Investors were in awe last year as Bitcoin climbed from $1,000 to $20,000 in December 2017. Since then, Bitcoin has dipped from its peak by over 40 percent, entering into a bear market. Bitcoin’s price as of today, April 20, 2018, is at $8,500.
According to Google trends, the public’s interest in Bitcoin has significantly decreased since its peak in late 2017. Seasoned investors, however, remain optimistic about the value of Bitcoin and other cryptocurrencies, especially since institutional money has begun to flow into the cryptocurrency ecosystem. Even the Soros, Rothschilds and Rockefellers are investing into cryptocurrencies despite George Soros previously calling Bitcoin “nothing but a mere bubble.”
Investor One: Chamath Palihapitiya – $100,000 by 2020
Former Facebook Executive and CEO of Social Capital, Chamath Palihapitiya, predicts Bitcoin will reach $100,000 by 2020 in an interview with CNBC. Palihapitiya bought into Bitcoin on the early days where it was sold for as little as $100.
In the interview Palihapitiya said,
“this is now a confidence game. There is no real utility in this. This is a fantastic fundamental hedge and store of value against autocratic regimes and banking infrastructure that we know is corrosive to how the world needs to work properly. You cannot have central banks infinitely printing currency.”
In 2017, the hedge fund manager also made bold predictions concerning Amazon’s growth and Facebook’s problems concerning data, privacy, and security. Her correct predictions concerning Amazon’s increasing share prices and Facebook’s Cambridge Analytica scandal, make her a leading investor in the technology sector.
Investor Two: Tim Draper – $250,000 by 2022
Like Palihapitiya, venture capital investor Tim Draper views Bitcoin with great optimism. In his speech at Blockparty 2018, Draper stated that:
“I’m thinking $250,000 a Bitcoin by 2022.”
In an interview with CNBC’s segment ‘Fast Money’ Draper also mentioned that:
“in five years you’re going to walk in and try to pay fiat for a Starbucks coffee, and the barista is going to laugh at you.”
He is a big advocate for the cryptocurrency industry, especially since he believes that cryptocurrencies will replace fiat currencies in just five years.
Tim Draper is a well-known tech investor, previously funding early internet companies like Skype, Hotmail, as well as Tesla and Space X. In 2014, he also accurately predicted that Bitcoin would reach $10,000 in the next three years.
Investor Three: John McAfee – $500,000 to $1 million by 2020
John McAfee, the entrepreneur behind the popular antivirus program McAfee, predicts Bitcoin prices will reach $1 million by 2020. While he originally thought Bitcoin would hit $500,000 by the end of 2020, according to a tweet, McAfee recently adjusted this number to $1 million.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Despite the fall of Bitcoin prices earlier this year, McAfee remains confident about future prices. McAfee is also bullish about emerging privacy coins such as Monero (XMR), Verge (XVG), and Zcash (ZEC).
Investor four: James Altucher – $1 million by 2020
Entrepreneur, Angel Investor, Fund Manager and Guru James Altucher, like McAfee, predicts that Bitcoin will reach $1 million by 2020.
“at least one country’s currency is likely to fail soon — likely Argentina or Venezuela. This will lead to mass adoption of Bitcoin among that populace. That will, in turn, lead to bitcoin rising by more than $50,000 when it happens.”