Crypto Analyst Addresses $1 Million Bitcoin Prediction Pitfalls

The crypto market looks good today, with the most important coins trading in the green.

Potential pitfalls of investing in BTC for the long run

Analyst and economist Alex Kruger is urging traders to potential pitfalls of investing in BTC for the lung run.

He pointed to a prediction from the founder of the institutional crypto custody platform Xapo who earlier said that he believes BTC will hit $1 million in seven to ten years.

The online publication the Daily Hodl pointed out to the fact that Wences Casares issued his prediction with a warning saying that it remains far too risky to invest a massive portion of an individual’s portfolio to BTC.

He recommends having  “up to 1% but not more as the risk of losing this investment is high.”

He said that “after 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion, those chances of succeeding are at least 50%.”

BTC reportedly has 20% chances of failing

He continued and explained that “Bitcoin is a fascinating experiment, but it is still just that: an experiment. As such, it still has a chance of failing and becoming worthless. In my (subjective) opinion, the chances of Bitcoin failing are at least 20%.”

It’s been also revealed that Kruger said it’s important to remember that past performance does not necessarily indicate future results. He cites the opinion of former traders and risk analyst Nasim Taleb.

At the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $7,558.16.

Despite the massive volatility in the crypto space, there have been optimistic price0related predictions as well. BTC hitting $100k is just one of them.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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