Where will bitcoin go from here?
The Leader of Crypto Is Splitting Minds… Again
Recently, news was published explaining that the father of crypto had reached the $7,000 mark. The currency has been on a serious bull run since we first entered April, and the currency has now reached a nine-month high.
The big question is, “Will it continue to rise beyond our expectations, or will it suddenly drop and deplete all its recent gains?” Votes are in from assorted experts, and as one would anticipate, the reactions to bitcoin’s price are rather mixed. Some say it has entered newfound bullish territory and will rise beyond anything we could have predicted. Others spew the same old gloom and doom.
Morgan Creek Digital CEO Mark Yusko is one of those people predicting good things for the asset. In a recent interview, Yusko commented that bitcoin could potentially reach $400,000 within the next ten years and could possess the same market cap as gold. He states:
Gold… has been hard money for 5,000 years. It’s about 7.4 trillion dollars in value. The best thing about bitcoin is its digital gold. It’s much easier to transport; it’s much easier to divide. It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion. Divide that by 21 million coins, and we get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more.
Another bitcoin bull, Tim Draper, has consistently provided insight as to why he thinks bitcoin could reach a price of $250,000 by the year 2022 (just three short years from now). Doubling down on that prediction, he recently stated:
I have no interest in selling my bitcoin. What would I sell it into, anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it or just keep it. Pricewise, we’ll continue to see bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see bitcoin trade around the $250,000 mark in 2022.
Nouriel Roubini, on the other hand, is on the opposite end of the spectrum. A “notoriously bearish” economist at New York University, he referred to bitcoin as a “sh*t coin” at a recent conference and said that all who traded bitcoin or other assorted cryptocurrencies were “suckers.”
Some Just Refuse to View Bitcoin as a Good Thing
He comments:
I don’t care about the price of bitcoin… There are 500,000 items on Google if you search sh*t coins… It’s a technical term.
In a funny twist, hedge fund manager and bitcoin fan Mike Novogratz recently offered to wear a T-shirt saying “Nouriel was right” if bitcoin fell below the $6,000 mark.