According to Lawrence “Larry”, Lepard, an asset management expert, Bitcoin (BTC), is on track for a staggering $2 million in six years.
Lepard stated that Bitcoin/USD could deliver 100X returns if it were to be traded at current prices in his Oct 16th appearance on Quoth the Raven podcast.
Lepard: “I believe Bitcoin will go up 100X,”
Bullish BTC price forecasts are rare given the fact that Bitcoin has been in a downward trend for nearly a year.
Lepard is well-known for his optimism regarding Bitcoin and precious metals. He has now become one of the few voices that predict a seven-figure BTC cost in the current environment.
The Equity Management Associates founder, Michael A., revealed in a podcast interview that he still uses dollar cost averaging to BTC. This means that he buys a fixed amount each week regardless of its price.
He considers it a risk not to have Bitcoin as a hedge against what he terms a sovereign debt crisis.
He explained that although he isn’t suggesting anyone should dump all their money into these things, he is suggesting strongly that anyone without a position in these things is taking greater risk because of the upside optionity.
“Bitcoin could be zero, but I believe Bitcoin will go up 100X.”
Lepard was not hesitant to answer the question “A single bitcoin could be worth $2 million” — one hundred times more that the spot price.
He replied, “Yeah easily, easily,” and set the time frame for the gains to manifest as five or six year.
Lepard stated that the next macro peak for BTC/USD would be $200,000 followed by another 70% drawdown.
This prediction is in line with a price basis that has been emerging in recent days. It places the next bear market bottom at $35,000
According to data from TradingView and Cointelegraph Markets Pro, BTC/USD traded around $19,600 as of the writing date
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
$14,000 strengthened as a buy zone
Although lofty views on BTC’s price performance have been around for a while, they are not new to the market. However, few of them have actually come true.
Related: 5 Things You Need to Know in Bitcoin This Week – “Get Ready” for BTC Volatility
Tim Draper, a serial investor who still believes Bitcoin will reach $250,000 by 2022 or 2023 is one of the people yet to be proven wrong.
Cathie Wood (CEO of ARK Investment Management) doubled down in April on a $1,000,000 BTC target.
Tom Lee, who co-founded Fundstrat Global Advisors in the meantime, maintained the $200,000 BTC price target, despite the bear markets already roaring.
Nearer to home, $14,000 has been a popular target for downside, something Lepard shares.
He stated that he would “back the truck” if BTC/USD reached that level.
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