On Sunday (1 January 2023), Dennis Porter, Co-Founder and CEO of bitcoin mining advocacy organization Satoshi Action Fund, explained why he believes that the Bitcoin price could eventually go a lot higher than $1 million.
Porter said on Twitter:
On 20 December 2022, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, shared his price targets for Bitcoin.
According to a report by The Daily Hodl, Mullarney said:
“I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024... I do believe we could hit about $61,000, $62,000 by April 2024 – and that is right at the halving of April/May 2024...
“If Metcalfe’s Law holds, which it does for all other industries, the conservative model has Bitcoin reaching… 3.4 million [wallets] by the year 2030… But that assumes the increase in usage follows the trend that we’ve had since the beginning of time over the past 11, 12 years. Now that also assumes over one billion users, active users, on the actual chain… Now cutting that in half, from one billion users down to 500 million, this would get us to $1.5 million Bitcoin price… Adoption is the key and the adoption needs to go up 500x from today for that price [of $1.5 million] to be achieved.“
Back In November 2022, Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), shared her thoughts on Bitcoin and Ethereum.
Wood’s comments were made on 23 November 2022) during an interview with Carol Massar and Tim Stenovec on Bloomberg Businessweek Radio.
One of the first questions for Wood was why she still trusts crypto. The ARK Invest CEO replied:
“If you look at the blockchains — let’s use the Bitcoin blockchain and Ethereum — what you’ll find is they have the infrastructure. The technology has not skipped a beat throughout this entire crisis. In fact, Bitcoin’s hash rate is at an all-time high, and that is a real indication of the security of the network.
“On Ethereum, we’re seeing the total value staked at $24 billion; that is an all-time high. So we think the infrastructure is working beautifully.“
With regard to Bitcoin, when asked if she stands by her prediction that Bitcoin wil be worth one million dollars per coin by 2030, Wood said:
“Yes. Sometimes you need to battle test, you need to go through crises, to see the survivors, first of all, but really to battle test the infrastructure and the thesis. And again, we think bitcoin is coming out of this smelling like a rose because of what i have mentioned previously.
“And I do think that the one thing that will be delayed is perhaps institutions stepping back and just saying, ‘okay, do we really understand this?’, and once they actually do the homework and see what’s happened here, I think they might be more comfortable moving into into Bitcoin and perhaps Ether as a first stop, as they’ll understand it more.“
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