A major figure in the crypto industry predicts that Bitcoin will reach $1 mln in 2020, John McAfee even gives an exact date. IBM VP of Blockchain and Digital Currencies Jesse Lund is also bullish on Bitcoin – so bullish, in fact, that he also set a long-term $1 million price target.
Bitcoin Price Has Million-Dollar Potential
It was John McAfee who first predicted Bitcoin to hit $1 million
“If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now,”He says.
He adds that speculators are hurting the value of cryptocurrencies “because they’re thinking about it wrong.”
The Future Of Cryptocurrency According To Lund
Later in the interview, Lund made an astonishing remark on the future of cryptocurrencies. By New Year’s Eve this year, he predicts the price of Bitcoin will be $5,000. However, his long-term outlook is much different as discussed earlier.
“I have a long-term outlook. […] It goes back to that discussion about the utility of the network with a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.”Lund said
Lund’s view is that when the Bitcoin price gets high enough, serious banks will take more interest in it. When this happens, the utility of the token will increase at its core value proposition
Lund believes that when Bitcoin price turns $1 million, then each Satoshi will be worth one penny. Therefore the Bitcoin network will be providing more than $20 trillion of liquidity into the global economy and this will show tremendous changes to the world’s industry of financial services.
It’s not every day that someone from the old world of technology predicts such a high price for Bitcoin at the moment where bitcoin is not even expected to cross $5000 mark. Let us know your suggestions in the comment section.