With the price of bitcoin hitting record highs, many of the popular cryptocurrency’s most outspoken supporters have become increasingly optimistic in regards to predicting its future value. In other words, to quote the popular Rage Against the Machine song, there are plenty of bitcoin “Bulls on Parade.”
While the world’s leading cryptocurrency appears to be doing quite well at the moment, it is important to remember that it is also subject to wild price fluctuations and potential investors should always do their own research, as opposed to relying on the advice of so-called experts.
That being said, it can still be quite fascinating to hear some very bright people predicting big things from bitcoin in the coming years. With that in mind, let’s take a look at four bitcoin bulls that are helping lead the charge.
Standpoint Research founder Ronnie Moas is financial analyst who follows the world of cryptocurrency closely. He has appeared on CNBC and been quoted in several popular business magazines including The Wall Street Journal.
In an e-mail to his clients, Moas stated, “Every day more headlines are hitting the newswires on crypto. More countries are embracing it, and the few obstacles that were standing in the way are falling down like dominoes.”
The sentiments expressed in the e-mail led to the popular analyst making headlines by predicting that a single bitcoin could be worth as much as $50,000 within the next decade.
British-American businessman John McAfee is best known as the founder McAfee and Associates, the company that created the first commercial anti-virus software. He is also a computer programmer who has previously worked for NASA. At one point, just before the financial crisis of 2007-2008, he was worth an estimated 100 million dollars.
The cybersecurity guru has been a major alt-coin advocate, and he has even gone so far as to say that he believes digital currency will one day become “the standard for the world.” Last July, McAfee raised some eyebrows when he claimed that single bitcoin could be worth as much as $500,000 in just 3 years time. And he even went so far as to make some bets on that!
Wences Casares is a member of the popular online payment system Pay Pal’s board of directors. Folks in the crypto community also know him as the CEO of the popular bitcoin wallet Xapo.
The Pay Pal exec gave a speech last May, where he told his audience, “The biggest mistake [would] be to buy more bitcoin than you can afford to lose. The biggest mistake is [also] not to own any bitcoin.”
In the very same speech, Casares also predicted that bitcoin would hit $1 million within the next 10 years.
Another well-known bitcoin bull is FundStrat Global Advisor co-founder, Tom Lee. Lee applies a principle known as Metcalfe’s law when predicting bitcoin’s future value. According to Metcalfe’s law, the value of a network is the square number of its users.
After applying the principal, the FunStrat co-founder concluded, “If you build a very simple model valuing bitcoin as the square function number of users times the average transaction value. 94% of the bitcoin moved over the past four years is explained by that equation.”
When using the methodology to predict bitcoins future value, he determined that it could reach $25,000 by 2022.
To read up more on cryptocurrency, check out our WTF is Crypto Guide, and if you are interested in Bitcoin, we got you covered there too! Finally, there are many people helping progress blockchain technologies in different industries. Our series Moving the Chain, by the wonderful author Jacques, covers these people who are making a big difference in the space and the world!