As the price of Bitcoin broke through the vaunted $30,000 level, many became excited to learn how much more the king of cryptocurrencies can bring to the table. Will Bitcoin Soar By $31K? $35K? Or $100K? Lockdown is here, they say.
Forget about these insignificant figures. They mean nothing. At least, according to these well-known fund managers.
Bitcoin Price Seen to Hit $10 Million
Bitcoin fans should brace: the founder of a Boston-based investment management firm has predicted a startling Price of 10 million dollars per BTC.
According to Larry Lepard, founder and managing partner of Equity Management Associates, the US dollar is on the verge of complete collapse, which will cause the price of Bitcoin to skyrocket.
Hard assets such as Bitcoin, the king of cryptocurrencies, will benefit from the continued devaluation of the dollar, as has been the case for decades, according to Lepard.
Bold prediction for BTC
He predicted that the price would rise significantly as more and more people realized that they should put their savings this way.
“I think we will reach $100,000. So I think we’ll get to $1 million and (…) ultimately $10 million per coin. I’m sure my grandchildren will be amazed at people owning a coin. I mean being a complete minter is going to be a big deal,” she said.
In a recent interview with Kitco, Lepard predicts that the dollar will collapse in the next decade and that investors will flock to Bitcoin and other scarce assets as a result.
As the March banking turmoil receded and investors gained more confidence in US monetary policy, Bitcoin broke through the $30,000 threshold for the first time since June 10, 2022.
Image: CoinCu
Analysts link the rise to public anticipation of this week’s US inflation statistics, which have the potential to affect the Federal Reserve’s monetary policy path.
Lepard goes on to state that he believes that “the smart people in the world and ultimately most people get the joke and realize that fiat currency is steadily losing value” and that if this trend continues, more and more people will opt for Bitcoin.
BTC Will Hit $10 Million, Says Another Fund Manager
To back up his claim, another fund manager, Jesse Myers of Protocol Capital, also believes that Bitcoin can reach the price of $10 million per BTC.
According to a report in The Daily Hodl, Myers discussed the thought process and timeline behind his bold prediction during an interview with Natalie Brunell on the “Coin Stories” podcast.
In a time of rising debt and currency depreciation, Myers argues, Bitcoin is establishing itself as a safe haven for investors looking for a scarce, tangible form of wealth preservation.
Bonds and fiat currency, he said, are risky investments in the current economic context due to the need for extraordinary levels of money printing to cover the national debt and unfunded commitments.
Crypto total market cap adding more digits and currently at $1.20 trillion on the daily chart at TradingView.com
Prediction: Bitcoin will prevail
Myers says that Bitcoin is in a prime position to challenge traditional financial assets as a popular place for investors to put their money as the United States struggles with $31 trillion in national debt and a mind-boggling $170 trillion in unfunded liabilities.
In the meantime, acknowledging that Bitcoin faces challenges, Lepard says he is seriously concerned that the technology will fail, as he foresees significant use cases and growth and simply cannot imagine a future where Bitcoin does not prevail.
According to Lepard, Bitcoin it has a significant advantage over gold due to its limited supply of 21 million coins, and this limitation will play a major role in the eventual parabolic rise of Bitcoin’s price to $10 million per BTC.
Source: CoinMarketCap
At the time of writing, the Bitcoin price was trading at $30,093, up 6.27% over the past 24 hours, data from crypto market tracker CoinMarketCap shows.
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