Bitcoin $1 Million Predictions Are Reportedly Not Crazy, Despite The Falling Prices
The crypto market is still bloody today, with the most important coins trading in the red.
Lots of analysts have been debating potential reasons for the recent fall in price f Bitcoin: a natural correction, the fall of markets due to the increased fears of coronavirus, whales who are selling, the upcoming halving scheduled for May and more.
Despite the huge volatility of the crypto market, there are still various predictions about the price of Bitcoin.
Bitcoin hitting $1 million prediction
The online publication the Daily Hodl notes that the founder of global cybersecurity company Herjavec Group and Shark Tank star Robert Herjavec says that he wouldn’t be surprised to see Bitcoin hit $1 million.
During a new interview with Kitco, Herjavec said money is on “an unbreakable path toward digitization”, and he’s a “big believer in Bitcoin and electronic payments in the future.”
He was asked if he thinks Bitcoin is an attractive investment, and he said that he’d be a buyer.
“I would be buying Bitcoin here. I think the price of Bitcoin on a long-term basis will ‘quantouple,’ if that’s a word. I forget who the analyst was yesterday who said consumers always go to convenience, and Bitcoin is convenience.”
When he was asked if predictions that Bitcoin will hit $1 million are too far-fetched, Herjavec said he believes BTC may be able to reach such a level in the long run.
“It doesn’t sound crazy to me, but you have to associate the price of an individual type of Bitcoin. Because part of the challenge is there is no one Bitcoin,” he said.
He continued and said: “You can buy different types of Bitcoin. And I think it’s a bit of a fragmented industry. The minute you have a JP Morgan Chase or you have a large institutional company getting behind it, then that will change.”
You can check out the interview on the Daily Hodl’s article.
At the moment of writing this article, BTC is trading in the red and the most important coin in the market is priced at $8,565.19.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.