The Case for a Million Dollar Bitcoin Price
Bitcoin Price Predictions
Bitcoin price predictions go as high as $1 million and beyond. It seems as though the sky is the limit if bitcoin’s market cap continues to grow.
The world’s largest cryptocurrency previously reached close to $20,000 in late 2017 before a dramatic pullback. Then, in late 2020, we saw another unprecedented bull run begin. Bitcoin reached new heights throughout 2021, hitting upwards of $68,000 in November 2021.
Can Bitcoin Reach $1 Million?
Big names in cryptocurrency and investing have thrown around $1 million bitcoin price predictions. Several years ago, a $1 million bitcoin felt like an impossibility. In early 2011, bitcoin was trading for just $1. Even when bitcoin surged to nearly $30 that same year, no one was thinking about a $1 million price tag. Year over year though, bitcoin continued to appreciate, bringing larger numbers into focus.
Bitcoin is the type of asset that can go parabolic. Hitting highs near $70,000 in 2021, $1 million was becoming a realistic possibility. Bitcoin’s low for 2021 was $30,000 which is 33x off of $1 million. The $70,000 high that year was just 14X off the elusive million dollar bitcoin.
Is $1 Million Really Possible?
Wences Casares is the CEO of Xapo and one of the biggest names in bitcoin. He thinks bitcoin can reach $1 million.
Founder of BTCC, Bobby Lee, has also called for $1 million if overall mainstream adoption continues.
Bitcoin pioneer Wences Casares is a bitcoin bull. He sees the world’s largest cryptocurrency reaching $1 million sometime between 2023–2027.
Venture capitalist and founder and CEO of Social Capital Chamath Palihapitiya sees bitcoin hitting $1 million but taking longer to do so. He’s previously stated that everyone should own some bitcoin and that the price could reach $1 million by 2037.
$100,000 Bitcoin in the Short Term
Anthony Pompliano, also known as Pomp, is a Co-founder & Partner at Morgan Creek Digital. Pomp is one of the biggest personalities in the bitcoin space today. He sees a $100,000 bitcoin being possible in the short term. He’s not alone in that $100,000 price point prediction.
Kay Van-Petersen correctly called for a $2,000 bitcoin back in early 2017. He predicts bitcoin will reach $100,000 in the near term. An analyst as Saxo Bank, Van-Petersen says that bitcoin isn’t a fad and that the crypto is here to stay.
OKCoin CEO Hong Fang is of the same opinion as Pomp and Van-Peterson, believing that a $100,000 bitcoin is possible soon. Many of these notable names thought that $100k would hit in 2021. Even though bitcoin topped out below $70,000 in 2021, they remain bullish. Bitcoin’s value propositions have not changed since pulling back from all-time high prices.
Bitcoin’s value propositions have not changed since pulling back from all-time high prices.
$500,000 Bitcoin in the Near Term
The space between the current bitcoin price and $1 million is vast to say the least… Other notable predictions fall in the $250,000 — $500,000 range. Take bitcoin personality and broadcaster Max Keiser for example.
Max Keiser regularly remind his followers that he recommended bitcoin at $1. A bitcoin bull, Keiser sees bitcoin’s price going as high as $500,000 IF bitcoin can overtake the gold market.
Max Keiser Isn’t Alone
In early 2021, Keiser turned even more bullish in the short term, predicting a $220,000 bitcoin by the end of the year. That didn’t hit… but he sees a $200,000 bitcoin being possible in coming years.
Co-founder of Morgan Creek Capital Management, Mark W. Yusko, believes a bitcoin can hit $500,000. Yusko and Pomp continue to beat the drum for bitcoin as Yusko thinks you should buy bitcoin every chance you get.
Jeremy Liew is right there with these guys. Liew, a partner at Lightspeed Venture Partners, hit it big when he was the first venture capitalist to back Snapchat. Now, he’s worth more than $2 billion. Peter Smith, the CEO and cofounder of Blockchain, supported Jeremy Liew’s prediction, saying that bitcoin will reach $500,000 by 2030.
The Winklevoss Twins
Cameron and Tyler Winklevoss see bitcoin as both a hedge against inflation and digital gold and have been accumulating bitcoin for years. They wrote about the case for a $500,000 bitcoin in 2020 and the Winklevii remain bullish today. Their cryptocurrency exchange, Gemini, is one of the fastest growing exchanges in the world.
2020–2021 Were Big Years for Bitcoin
Bitcoin is becoming more mainstream. It’s gaining institutional and retail interest from investors. Between 2020 and 2021, bitcoin reached new heights in terms of both adoption and all-time high prices.
Legendary Bitcoin Bulls
In early 2022, legendary investor Bill Miller announced that he has roughly 50% of his portfolio in bitcoin. The other 50% — in Amazon. Talk about being bullish… Miller is just one of several big name investors such as Paul Tudor Jones and Stan Druckenmiller who also own bitcoin.
We also saw publicly traded companies like MicroStrategy, Tesla, and Block place BIG bets on bitcoin by putting bitcoin on their balance sheets.
How High Can Bitcoin Climb?
The crypto industry experts mentioned all think that bitcoin adoption is just getting started. Some are more cautiously bullish than others but plenty are eager to throw out $1 million price predictions or invest 50% of their portfolio in the cryptocurrency like Bill Miller.
Time will tell whether to not these bitcoin price predictions are correct but all signs do at least point toward more mainstream adoption. Companies, consumers, and even governments are getting in on cryptocurrency.
In 2021, El Salvador declared that bitcoin was legal tender and their government continues to double down on their investments in bitcoin and bitcoin-related projects like mining.
Big names in tech like Jack Dorsey and MicroStrategy CEO Michael Saylor are also eager to beat the drum for bitcoin. Both have bitcoin on the balance sheet at their respective companies and are championing efforts around bitcoin education. More companies like these buying bitcoin and other companies, such as bitcoin miners who have gone public, are bullish on bitcoin. No doubt that increased adoption from institutional and corporate entities will only encourage higher bitcoin price predictions.
Conclusion
Bitcoin is one of the best performing assets in the world today. Since its inception between late 2008 and early 2009, it has soared to unprecedented heights in spite of its critics. Long term investors and believers remain steadfast and bitcoin continues to move into cold storage for safe keeping. Bitcoin is something that whale investors plan to hold for years to come.
In a dynamic and changing world, bitcoin presents an opportunity for financial inclusion, connecting people with banking and financial services they were otherwise unable to access.
Bitcoin is digital money but it is also digital gold and a global network. Some investors assert that once bitcoin surpasses gold in terms of total market capitalization, it will surge in price upwards of $500,000. Such a parabolic move would open up the possibility of a $1 million bitcoin.
Bitcoin becomes more scarce over time. Every four years, the amount of bitcoin rewarded to miners gets cut in half. There is also a finite amount of bitcoin that will ever exist — 21 million. With that in mind, the supply and demand incentive structure built into the bitcoin network, combined with its global adoption and impact on banking and financial services, make bitcoin something to watch in the years ahead.
Thanks for reading! I am not an investment or financial advisor. This is not financial advice. All opinions expressed are mine alone. If you want more content like this, sign up for my weekly email.
