- Bitcoin currently trades at $3900 level
- Lund believes long-term value of BTC is $1 million
- Says speculators are hurting the nascent industry
Predictions and cryptocurrency markets have long had a love-hate relationship. Prominent crypto bulls like Tom Lee and John McAfee have had their ambitious Bitcoin predictions fall flat in recent times. However, this hasn’t discouraged other high-profile personalities from taking a shot at predicting the price of the volatile digital asset.
$1 Million Bitcoin
Speaking at the recently concluded Think Conference, IBM’s VP of Blockchain and Digital Currencies segment, Jesse Lund, stated that he views the long-term price of Bitcoin at a staggering $1 million. The overly optimistic figure for the digital currency has set the cryptoverse abuzz.
Lund added that a higher price for a digital asset puts more focus on utility, which, in turn, leads to the push for adoption by big corporates. He stressed that people should worry less about the short-term price movement of Bitcoin and focus more on its utility.
He said:
“If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now.”
Lund called out the speculators for hurting the industry sentiment as they are only participating in crypto trading to make quick money and not on the long-term utility of Satoshi Nakamoto’s brainchild.
He stated that the price of Bitcoin by the end of 2019 could reach $5000 mark. At the time of writing, Bitcoin trades at $3970. He, however, expanded on his long-term outlook on the premier cryptocurrency stating:
“I have a long-term outlook. […] It goes back to that discussion about the utility of the network with a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.”
Lund concluded by saying that if the value of BTC goes up, more banks and financial institutions will take note of its core-value proposition, which is a P2P, transparent, and quick transfer of value.
