Bitcoin’s invention came to light in late 2008. In January
of 2009, the Bitcoin network came into existence with the issuance of the first
Bitcoins. Since Bitcoin was not listed on a publically traded exchange, it
didn’t exactly have any intrinsic value. The price of Bitcoin in early 2009 was
Bitcoin’s second year in existence turned out to be quite an
exciting one. In May, bitcoin saw its first commercial transaction when
two pizzas were bought from Papa John’s for 10,000 BTC. Since then Bitcoin
price have reach $20,000 in December 2017.
Is there any limit to this growth, and if so, where? While
nobody knows for sure, lets review predictions by some notable Bitcoin
evangelists, who see little hinderance in Bitcoin growing up to 200 times its
current price. Here are five of those Bitcoin evangelists, and what they think
Bitcoin will go on to be worth.
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.
Jeremy Liew – $500,000 (by 2030)
Jeremy Liew is a partner at Lightspeed Venture Partners,
famed as the first investor in the social media app Snapchat. Liew’s other
investments include the multimedia company Beme, the listing service
VarageSale, and the hardware wallet LedgerX. His net worth is estimated at
north of $2 billion.
In an exchange with Business Insider, Liew said that the Bitcoin
price can “realistically” reach $500,000 by 2030. Liew’s prediction was
backed by Peter Smith, the CEO, and co-founder of Blockchain — the world’s most
popular Bitcoin wallet. The estimate was made on May 4, 2017.
Kay Van-Petersen – $100,000 (by 2027)
Kay Van-Petersen is an analyst at Saxo Bank, a Danish
investment bank which specializes in online trading and investment. Based out
of Singapore and with an MSc in Applied Economics & Finance from Copenhagen
Business School, Van-Petersen is an active Twitter user with no fear of
speculating on tough topics like the prices of cryptocurrencies.
Van-Petersen believes that Bitcoin will rise to
$100,000 per unit by 2027, according to a feature by CNBC news published on May
31, 2017. As the man who successfully predicted Bitcoin’s flow up to $2,000 by
2017, Kay Van-Petersen’s most recent estimate, perhaps a little optimistic,
suggests that Bitcoin would then account for 10% of the volume in the foreign
Tom Lee – $91,000 (by 2020)
Tom Lee, co-founder of the market strategy firm Fundstrat
Global Advisors and a well-known bitcoin bull, sees bitcoin’s price “easily
double” in 2018. Lee initially set his bitcoin price target for $11,500
for mid-2018, and then increased it to $20,000 as the cryptocurrency’s
intrinsic value had increased over the last few months due to the growth of new
bitcoin wallets, according to him.
Tom Lee recently went a bit further stating
that Bitcoin’s price will reach $91,000 by March 2020, basing his
prediction on a chart that shows Bitcoin’s (BTC) performances after past market
dips. Lee and Fundstrat used an average of the percentage gained in price
after each dip to arrive at the 2020 figure.
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