The recent volatility in the cryptocurrency markets hasn’t done much to fend off Bitcoin bulls. In fact, in two recent interviews with mainstream media, two of the industry’s most powerful executives and investors separately confirmed that they think the price of BTC will surpass $100,000 in the coming years.
As crazy as they may sound in saying this, they backed their lofty predictions by citing a convergence of fundamental factors that could dramatically boost demand for Bitcoin.
Tron’s CEO Thinks Bitcoin Will Rally to Six Digits By 2025
As the cryptocurrency market has increased over the past few weeks, so too has the coverage of this nascent space.
Indeed, last week, CNN “First Move” anchor Julia Chatterley, who has been covering cryptocurrency for months now, called on Tron’s CEO Justin Sun to join her on the show.
An introduction to @Tronfoundation network founder CEO @justinsuntron – we talk disrupting digital content sharing, buying @BitTorrent, crypto investing and his $4.5M lunch with Warren Buffett! #XRP #TRX #BTC on @firstmove/@cnni this week. pic.twitter.com/WW3Pnd9QcZ
— Julia Chatterley (@jchatterleyCNN) February 23, 2020
During the interview, Chatterley asked Sun about his thoughts on the cryptocurrency market. Unsurprisingly, the executive, who also heads BitTorrent, expressed extreme optimism, suggesting Bitcoin could register a six-digit price point in the coming five years:
“I’m like a long-term believer of the crypto, so I want [all of them] to succeed… I definitely believe Bitcoin will pass $100K in 2025. I believe we can achieve this price before 2025.”
The Tron founder added that he expects to see a bull run in the prices of Tron, Ethereum, and XRP — all cryptocurrencies that have traditionally followed BTC higher when it rallied and lower when it faltered.
$250,000 by 2022-2023, Says Venture Capitalist
Tim Draper, a legendary venture capitalist, has expressed even greater optimism about Bitcoin than Sun’s already-high $100,000 by 2025 prediction.
In Monday’s episode of CNBC’s show “Squawk Alley,” the early stage investor in companies like Tesla and Coinbase said he thinks BTC will rally 2,600% from the current price of $9,500 by 2022 or early 2023:
“I’m still holding to my prediction. I think Bitcoin will hit $250,000 in 2022 or at the beginning of 2023, and that is a big move from where it is here.”
As to why he thinks this is going to be the case, Draper opined that Bitcoin is currently on track to become the “currency of choice” of the future, noting that once scaling and payment solutions get integrated, BTC will effectively be a no-brainer over traditional payment rails like Visa (and fiat in general).
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