Bitcoin now has a 70% increase year-to-date, so bullish predictions are made by several experts. Some of them are Jesse Powell, CEO of Kraken, and William Quigley, the Managing Director of Magnetic.
During an appearance on CNN, Quigley talked about the future of bitcoin, its price performance, and the impact COVID-19 had on the asset.
He mentioned that following each halving, the cryptocurrency went on to reach new historical highs, so he predicts Bitcoin can reach $150,000 in the following months.
“We are about half-way through the post-halving bull run, so, by my judgment, we have a lot more to go with bitcoin. Certainly – $100,000 and quite possible $150,000 by the end of this year or maybe Q1 next year.”
He also mentioned that the increasing number of companies that put BTC on their balance sheet was “huge” and that the practice of corporations allocating their funds in government bonds is fading. This is where Bitcoin comes in, as they will start looking for an asset that has a finite supply, and the cryptocurrency can act as a hedge against inflation.
Meanwhile, the CEO of crypto exchange Kraken, Jesse Powell, believes that the price of the asset can go up to “infinity.” He was asked to give a more specific sum in dollars, and Powell said that reaching $1 million per Bitcoin is “reasonable.”
“People that are believers in bitcoin see it’s going to replace all of the world fiat currencies, so that means basically whatever the market cap of the dollar is, the euro, all of that combined is what bitcoin could be worth. In the near time, people see it surpassing gold as a store of value. So, a million dollars as a price target within the next ten years is very reasonable.”