Bitcoin (CCC:BTC) got one heck of a boost on Monday and some expert predictions claim the price could go even higher.
Today’s massive movement for bitcoin came after Tesla (NASDAQ:TSLA) announced a $1.5 billion investment in the cryptocurrency. It also revealed plans to start accepting it as a form of payment in the near future.
Now today’s rise has some crypto investors wondering just how high bitcoin can go. Let’s take a look at some bitcoin price predictions to keep in mind.
Guggenheim Partners Chief Investment Officer Scott Minerd expects bitcoin prices to reach $600,000. Here’s what he told Forbes.
“We did a lot of fundamental research, if you consider the supply of bitcoin relative to the supply of gold in the world and what the total value of gold is, if bitcoin were to go to those kind of numbers we’d be talking about $400,000 to $600,000 per bitcoin. Now, I’m not saying we’ll ultimately get there, but that’s an indication of what might be a fair value.”
Bridgewater Associates believes that the price of bitcoin could rise to $85,000. QCP Capital mentioned as much in a statement collected by CoinDesk.
“Bridgewater’s piece out last week had a sensitivity analysis which showed their estimates of BTC price, should private holders of gold switch to BTC. They forecasted that should 50% of capital in gold move into BTC, that would result in a price of $85,000 per 1 BTC.”
Luno’s head of Asia Pacific Vijay Ayyar is expecting the price of bitcoin to go above $50,000. He said he expects bitcoin will be “slowly inching away at gold’s market capitalization,” over the next few years.
BTC was up 14% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
