Just about everyone is going bonkers for Bitcoin right now. And that’s no surprise, seeing as how the number one cryptocurrency has had an absolutely explosive price performance in 2017. With bitcoin pressing on to new price heights, people want in. They want to know more. And they especially want to know what comes next.

To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.

Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.

No similar supply response can never happen with bitcoins. There will never be more than ~21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize.

That means the BTC could potentially shoot up exponentially in future years. But how high? Let’s take a look at some of the more prominent projections we’ve seen thrown around in recent days.

1) Short-Term: $12,000-$13,000 Seems Nigh

At press time, the bitcoin price is hovering around the impressive, all-time price of $11,850.

And since the ongoing bull market the space is currently witnessing seems to have plenty more steam, it’s looking more and more like a sure thing for BTC to hit its next major price milestones. Sooner rather than later, too.

So, seeing $13,000 by the New Year seems imminent for now. Could the price be even higher than that by January 1st? We’ll just have to wait and see. Acute retracements from profit taking always come into play.

2) Wall Street Macro Trader Novogratz Sees $40k BTC In 2018

Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and he’s not turning back. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.

“Bitcoin could be at $40,000 at the end of 2018,” Novogratz said. “It easily could.”

And for Novogratz, there’s no confusion as to why that particular price point may end up really materializing. In a November 30th interview on Fox Business, Novogratz unabashedly declared that “Bitcoin is going mainstream.”

And Novogratz knows what “mainstream” and “institutional” looks like; he used to run a Goldman Sachs trading desk in Asia before becoming a hedge fund manager at Fortress. If he thinks the “herd” is coming, as it were, then we all best pay attention.

Going much more long-term, Novogratz said it was within the realm of possibility that the bitcoin market cap could one day reach the current market cap of gold, which is around a whopping $8 trillion USD.

If this reality were to materialize down the road, that would put each BTC around the $390,000 price point.

3) Max Keiser Projects $15k Soon, $100,000 On The Horizon

Firebrand Bitcoin pundit Max Keiser has never made his love for BTC and its potential a secret.

As such, you’ll commonly find him on Twitter making new price predictions based on the Bitcoin boom’s momentum.

For now, he’s pegging his short-term bitcoin price target at $15,000. That’s a reasonable figure, to be sure, especially with BTC’s parabolic price performance in Q3 and Q4 2017.

Beyond that, though, Keiser has his eye set on the impressive $100,000 BTC price milestone.

 

3) Adam Back Agrees: $100k Coming

Love him or hate him, Adam Back is an OG cypherpunk who’s made incalculable contributions to the cryptocurrency space as a whole. There’s a reason Satoshi Nakamoto reached out to Back (and Wei Dai) first in starting up Bitcoin.

In other words, Back’s been around the block once or twice. He knows the ecosystem as well as anyone.

And it’s his opinion that the next major target for the bitcoin price to hit is $100,000, echoing Max Keiser’s aforementioned prediction.

In a recent tweet, Back even went as far to say that users should “be careful selling” bitcoin in 2018 because the price could rocket so acutely over the next 12 months that people would’ve made considerably more by just holding.

4) John McAfee: Bitcoin $1,000,000 Each In 2020

John McAfee is best known as the creator of the popular McAfee antivirus software. He’s also become a Bitcoin aficionado over the past several months, and he never hesitates to voice his opinions on the cryptocurrency craze accordingly.

And his opinions are exceedingly bullish, to say the least. McAfee was projecting $500,000 BTC in 2020 just a few weeks ago, but he modified his claim to be even more bold as bitcoin’s market surge has been moving faster than he anticipated.

Now, McAfee thinks $1 million per bitcoin will be reality by the end of 2020. That’s almost an unfathomable possibility at the moment, but maybe we haven’t seen anything yet. Especially if institutional interest keeps exploding.

But McAfee has even bolder ideas, to be sure. In an even newer Twitter exchange, McAfee explained that he believes the BTC price could reach into the billions one day.

Specifically, the tens of billions as he argues:

That’s certainly the most aggressive price prediction anyone’s made for BTC yet. But if that insane price materializes, McAfee will end up looking like even more of a madman genius than he already is.

5) Falkvinge Sees $2-5 Million Bitcoin As Possible

Swedish Pirate Party founder Rick Falkvinge is a big proponent of Bitcoin Cash (BCH), going so far as to sarcastically call himself the CEO of Bitcoin Cash.

But that doesn’t mean he doesn’t respect the beast that BTC is and could be.

“Bitcoin] can easily go to more than $1 million per bitcoin.” Falkvinge said during a recent interview. But that’s just Falkvinge’s conservative estimate. He’s actually more bullish than that, asserting that BTC can go as high as $5 million:

“If cryptocurrency fulfills its promise, and there’s no indication it wouldn’t, then the equivalent of one bitcoin needs to be in the $2-5 million dollar range.”

6) What’s the BTC Price if Crypto Market Reaches Stock Market Size?

Let’s get really speculative just for the purposes of illustration the growth that’s possible in the coming years.

The current market cap of all global stock markets is around $100 trillion USD. Woah, right? Accordingly, let’s say that the entire cryptocurrency market one day reaches this $100 trillion cap.

And let’s also say that BTC maintains its current position as hovering around a 50 percent share of the entire crypto market (though, of course, there’s no reason to believe it’ll stay at 50 percent forever).

That would put Bitcoin as having around a $50 trillion market cap. At this point, all we need is to divide $50 trillion by the number of bitcoins in existence.

Let’s go with 17 million instead of 21 million since many bitcoins have been lost already.

Alas: $50 trillion divided by 17 million = ~$2,941,176. Round up, and that’s $3 million per bitcoin.

Now, we can’t count our eggs before they’ve hatched. There’s still quite the mountain to climb for the crypto market to get even close to hitting $100 trillion. But maybe it’s possible in 30 or 40 years. Maybe not at all.

It’s going to be a wild ride no matter what happens between now and then, that much is for sure.

Posted by William M. Peaster

William M. Peaster is a cryptocurrency journalist and copy-editor based out of El Paso, Texas. He's an avid fan of Ethereum, ERC-20 tokens, and smart contracts in general.

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One Comment

  1. Indeed informative post!! Michael Novogratz, who’s planning to establish his own cryptocurrency hedge fund, said that Bitcoin Could Potentially Hit $40,000 By The End Of 2018.

    Reply

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