Now that market sentiment has improved slightly compared to last year, we are seeing extreme predictions for the bitcoin price again. According to Jesse Myers, a fund manager and bitcoin (BTC) expert, the price of bitcoin could soar to as much as $10 million dollars. But what does Myers base this on? According to him, the scarcity and other characteristics of bitcoin are the ultimate recipe for this extreme growth in appreciation.
Bitcoin has the perfect design for growth
Myers expects bitcoin to remain volatile, but long-term holders of bitcoin should have no qualms about its trajectory. Bitcoin’s design, which guarantees growing scarcity, automatically leads to an increase in value as bitcoin “absorbs” the value of other assets.
“Bitcoin’s value increases over time because of bitcoin’s design of increasing scarcity. You just have to survive the brutal volatility along the way.”
According to Myers in his blog post. According to Myers, this would correspond to a growth of no less than 500 times, but from $25,000 to $10,000,000 is 400 times, or a growth of almost 40,000%. But how does Myers arrive at his prediction of over $10 million per bitcoin? Myers explains his “conservative estimate” as follows:
“My conservative estimate is a potential of $10 million per bitcoin. In other words; i believe bitcoin has the potential to take over 25 percent of the current total value on earth. Today, bitcoin is 0.05 percent of this total. That’s absurd. It means that the value of bitcoin could increase 500 times.”
Not the only one with exorbitant bitcoin predictions
While most bitcoin bulls will agree with the reasons Myers gives, his estimate comes out of the blue. 10 million per bitcoin is very difficult to imagine at the moment, but it will make the heart of many crypto enthusiasts beat faster.
Yet Myers is not alone in his extreme estimates of bitcoin’s value. The leading investment platform Ark Invest also predicted a huge increase for bitcoin. According to ARK will bitcoin will reach a value of 1 million by the end of this decade.