The past few days have shaken the belief some investors put in Bitcoin; anecdotally, this writer has seen the number of predictions that Bitcoin is on its way to new lows under the $6,400 bottom skyrocket, with sentiment clearly turning bearish.
Yet, there remain many prominent investors and analysts that are certain BTC’s future remains extremely bright.
In fact, in a recent interview with commodities-centric finance news outlet Kitco, cybersecurity company CEO and Shark Tank investor/star Robert Herjavec expressed that Bitcoin’s rally is just beginning.
“Shark Tank” Star Robert Herjavec Extremely Bullish On Bitcoin
After briefly discussing the pullback in the stock market, the host of the Kitco segment asked Herjavec if Bitcoin is an investment he is considering or if the cryptocurrency is a technology he likes.
Surprisingly, the Shark Tank star said it is an investment he is bullish about. This starkly contrasts a sentiment touted by his fellow star Mark Cuban, who has said in interviews in the past that BTC has similarities characteristics to a baseball card, in that its inherent value is limited and its value is mainly derived by supply and demand.
Herjavec explained that he thinks “the price of Bitcoin, on a long-term basis, will quantuple, if that’s a word.”
While it wasn’t clear if he meant “quintuple” (meaning a 400% gain), he later affirmed that BTC is on track to do extremely well over the coming years, explaining that the $100,000 price predictions some analysts have for the cryptocurrency are entirely feasible, not off-the-cuff as some critics have stated.
Herjavec elaborated that as he sees it, Bitcoin is the epitome of “convenience,” meaning that consumers from a long-term perspective will trend towards using it.
He did, however, mention how fragmented the cryptocurrency market is, likely referencing the thousands of altcoins that claim to have different purposes and the divides that are being formed between the communities of those projects. This point wasn’t mentioned with negative intent, but rather as an observation of the state of the market.
Others Are Eyeing the Crypto Market to Explode
Herjavec is far from the only prominent investor and businessman to have recently touted that Bitcoin is likely on track to hit a price point well above the past all-time high of $20,000 sometime in the future.
Mark Yusko — chief of investment management firm Morgan Creek Capital — told CNBC in a recent interview that despite the recent volatility, he still sees Bitcoin as “red hot.”
Per previous reports from Blockonomi, Yusko cited three main events and data points that confirm Bitcoin remains on an upward trajectory:
- In May, the amount of Bitcoin issued per block will get cut in half, resulting in a 50% decrease in inflation. Previous “halvings” preceded strong bull runs in the cryptocurrency market.
- The number of Bitcoin transactions and the number of active wallets have begun to surge, Yusko explained, confirming retail interest in the cryptocurrency.
- Central banks continue to lower interest rates and inject liquidity into the economy through other monetary policy. Yusko explained that this will help to drive Bitcoin’s growth.
Yusko is a believer that BTC has the potential to reach $400,000 a pop in the long term, with the hedge fund manager previously noting how such a high price would give the cryptocurrency the same market capitalization as that of gold at current.
Yusko’s optimism amid the recent crypto carnage has been echoed by Tim Draper, a legendary venture capitalist. He explained to CNBC that he thinks Bitcoin will hit $250,000 in the future, explaining that BTC is on track to become the “currency of choice” with ample time.