Over the last few years, bitcoin has seen incredible success stories. Along with the winners, however, there have also been losers. While it has proven to be a highly erratic currency at times, the latest reports predict an incredibly lucrative future.
In Bloomberg’s Crypto Outlook report for October, McGlone, the senior commodity strategist at Bloomberg, explained that “…doubling that time frame for maturation could get the price toward $100,000 in about five more years. Most demand and adoption measures indicate bitcoin is more likely to stay on its upward path.”
A few other key observations McGlone makes include:
Table of Contents
Bitcoin Is Undervalued
McGlone observed that bitcoin is currently greatly undervalued. Although current prices are at $10,700, the top metric for adoption is actually equivalent to a price of about $15,000. He says bitcoin could easily break above $14,000 by the close of 2020.
Number Of Active Bitcoin
The number of active bitcoin addresses has skyrocketed to 981,000. This is up from 684,000 at the beginning of this year (when the asset’s price averaged around $7,700).
Potential Key Drivers
McGlone also pointed to certain potential key drivers for future price growth, including bitcoin’s increased hashrate, growing institutional investor interest, the coin’s limited supply and failing global macroeconomics.
Bitcoin Experts In Agreement
McGlone is not the only bitcoin expert who believes in $100,000 bitcoin. In fact, there are several other experts that have weighed in on both their short and long-term price expectations for bitcoin price.
One of the most outspoken individuals on bitcoin is Max Keiser, financial analyst and host of the Keiser Report. According to him, we will see $100,000 bitcoin in the short-term (2020), but $400,000 in the long-term (due to COVID-19).
Entrepreneur, investor and best-selling author Robert Kiyosaki says that bitcoin could reach $75,000 within the next three years. Likewise, Adam Back, bitcoin developer and CEO at Blockstream predicts that bitcoin will reach as high as $300,000 over the next several years.
“[Bitcoin] might not require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals to think about hedging [and] retaining value when there’s a lot of money printing in the world,” Back told Bloomberg in a statement.
Only time will tell just how far bitcoin can go, but the expectations thus far are very high for this digital asset.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated bitcoin merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.