At this point, it would not be an overstatement to say that everyone who spends time online would at least have a fair idea of what Bitcoin is. With all the buzz and talks that it has generated throughout the years, who wouldn’t know about it? After all, the first-ever cryptocurrency has gone a long way since it has been first “invented” more than a decade ago.
From being a mostly ignored and very niche-specific type of digital money, it has now become one of the most sought-after investments, and some people even considering it nowadays as the new “digital gold.”
Nowadays, you can use Bitcoin in many things: you can trade with it, you can simply buy some and let it sit, you can use it as a form of payment for many things (including a Tesla car), and you can even gamble with it on bitcoin casinos you can find, among other things. With that being said, how big can Bitcoin get? How much value can it reach in the coming years? An expert shares insightful predictions about that.
Jesse Powell, CEO of crypto exchange platform Kraken, believes that BTC could very well be valued at the millions shortly, and may even replace traditional money as the primary form of currency used by people across the world.
“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” Powell told Bloomberg in an interview. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”
As it is now, the use of Bitcoin is starting to get more widely accepted throughout different industries. Elon Musk’s company, Tesla, recently announced that it will start accepting Bitcoin as payment for its products. Several e-commerce platforms are opening up the option to pay in crypto, too, and even the rise of more and more bitcoin casino is proof that it is starting to get more acceptance by casino operators.
In the interview, Powell expressed his strong faith in Bitcoin, and he said that the US dollar is getting weaker and weaker over the years. This would mean that there is a wide opportunity for Bitcoin to replace money and currency as a lot of people now knew it, with Bitcoin being the top candidate for the supposed takeover. Time will come, he believes, that people would no longer measure the value of things through traditional money.
“We won’t be measuring the price of Bitcoin in terms of dollars but in terms of what else you’ll be buying with it, probably planets in other solar systems,” he said.
As of the time of this writing, one BTC is valued at almost $58,000. It saw a huge spike in value over the past few months, and although it has shown a decrease from time to time, almost everyone who is into it agrees that in the long run, it would go nowhere but up. But when could it reach $1 million in value, if it would be able to reach it at all?
“In the near term, people see it surpassing gold as a store of value. I think $1 million as a price target within the next 10 years is very reasonable,” Powell added.
In the past several months, Bitcoin was not the only form of cryptocurrency that had seen a huge increase in its value. Other forms like Ethereum, Litecoin, and even Dogecoin (which started as just a “joke” of crypto), had seen spikes in their valuation and are expected to exhibit a steady rise in the future, too.