While it is a widely known fact that many people have become millionaires by investing in Bitcoin, less known are the many $1 million Bitcoin predictions made by analysts and experts in the cryptocurrency industry.
Overview For Fast Readers
- Many leading cryptocurrency analysts predict Bitcoin to reach $1 million.
- Anthony Pompliano believes Bitcoin could reach $1 million by decade’s end.
- Jesse Powell, CEO of Kraken, believes the same.
- Raoul Pal believes Bitcoin could reach $1 million in 5 years.
- Bitcoin’s inelastic supply of 21 million plays a role in the predictions.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital assets, opined that bitcoin could hit $500,000 by the end of the decade and even go on to reach $1 million per coin.
“I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap,” he said on an episode of CNBC’s “Beyond the Valley” podcast.
“There were trillions of dollars that were printed and injected into the economy and everyone from individuals to financial institutions and corporations ran around the world looking for the best way to protect their purchasing power, they ultimately decided it was bitcoin,” Pompliano said.
“As more and more people come into the market, there is more liquidity. As there is more liquidity, there is more utility. As there’s more utility, there’s more stability in the price … you get kind of this evolution,” Pompliano said. “If you think about that internet economy, there is no native currency … (bitcoin) will eventually take that seat at the kingdom of being that global reserve currency of the internet generation.”
Jesse Powell, CEO of crypto exchange platform Kraken, also believes Bitcoin could reach $1 million in the next decade. “We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” Powell told Bloomberg. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”
Powell notes the dollar is just 50 years old and is “already showing extreme signs of weakness, and I think pretty soon people are going to start measuring the price of things in terms of Bitcoin.”
He added: “We won’t be measuring the price of Bitcoin in terms of dollars but in terms of what else you’ll be buying with it, probably planets in other solar systems.”
Raoul Pal, a former Goldman Sachs hedge-fund chief, believes the price could hit $1 million in five years due to an “enormous wall of money” from institutional funds. In an interview with Stansberry Research on October 7, he credited such a price increase to a wave of institutional funds investing “an enormous wall of money” into the asset.
“Just from what I know from all of the institutions, all of the people I speak to, there is an enormous wall of money coming into this,” he told host Daniela Cambone. “It’s an enormous wall of money — just the pipes aren’t there to allow people to do it yet, and that’s coming. But it’s on everybody’s radar screen, and there’s a lot of smart people working on it.”
Pal, the cofounder and CEO of Global Macro Investor, said the global economy would move into an “insolvency phase” as the economy fails to rebound from the COVID19 pandemic. He believes “the only answer is more from the central banks, so that’s why I started to buy more and more bitcoin.”
I now believe this is a possibility not because the value of bitcoin will go up, though I believe it will, but because the value of money is about to fall heavily and quite possibly into the depths of monetary hell.
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad” believes Bitcoin will climb to over $1 million in five years’ time, too. “I bought Bitcoin at $9,000 and I thought I was being fleeced but the reason I bought it at $9,000 was because COVID shut down the world economy,” he said. “But now I look like a genius because today it is around $55,000. I think it’s going to $1.2 million in five more years.”
Kiyosaki said he “prefers” gold and silver. “Bitcoin is still untested. But I have the wherewithal to withstand the hit if it goes down. But I love gold and silver, gold and silver are God’s money. I’ve traveled the world looking for this stuff,” he said.
Clem Chambers, a senior contributor at Forbes.com, sees fiat crises possibly leading to million dollar bitcoin, as well. “I now believe this is a possibility not because the value of bitcoin will go up, though I believe it will, but because the value of money is about to fall heavily and quite possibly into the depths of monetary hell,” he writes.
Additionally, Max Keiser foresees not only $1 million dollar bitcoin, but even $2 million Bitcoin. “They’re just going to keep printing,” he said. “And well, you know, my Bitcoin is up 9,000,000% since I first bought it. And it’s probably going to go up another 40x.”
Why do people think Bitcoin could reach $1 million?
One reason people think Bitcoin could reach $1 million is because of the limited supply. There are currently only 16.7 million currently in circulation and there will only ever be 21 million bitcoins in existence. Period.
New bitcoins are released as a reward every time a new Bitcoin blockchain block is created. The number of bitcoins generated per block is set to decrease geometrically with a 50% reduction every 210,000 blocks or approximately four years. The last Bitcoin is due to be released by the year 2140. The Bitcoin Controlled Supply Timeline outlines the issuance pattern of Bitcoin until approximately 2140, as the last Bitcoin is mined, and adjusts for an increase or decrease in hashrate.
In short, Bitcoin’s supply is completely inelastic, and that is the main argument behind Bitcoin’s potential for reaching $1 million. Demand might increase over time, as has been the case since Bitcoin was released by Satoshi Nakamoto in 2009, but supply can’t be increased due to this hard cap of 21 million.
As Latin American’s rush to Bitcoin to escape hyperinflation, and African’s seek economic empowerment with it, westerners will “hodl” to safeguard their wealth from QE-Infinity. All the while, Bitcoin will march towards 21 million bitcoins in existence, and the $1 million bitcoin predictions won’t relent.