Bitcoin is currently trading at $57,488, so considering the fact that it could hit $1 million in just 2 years is no joke. Jesse Powell, the CEO of Kraken, thinks that $1 million per Bitcoin will be a thing by 2022. This is a very bullish expectation by the individual but is definitely probable. But even this is nothing as compared to the $5 million per coin prediction by Michael Saylor, CEO of Microstrategy.
Is $1 million per Bitcoin possible?
Yes, it is possible, and if everything goes as of right then, the price could surge even higher than that. The price of Bitcoin has increased more than 10 times in the past 8 months. And so it is logical to expect it to rise even further considering the nature of Bitcoin. As the number of coins is limited by nature and the demand for Bitcoin is continuously increasing, it is obvious that the price can surge drastically upon widescale acceptance. Initially, there was a huge skepticism about whether to consider Bitcoin as an asset or just speculation. But even that opinion has changed. JP Morgan reported that the volatility of BTC is dropping, which could also prove to another reason for a price surge.
Powell also made some other points very clear about his views and prediction about Bitcoin. He said that considering Bitcoin as a competitor to fiat is a waste. He thinks it is much above that and is the actual future of curreny. Since the dollar is already showing signs of weakness and is tumbling due to huge inflation, we can say that Bitcoin could even go up to infinity. Yes, you heard that right! Powell thinks that there is no upper bound of Bitcoin. He also gave a cool example of how the price of Bitcoin could increase. At present, you can buy a Tesla Model 3 with a BTC; in a year, it could be a Lamborghini, and in another year, it could be a Bugatti.
Explaining why he used the term infinity Powell said that since the value of the dollar is uncertain due to its printing so, it is difficult to measure BTC against it accurately.
Jesse’s prediction means BTC is toppling Gold
Yeah, sitting at $57k, the market cap of BTC is around $1 trillion, which is 1/10th of Gold. And so, it pushing upward to $1 million per Bitcoin means it will not only topple gold but will be twice its market cap. Yes, the entire market cap of gold is $10 trillion. So, BTC would just need to cross the $500k price to cross that milestone. It will also make Bitcoin the most valuable asset globally.
What do you think about the $1 million per coin price prediction of Jesse Powell? And does it sound a little too optimistic? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Institutions are noticing the decreasing volatility of Bitcoin, says JPMorgan.