcoin, and the leading cryptocurrency will continue to rise until the end of the year.
According to him, there is huge investor interest towards this market and he has increased his Bitcoin position in the wake of FED's efforts to save economy during Coronavirus pandemic.
He stated he may quit the markets if Bitcoin fails to reach $20K at the end of the year, with adding:
“I am seeing investors I never saw before, hedge fund investors, high-net-worth investors getting into Bitcoin for the first time. If it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will… We should have doubled within six months, we really should have. This is the time, maybe within the end of the year.”
We saved the oldest prediction to the last, and this is coming from one of Winklevoss Twins', Cameron. Co-founder of the regulated Gemini exchange, he said back in 2013 that Bitcoin price will reach $40K in the future. At the moment, it would mean the price need to increase by roughly 40 times, which seemed surreal.
He stated:
''The "small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don't know, but if it happens, it will probably happen much faster than anyone imagines."
Today, we listed some of the best and crazy Bitcoin price predictions from the most important figures in this industry. But we would like to say that you have to do your own research before making an investment decision. Of course, these people are reputable in this sphere but their reputation wouldn't guarantee the correctness of these predictions.
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Source: Crazy BTC Price Predictions
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