It seems like these days all we hear about crypto markets is bad news. Billions of dollars seem to be taken out of crypto every few days and everyone’s favorite bitcoin just can’t seem to catch a break.
But not all the news is bad, however. In fact, a number of highly respected commentators say quite the opposite. So in this article, we’re going to go over a few of the most bullish commentators opinions on why bitcoin and cryptocurrencies in general are setting themselves up for a huge price take off in the next 12, 24, and 140+ months.
Tom Lee, $25k by end of year 2018
Tom Lee, co-founder and head of research at Fundstrat a financial advisory firm told CNBC’s Futures Now that he feels “pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of ”. This prediction was made in April of this year, putting it well within the middle of the current bear market we are facing.
According to Lee, bitcoin was “incredibly oversold” and it’s market conditions look similar to the bear market that followed the Mt Gox implosion.
Clem Chambers, $20k soon, $100k rally “quite likely”
Clem Chambers, CEO of ADVFN, said in an interview with Express.co.uk that “blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term. and that prices will “probably hit $2,000 before it hits $20,000.” Following this return to form, a move to the impressive $100k mark will be “quite likely”.
So what will be the main driving factor to this rise in price according to Chambers? Surpringsly, Chambers said that banks and governments are not “creating enough money to make the world go around. The cryptocurrencies are filling that vacuum.”
Ran Neu-Ner, $50k by end of year 2019
Back in February of this year, Ran Neu-Ner, host of CNBC’s Cryptotrader suggested that bitcoin prices will first stabilize and then hit $50k by the end of 2019.
According to Neu-Ner, bitcoin is “quite a resilient currency/commodity/asset that just keeps going up afterwards” and that 2018 will be the year that “mechanisms to allow retail consumers to get into cryptocurrencies start to open themselves up”, which could lead to more widespread use and adoption. This increased adoption and use will also put a cap on the amount of volatility bitcoin sees.
Tim Draper, $250k by 2022
Venture capital investor Tim Draper, a favorite of the cryptocurrency world (and someone who wants to see California split into three separate states) stunned audiences when he predicted bitcoin would hit an amazing $250k by 2022 during a speech he gave in April of this year.
Tim Draper, Image from CNBC
Jeremy Liew & Peter Smith, $500k by 2030
Snapchat investor Jeremy Liew, and CEO of Blockchain Peter Smith, are predicting that bitcoin will hit the sky high price of $500k each by the year 2030. So how did they come up with this fantastical sum?
According to Business Insider, their prediction is based on a few key points. Specifically, they believe bitcoin will become the defacto method of moving money across borders. Secondly, they suspect that political uncertainty (i.e. trade wars) will cause people to want to move their wealth out of fiat currencies. Lastly, the final major piece of the puzzle is the growing mobile payments sector.
In the short term, they predict that once institutional money starts entering bitcoin, prices will quickly stabilize at around $25,000 each. By 2030, they estimate that more than 400 million people will become regular users of bitcoin.
Summing it all up
As you can see, it’s not all gloom and doom when it comes to the future of bitcoin prices. While no one knows for certain exactly where prices are heading, it can sure feel good to see that there are some loud voices calling out for what they see as imminent growth, mass adoption, institutional money, and an overall explosion of crypto prices hopefully coming sooner rather than later.