January 27, 2023

Bitcoin price forecasts in the long run

Bitcoin price forecasts in the long run

Forecasting the price of bitcoin is always a hot topic, especially if it is done by heavyweights of the crypto industry and large companies. Recently, there have been several such forecasts, and the numbers have been impressive.

Fundstrat's Tom Lee still says the cryptocurrency market is too small to support the Bitcoin ETF. In his opinion, the US SEC does not approve of Bitcoin ETF for this reason.

In an interview with Bloomberg, Tom Lee said that the launch of large ETFs would require at least $ 13 billion a year, and for this bitcoin should be at the level of $ 150,000.

Speaking at BlockShow in Singapore on November 15, Tom Lee also noted:

“The SEC intends to postpone ETFs until the cryptocurrency market is large enough, although the demand for ETFs is huge.”

$ 150,000 bitcoin is not the highest ratingfor the main cryptocurrency. For example, Dan Morehead, founder of Pantera Capital, previously speaking on the Unchained podcast, said Bitcoin could reach $ 42,000 by the end of 2019 (although the current price dynamics do not even hint at it). At the same time, Dan Morehead's long-term forecast suggests that Bitcoin will cost $ 356,000 in 2022.

According to him, if you evaluate bitcoin on a logarithmic scale, then “you should expect 235% of the total annual growth”, which should lead to a bitcoin price of $ 356,000 in 2022.

Dan Morehead Sure Transaction SpeedBitcoin will also be greatly improved as this network evolves. When asked about Morecoin's ETF, Morehead said, “It can take many years.”

Xapo Bitcoin wallet CEO Vens Casares alsomade his own forecast for bitcoin - $ 1 million in 7-10 years, provided that bitcoin "remains a successful financial experiment that began 10 years ago."

According to him, if everyone buys at least a littlebitcoins, this can lead to an increase in the price of “up to seven digits”. At the same time, it takes into account the 20% probability of failure, and the 50% probability of success, focusing on the last 10 years.

Vence Casares also links the success of Bitcoin with a monthly increase in the number of users, the volume of his transactions and age:

“10 years of good work without interruption, 60 million owners, adding more than 1 million new users per month and transactions of $ 1 billion per day worldwide are good chances for Bitcoin success”- he noted.