As Bitcoin price breached the vaunted $30,000 level, many became excited as to how much more the king of crypto can bring on the table. Will Bitcoin shoot for $31K? $35K? Or, $100K? The bull run is here, they say.
Forget about these puny figures. They don’t mean nothing. At least, according to these well-known fund managers.
Bitcoin Price Seen Reaching $10 Million
Bitcoin aficionados should brace themselves: the founder of a Boston-based investment management firm has predicted a startling $10 million price tag per BTC.
According to Larry Lepard, founder and managing partner of Equity Management Associates, the US dollar is on the verge of utter collapse, which will cause Bitcoin’s price to skyrocket.
Hard assets, such as Bitcoin, the king of cryptocurrencies, will profit from the dollar’s continued devaluation, as has been the case for decades, according to Lepard.
Bold Prediction For BTC
He predicted that the price would rise significantly as more and more people realized they should put their savings in this manner.
“I think we’ll hit $100,000. Then I think we’ll reach $1 million, and […] ultimately $10 million per coin. I’m sure my grand kids will be shocked at people who own one coin. I mean being a whole coiner will be a big deal,” he said.
In a recent interview with Kitco, Lepard predicts that the dollar will collapse within the next decade, and that as a result, investors would pounce on Bitcoin and other scarce assets.
As the banking turmoil of March receded farther into the past and investors became more confident about monetary policy in the United States, Bitcoin surpassed the $30,000 threshold for the first time since June 10, 2022.
Image: CoinCu
Analysts relate the rise to the public’s anticipation of this week’s U.S. inflation statistics, which has the ability to affect the Federal Reserve’s monetary policy trajectory.
Lepard goes on to state that he believes “the intelligent people in the world and ultimately most people get the joke and realize that fiat currency is losing value consistently” and that, if this trend continues, more and more people will opt for Bitcoin.
BTC Will Hit $10M, Another Fund Manager Says
To back up his claim, another fund manager – Jesse Myers of Protocol Capital – also believes that Bitcoin can reach the $10 million price tag per BTC.
According to a report by The Daily Hodl, Myers discussed the thought process and chronology behind his bold prediction during an interview with Natalie Brunell on the “Coin Stories” podcast.
In a time of rising debt and currency depreciation, Myers argues, Bitcoin is establishing itself as a safe haven for investors seeking a tangible and scarce form of wealth preservation.
Bonds and fiat currency, he said, are risky investments in the current economic context because of the need for extraordinary levels of money printing to cover the national debt and unfunded commitments.
Crypto total market cap adding more digits and currently at $1.20 trillion on the daily chart at TradingView.com
Prediction: Bitcoin Will Prevail
Myers says that Bitcoin is in a prime position to challenge traditional financial assets as a popular place for investors to lodge their money as the United States struggles with $31 trillion in national debt and a mind-boggling $170 trillion in unfunded obligations.
Meanwhile, acknowledging that Bitcoin faces challenges, Lepard says he has serious concerns that the technology will fail since he foresees significant use cases and growth and just cannot imagine a future in which Bitcoin does not prevail.
According to Lepard, Bitcoin has a significant edge over gold due to its limited quantity of 21 million coins, and this limitation will play a significant role in Bitcoin’s eventual parabolic price rise to $10 million per BTC.
Source: CoinMarketCap
At the time of writing, Bitcoin price was trading at $30,093, up 6.27% in the last 24 hours, data from crypto market tracker CoinMarketCap shows.
-Featured image from ShareGrid