The cryptocurrency market has been experiencing sideways movement for almost two weeks now, with the recent stagnation culminating in a dramatic downturn during the past 72 hours. Bitcoin traded at a two-month low of below $6,700, with it experiencing a $500 hit during a single hour on Sunday.
While there is a lack of action in the market right now as far as value is concerned, Bitcoin’s long-term prospects are far more interesting to write about. For this reason, we have gathered a selection of Bitcoin price predictions made by some of the most influential people in the cryptocurrency community.
John McAfee, the controversial software entrepreneur turned cryptocurrency investor and advocate, is well known for his extremely bullish stance on the future of cryptocurrency. His most famous prediction is that Bitcoin will reach $1 million by 2020, and McAfee even promised to eat his private parts on live television in case his prediction fails. Since making the original prediction, he doubled down, claiming that $1 million by 2020 is a conservative estimate with $3 million being a real possibility.
Cameron Winklevoss owns the cryptocurrency exchange Gemini alongside his twin brother Tyler Winklevoss. He believes that Bitcoin is a strong competitor to gold when it comes to its utility as a store of value, and based his long-term prediction in this context. When Bitcoin was worth around $7,500, he said it had the potential to increase 30 or 40 times, but did not specify a timeline. Still, this means that he sees BTC surpassing the $200,000 mark as a realistic long-term scenario.
Michael Novogratz, who used to work as a hedge fund manager for the Fortress Investment Group, is another famous cryptocurrency bull. In November of 2017, he said that Bitcoin could easily reach $40,000 by the end of 2018.
Tim Draper is a billionaire venture capitalist, who is perhaps most famous for purchasing a large amount of Bitcoin which the U.S. government seized from the illegal Silk Road dark web marketplace. He set a $250,000 target for Bitcoin at the end of 2022.
John Pfeffer, similarly to Cameron Winklevoss, sees Bitcoin as having all the tools to replace gold as an universal store of value – at the annual Sohn Investment Conference in New York, he predicted Bitcoin to reach $700,000, but did not specify when.
Alexis Ohanian is the founder of the extremely popular content sharing and discussion platform Reddit. He is a big fan of cryptocurrency, but his Bitcoin prediction for 2018 was relatively tame – he believes that Bitcoin will reach its all-time high of $20,000 again.
Kay Van-Petersen is a Saxo Bank analyst who correctly predicted in 2016 that BTC would reach $2,000 in 2017. For 2018, his targets are much more ambitious, as he says the $50,000 – $100,000 range is a real possibility for this year. Still, he says that the impact of futures contracts on the market could have a decisive effect.
What about other bullish predictions? Well, here’s a collection of them in table form you can share online.