Bitcoin News
With Bulls Gaining Control of the Market, Lofty Predictions for Bitcoin (BTC) Continue to Catch the Eye

Published
2 years agoon
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Bitcoin (BTC) is on the rise. The reasons for this are varied; bank failures, pending halving, organic adoption, exhausted bear market, etc. As a result of this recent shift in sentiment, there have been various influential individuals sharing new, or doubling down on past predictions of what we can expect the next all-time-high (ATH) for BTC to look like. The following is a brief recap of the three loftiest guesses among mainstream personalities/companies, and what exactly they are founded on.
ARK Invest – $1,480,000
While Cathie Wood has put her personal long-term price predication for BTC at $1,000,000 by 2030, her investment firm ARK Invest envisions even more potential.

Source: ARK Invest ‘Big Ideas 2023', Page 65
In each of the scenarios laid out in the above chart, there is a underlying commonality – Bitcoin will hit its price primarily through increased institutional investment, and by whittling away at Gold's market cap.
If the more bullish scenario comes to fruition, ARK Invest indicates that the major reasons will be through use of BTC as,
- a safe-haven asset resistant to seizure
- a currency in emerging markets
- a means of value transfer in remittances
With recent developments involving early but positive signs in Grayscale's fight for a spot-ETF, bank failures resulting in clients looking for save-havens, and regions like El Salvador and Hong Kong ramping up adoption, it would appear as though the foundation for these future predictions is already being laid.
Balaji Srinivasan – $1,000,000
Once the CTO of Coinbase, among other high-profile positions, Balaji Srinivasan recently brought massive attention to Bitcoin as a potential safe-haven from bank failures and manipulated FIAT currencies that are quickly losing purchasing power. How did he do this? Make a bet that BTC will be valued at $1,000,000 in 90 days (from March 17th).

Source: Twitter @balajis
While few, if any, truly believe that adoption will occur this quickly, the bet has been wildly successful in making people think about the potential for hyperinflation if the Federal Reserve is required to backstop more bank failures.
Balaji Srinivason has indicated that his bet was made as he views BTC as an exit strategy for avoiding the coming storm set to hit the US dollar. He, like many, have concluded that billions in value owed to depositors has evaporated from the scores of US banks as a result of fractional reserve lending practices, and short-sighted decisions made by the Federal Reserve. With the only perceived path forward that will save the banks being to print money in roundabout ways, he believes that hyperinflation is right around the corner.
Tim Draper – $250,000
Dating back to 2014, famed and respected investor Tim Draper had the foresight to capitalize on the auctioning of 30,000 BTC. The price he paid? $632 per BTC. Needless to say, it was a wise investment that has paid unbelievable dividends.
Despite having already made $750B at current prices if still holding the BTC, Draper does not feel as though the digital asset has reached its potential. In fact, Draper has for multiple years shared his belief that BTC will soon hit $250,000. While he originally forecast that BTC would hit his target by 2023, he has since amended this to 2024 as a result of unforeseen world events.
The rationality behind his belief in Bitcoin stems from a few of its inherent traits. Not only is it decentralized, the network is neutral to any one government. Furthermore, it boasts a fixed supply that is being released at slower and slower rates. Combine its neutrality and scarcity with its ability to transcend borders, and Draper has in the past described Bitcoin as having the ability to change the way we view money.
Most recently, Draper as indicated that he believes a major driving factor for getting Bitcoin over the hump on its way to mass adoption, will be women. He has noted that despite women being responsible for 80% of retail spending, BTC users are predominantly men. He has stated that once retailers realize they can “…save roughly 2% on every purchase,” by cutting out the middlemen (payment processors like Visa and Mastercard), adoption among women will skyrocket.
It is important to note that while Draper fully believes in the future of Bitcoin, he does not look as favourably on the vast majority of centralized projects and believes that only a select few (ie. ETH) will survive alongside Bitcoin.
Final Word
It should be noted that most, if not all, of the above individuals are believed to hold large quantities of BTC. Naturally, this makes the predictions of each biased. It however would be unreasonable to expect for an individual that full-heartedly believes in the future of Bitcoin to not gain exposure to the asset. This just means that any biases must also be considered by onlookers trying to determine whether these predictions are nonsense, or founded on solid ground.
Regardless, even in bearish scenarios, the price of BTC is typically expected to rise in the long term as organic growth continues. With BTC operating on a global scale, no one country can supress its adoption forever. This means that while heavy-handed regulations may stifle potential in the short-term, Bitcoin's fundamentals will allow it to persist and thrive in the long-term.
To learn more about Bitcoin, make sure to visit our Investing Guide HERE.
Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology.