This article looks at the most bullish Bitcoin price predictions that have been made in the first half of 2019 by some of the most well-known names in the crypto space.
$40,000: Thomas Lee
On June 12, at the 2019 CryptoCompare Digital Asset Summit in London, Lee explained why “full blown” FOMO (fear of missing out) would only start once the Bitcoin (BTC) price goes above $10,000, and said that if this happens, the BTC price would be “very likely” to reach $40,000 within five months.
In an interview with Binance CFO Wei Zhou last month—on episode 5 of the Binance podcast—Lee explained his reasoning:
During its 10-year history, Bitcoin has only traded above $10,000 only on 87 days (or only 3% of the time).
Once it exceeds this level, “every institution is going to realize, look, at $10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So, I think FOMO truly gets triggered once bitcoin hits $10,000.”
“If you look at past cycles, once you get to that 3% threshold, the typical surge in the next five months is 200% to 400%. So, if Bitcoin somehow manages to get to $10,000, it’s very likely it’s going to make a run to $40,000 within five months.”
Then, on July 4, the United States’ Independence Day, Lee tweeted:
— Thomas Lee (@fundstrat) July 4, 2019
And when Twitter user “@proteinshake89” said that he’d buy Lee a car if the BTC price goes to $50K, Lee replied:
We will cross that level sooner than most think…
— Thomas Lee (@fundstrat) July 4, 2019
$100,000: Max Keiser
American financial analyst and journalist Max Keiser is the host of Keiser Report, a financial news program broadcast on the TV channel RT, where he has been recommending Bitcoin as a new asset class since 2011 when you could buy one bitcoin for $1 (between February 2011 and April 2011).
Keiser says that he has predicting since 2011 that Bitcoin would eventually reach $100,000.
On July 8, he tweeted that although both gold and Bitcoin would continue to serve as safe haven assets, Bitcoin had much more upside potential:
New, global financial crisis (debt = 400% of global GDP), driving safe haven money into #Bitcoin and Gold.
It takes 25 – 30x greater capital flow into Gold to move it 1% than Bitcoin.
Bitcoin will move 25 -30x faster to the upside than Gold as banks implode.
— Max Keiser, tweet poet. (@maxkeiser) July 8, 2019
Then, the next day, he sent out a tweet that suggested that his short to medium term price target for Bitcoin was $28,000, and that he still believed that it would be easy (“no sweat”) for the Bitcoin price to reach his long term price target, which remains $100,000:
$28,000 still in play.
$100,000 is no sweat. #Bitcoin
— Max Keiser, tweet poet. (@maxkeiser) July 9, 2019
$100,000: Anthony Pompliano
Anthony Pompliano (aka “Pomp”) is a Co-Founder and Partner at Morgan Creek Digital Assets, “a multi-strategy investment firm focused on providing access to blockchain technology and digital assets for institutional clients and wealthy family offices” that is backed by Morgan Creek Capital Management.
On June 24, Pompliano, after reminding people in his daily newsletter “Off The Chain” that on 24 August 2018 that he had correctly predicted that “we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again.” He then made the bold prediction that the price of Bitcoin would reach $100,000 before 31 December 2021 and that he had 70-75% confidence in this belief.
He then explained that on the path to $100,000, it was important to understand a few things, such as:
Bitcoin is a highly volatile asset. It is unlikely that Bitcoin will go from the current ~$11,000 to $100,000 without experiencing this volatility. I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.
$250,000: Tim Draper
Legendary billionaire tech investor Tim Draper is the Co-Founder of venture capital firm Draper Fisher Jurvetson (DFJ). His most famous investment was made back in June 2014, when his winning bid at an auction held by the US Marshalls Service allowed him to acquire 29,656 bitcoins that had been seized from the now defunct online black market Silk Road. The BTC price at the time was at around $600.
Three months later, in September 2014, in a TV interview on Fox Business, the billionaire made the following prediction: “$10,000 per bitcoin in three years.” Taking into account one BTC was worth around $413 at the time, his prediction seemed off. Rouhgly three years later, on 29 November 2017 to be precise, the price of bitcoin crossed $10,000 for the first time.
Since April 2018, he has been saying that the BTC price will reach $250,000 by 2022. More recently, on May 10, he said during an interview with FOX Business at the SALT Confference (in Las Vegas) that he believed that in around four years “Bitcoin will be a 5 percent market share of the earth” and that he expected the price to reach $250,000 by then.
$400,000: Mark Yusko
On May 9, during an interview with news anchor Layah Heilpern on BloxLive TV, he stated his views on Bitcoin. Heilpern wanted Yusko to talk more about his prediction (last made during an interview in April with Bitcoin Magazine NL) that one bitcoin could one day in the future be worth as much as $400,000.
Yusko explained that what he meant that in those previous interviews where he talked about the future price of Bitcoin was that if you see Bitcoin as digital gold, since gold has a market cap of around $7.4 trillion, then if Bitcoin one day replaces gold, by dividing $7.4 trillion by 21 million (Bitcoin’s total supply), we end up with a future value of around $400,000 for one BTC (of course, the actual result is $352,380 if the number of bitcoins currently in circulation was exactly 21 million, but in reality, it is less than that, and so, Yusko is correct to round up to $400,000 or $500,000).
When will this happen? He is not exactly sure, but he believes it could happen within a decade.
$1,000,000: John McAfee
By 29 November 2019, he had revised his Bitcoin price prediction to $1 million by the end of 2020:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Then, on April 15, he reiterated this price target:
Come on people!!! It’s time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can’t apply stock paradigms or formulas and expect answers! pic.twitter.com/KM6qVX204R
— John McAfee (@officialmcafee) April 15, 2019
Featured Image Credit: Photo via Pexels.com