With 2020 starting out on such a good foot, and the makings of a proper bull run looking like a real possibility, there have been a number of price predictions that have been made early on in the year. Tom Lee has made a few, looking at $27,000 in Summer of this year, while there are other longer-term ones such as BTC to $100,000 by the end of 2021, according to Anthony Pompliano.
Now, another Lee in the cryptocurrency space, Bobby Lee, who used to head up exchange BTCC and now has brought Ballet, a hardware wallet, to market, has made his own prediction that goes as high as $1 million.
Lee has said, in an interview with BeINCrypto, that the major cryptocurrency will eventually hit $1 million. He has not said when, but has put a time marker down for the coin passing $100,000. Lee, like Pompliano, is giving BTC 2 years to reach that figure.
All about the halving
Lee, like many, is looking to the upcoming Bitcoin Mining rewards halving as the source of renewed price action. This cut in supply is set to have a substantial effect on the price of Bitcoin, and is already said to be part of the reason for the current rise.
“I think the block reward halving is one of the factors that will drive Bitcoin to a new all-time high price. If the demand for newly-mined bitcoins remains constant but the supply is cut in half, the price will inevitably increase,” Lee said.
“Also, the halving event will generate a lot of attention and hype in the mainstream financial media, which will dramatically increase demand.”
“I have previously said that I believe the price will exceed $100,000 within the next two years, and I stand by that prediction. Eventually, I believe the price will reach $1,000,000 and beyond. It is the greatest investment opportunity of our lifetime.”
One of the other reasons why Bitcoin could be having a good year is that there is increased financial uncertainty in the global markets. Bitcoin has been likened to a safe haven similar to gold, and for Lee, there is a bit of truth in this.
“I have been investing in gold since long before Bitcoin was created. Gold has been a safe haven asset for many centuries and I believe it will continue to be so. Bitcoin shares several of the same properties as gold, and that enables it to serve as a safe haven asset too. However, a big difference is that gold has been used for thousands of years and Bitcoin is only eleven years old,” he added.
“Actually, Bitcoin is superior to gold in many ways, but it needs more time to earn the trust of the general public.”
“Today, only a relatively small number of people understand why Bitcoin is an excellent hedge against geopolitical turmoil, social unrest, and destructive government economic policy. Public opinion polls have shown that the younger generation already prefers Bitcoin as an investment more than gold, stocks, or real estate. However, the older generations own most of the wealth in our society, and it will take them more time to understand.”