Bobby Lee has given his input as to what price Bitcoin can look forward to, and its a very healthy and FOMO-inducing $60,000.
Since December 2017, Bitcoin’s characteristic price volatility has been on full display. From euphoric highs of nearly $20,000 to lows of less than $6,000, holders and critics alike have been keeping an eye on the markets to see where the virtual currency will go next.
If things pan out the way Bobby Lee predicts, Bitcoin will be soaring to new heights of $60,000. The avid crypto crusader took to Twitter to express his thoughts:
When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle
— Bobby Lee (@bobbyclee) August 24, 2018
Bitcoin Price Predictions
As with seemingly every crypto statement put forth into the universe, his comment elicited both positive and negative comments. Some tweeps doubted that even $10,000 was possible, a sentiment shared by Forbes who now believe that Bitcoin will see highs of just $9,500 come year-end. We also had a $1,000 prediction albeit from someone who is either misinformed or simply unwilling to see the positive attributes of the currency.
However, it’s not all doom and in the land of Bitcoin price. Hedge fund billionaire, Marc Lasry, believes that it could go as high as $40,000. Some analysts are more conservative predicting $15,000, which is still a massive increase from its current price of just over $6,700.
Dan Morehead, CEO of Pantera Capital, also gave his positive outlook on the price saying that it will see a substantial increase within the next year.
Possible Reasons for the Price Increase
Lee explained the reasoning for his price forecast:
When I started in 2011, daily global output (new BTC x price) was at $36,000. In 2015, this went to $1.8m. Today, we are at $12m. It means that globally, hashpower keeps going up, using up to $12m electricity costs.
He went on to add:
I predict #HashPower will continue to grow, with ever higher amounts of investment in mining (electricity costs). If that amount reaches $54m/day, we‘ll have $BTC at $60k.
Lee further explained:
What will be the daily demand for new #Bitcoin coming into circulation? What will be the market #liquidity needs in 2020? If the answer is >$54 million/day, then $BTC Prices will be over USD $60,000 by then. Simple math. That’s my logic about prices.
Before we celebrate and book a Lambo test drive, Lee believes that we have to wait two to three years for this drastic price jump. Until then, the champagne needs to be kept on ice, unfortunately.
Do you think Bitcoin will see a high of $60,000? Let us know in the comments below!
Images courtesy of ShutterStock and Twitter/bobbyclee