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Bitcoin Price Predictions
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Bitcoin was created in early 2009. Since then, we’ve seen its price increase from Bitcoins to the cent (circa March 2010), all the way up to $8,700+. One of the stories that illustrate this growth best is that of two pizzas, which were bought for 10,000 Bitcoins, on May 22, 2010, by a Florida developer by the name of Laszlo Hanyecz. Those 10,000 Bitcoins (at $8,700 per bitcoin) would be worth over 87 million US dollars today, pitted against the $40 or so they were worth then.
Is there any limit to this growth, and if so, where? While nobody knows for sure, there are plenty of anti-Bitcoiners who see the market as a bubble, ready to pop and have Bitcoin’s price fizzle back to mere cents, and plenty of pro-Bitcoiners, or Bitcoin evangelists, who see little hinderance in Bitcoin growing up to 200 times its current price. Here are seven of those Bitcoin evangelists, and what they think Bitcoin will go on to be worth.
Wences Casares – $1,000,000 (by 2027)
Wences Casares is an Argentinian technology entrepreneur living in the US. He is the founder and CEO of Xapo, a Bitcoin wallet startup, and a board member at PayPal, among various other roles. Casares says he first found interest in Bitcoin because of high financial volatility in Argentina’s native currency, the Peso. The tech giant bought his first Bitcoins in 2011.
Casares believes that Bitcoin will hit $1 million sometime before 2027, speaking at the Consensus 2017 conference in New York. Even better, he believes that Bitcoin could hit one million dollars in as few as 5 years, saying on May 23, 2017, that the milestone will be reached “in 5-10 years”.
Chamath Palihapitiya – $1,000,000 (by 2037)
Chamath Palihapitiya, the founder of Social Capital and co-owner of the Golden State Warriors, started investing in Bitcoin in 2012. In 2013, he mentioned that he owns Bitcoin in his hedge fund, general fund, private account, and at one point he owned 5% of all Bitcoin in circulation.
Palihapitiya has predicted Bitcoin price will reach $100,000 in the next 3-4 years and in the next 20 years, it will be worth $1 million. He explained his prediction as based on the evaluation of Bitcoin as a store of value just like gold.
He said, “This thing has the potential to be comparable to the value of gold…This is a fantastic hedge and store of value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly”
John McAfee – $500,000 (by 2020)
John McAfee is the founder of McAfee Associates which launched first commercial antivirus software in the late 1980s. He recently founded MGT Capital, a company that mines various cryptocurrencies in and outside the United States. John got involved with Bitcoin because according to him it will eventually become ‘the standard for the world.’
McAfee recently made waves in the cryptocurrency world after claiming that each unit of Bitcoin would be worth half a million dollars by 2020. He did not stop there. He went on to predict that Bitcoin could even reach as much as $2.6 million in the same time frame. There is no way of knowing whether McAfee did this to get attention or if he actually means it. Only time will tell.
