John Pfeffer, an institutional investor and former executive at McKinsey and Groupe Allium S.A, stated during an interview on CNBC’s Fast Money that the bitcoin price could rise as high up as $700,000 and would increase to at least $90,000.
“People should think about crypto assets as such as bitcoin as a venture capital investment. They could go to zero but there is a chance they could be worth much more. In the case of bitcoin, the $90,000 price is what it would be worth if bitcoin became equal to private gold bullion holdings, about $1.6 trillion of total value. It’s a bet. It’s a risk that I think is interesting and which I would be willing to take,” said Pfeffer.
$90,000 Bear Case, $700,000 Bull Case
Pfeffer emphasized that his $90,000 mid-term target is a bear case for bitcoin and if the cryptocurrency continues its current exponential growth, Pfeffer noted that it is likely for the bitcoin price to breach the $700,000 level.
Earlier this week, Changpeng Zhao, the CEO at the world’s largest cryptocurrency exchange Binance that is valued at $3 billion, echoed a similar viewpoint as Pfeffer and described an investment in bitcoin as a venture capital investment.
“Bitcoin. Would any sane VC invest in a project ‘led by a single unknown founder, plans to quit in a year, has a 9-page document with mostly math symbols, no marketing plan/budget, and is projected to have $200,000,000,000+ USD market cap in 10 years?’ The crowd did, and made it,” said Zhao, who is better known to the cryptocurrency community as CZ.
The long-term predictions of bitcoin by experts and institutional investors including Pfeffer, Tom Lee, Peter Thiel, and Tim Draper are assuming the best case scenario for bitcoin, which is a world wherein bitcoin evolves into a global currency that is used by billions of individuals and hundreds of thousands of large-scale businesses worldwide.
In South Korea, the adoption of bitcoin and other cryptocurrencies such as Ethereum are increasing rapidly. The deal between Bithumb, the country’s biggest cryptocurrency exchange, and Korea Pays Service allowed more than 3,000 merchants in the country to accept cryptocurrencies listed on the Bithumb trading platform.
The thousands of merchants which will soon accept cryptocurrencies in South Korea are not limited to small restaurants, cafes, and shops. Some of the leading franchises, fast food chains, and stores will be accepting bitcoin. Analysts expect the integration of cryptocurrencies by influential merchants including nationwide dessert chain Sulbing and Cafe Droptop would lead to a surge in cryptocurrency adoption, similar to the impact the embracement of cryptocurrency by Bic Camera and Budget Hotel had on Japan.
Bitcoin Price to $0 or $1 Million
In 2018, the cryptocurrency market has seen quite a few experts who have said the price of bitcoin will either hit $0 or $1 million. If bitcoin evolves into a global currency that is used by retailers, individuals, and businesses on a day-to-day basis, and if the entire cryptocurrency sector grows with bitcoin at an exponential rate, the $1 million prediction from the likes of Thiel, Draper, and Pfeffer is a realistic long-term target that could be reached within the next decade.