Bitcoin has had a good run in 2019 as it is currently approaching the $7,000 mark. This, after the bitcoin price dropped as low as $3,200 in December 2018.Although it might still be too early to think that we’ve entered a bull market, there are some financial advisory firms and Wall Street veterans who’ve made some very bold Bitcoin price predictions.
Canaccord Predicts Bitcoin Could Hit $20k By 2021
The financial advisory firm Canaccord Genuity Group has forecast a $20,000 Bitcoin price by 2021. The firm has come up with these bold predictions after analyzing bitcoin’s performance as an asset during two different four-year periods, including 2011-2015 and 2015-2019.Canaccord Genuity Group’s management mentioned in its analysis report that the Bitcoin (BTC) miner’s reward halving, which occurs every four years, may have impacted the cryptocurrency’s price. Worth noting, this is only their observation based on the four-year price patterns and not based on a “fundamental analysis.”
Mark Yusko Predicts $400k Bitcoin price
Another bold prediction has come from the Morgan Creek Capital Management founder Mark Yusko. During an appearance on Bloxlive.tv, Yusko predicted that bitcoin’s price would reach a high of $400,000 within a decade. According to Yusko, he came up with this prediction by doing some simple math of dividing the current market cap of gold by the total number of Bitcoins that will ever be produced – 21 million.Yusko claims there’s a very high probability that within a decade, BTC will reach the marketcap of gold which currently stands at around $7.4 trillion. He remarked:
“Gold […] has been hard money for 5,000 years. […] It’s about 7.4 trillion dollars in value. The best thing about Bitcoin is it’s digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold. If we get the amount of value equal to gold, that would be about 7.4 trillion, divide that by 21 million coins, you get around $400,000 per coin, maybe $500,000 per coin. When does that happen? It might be a decade or more.”
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