Bitcoin, despite its rapid growth over the past few months, still has plenty of potential for further jumps. Venture capitalist Chamath Palihapitiya, known for his huge investment in the major cryptocurrency, said this. In a recent CNBC TV show, Palihapitiya made a bold prediction about Bitcoin’s price growth – the investor expects the cryptocurrency to rise to at least $100,000 and in addition, he does not consider it anything improbable.
Bitcoin cryptocurrency growth
As a reminder, Chamath Palihapitiya is the CEO of Virgin Galactic and a known cryptocurrency enthusiast. According to a rough estimate, he owns at least 100 thousand BTC, which were purchased in the early stage of the cryptocurrency’s existence in 2012-2013. Well, the investor’s fortune is estimated to be around a billion dollars according to the latest data.
Chamath has commented on the topic of Bitcoin, cryptocurrencies Bitcoin Circuit and trading on several occasions. For example, in October 2020, the investor advised coin owners not to constantly monitor the rate of the asset, because it will only „ruin your nerves“ and „confuse you“. Read more about this advice in a separate article.
Chamath Palihapitiya expert
What will happen to Bitcoin: expert commentary
Analysts are divided on what will happen to Bitcoin in the near future: many believe that the cryptocurrency is extremely overbought from a technical point of view and due to this it will soon face a correction, that is, a collapse. Others point out that the pressure of large buyers on the market should outweigh the likelihood of a BTC collapse. Still, right now there are some of the world’s largest companies on the buying side, ready to invest hundreds of millions of dollars in bitcoins.
Chamath Palihapitiya clearly belongs to the second group. During his recent interview on CNBC, he focused on the long-term prospects of the digital asset. In his opinion, Bitcoin has every chance of easily crossing the $100,000 mark. BTC will then head towards the $150,000 line, then to $200,000 and so on, according to CryptoSlate. The bull run could take months or even years, but eventually Bitcoin will still conquer new heights that previously seemed completely unbelievable.
Here’s a recording of the conversation with the billionaire. We recommend you watch it if you can hear English.
And it’s not even about any specific numbers. It’s about the huge potential of cryptocurrency, which has just begun to unfold against the backdrop of problems in the traditional economy. The coronavirus pandemic has undermined people’s faith in familiar economic institutions, and as the price of BTC rises, more investors will begin to choose Bitcoin as their primary asset.
As a reminder, Bitcoin compares favourably with conventional currencies issued by the government. First of all, the features of the cryptocurrency cannot be influenced by officials and bankers, i.e. the operation of the asset is determined by rules in the form of software code. Accordingly, government officials are not in a position to „create a couple or three million bitcoins out of thin air“ in times of crisis to help the economy.
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Since this is what is happening with conventional currencies everywhere, people see the difference and become interested in Bitcoin and other coins. Besides already mentioned advantages, BTCs can be sent to recipient anywhere in the world, and the transfer of thousands of dollars is much cheaper than going to a bank.
We think that the billionaire’s comments are to be understood as the essence, but not as possible figures of the exchange rate. All predictions are attempts to guess the future and often end up with nothing. In this case, however, Chamath emphasizes Bitcoin’s merits over classic money and makes it clear that the cryptocurrency’s potential at $41,000 is not exhausted.
Still, lockdowns around the world aren’t over yet, and newly elected U.S. President Joseph Biden is already promising to help the people of the country with thousands of dollars in payments. And to do that, new portions of money will have to be printed, while Bitcoin will continue to work as planned.
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