Recently a widely shared report from Bank of America Securities noted a $1 investment in bitcoin at the beginning of last decade would be worth more than $90,000 today. As such, it was the best investment of the 2010s.
However, this hasn’t deterred naysayers like LendingTree Chief Economist Tendayi Kapfidze from railing against it as little more than a “pyramid scheme.” According to an interview he gave to Yahoo! Finance, Kapfidze said, among other things, he struggles to see the cryptocurrency’s utility. “It’s a scam. It doesn’t mean everyone in it is a scammer, but so far, despite thousands of people trying, and, you know, thousands of people advocating for it... people trying all types of different things… we still have nothing,” he said in the interview.
Contrast that with bitcoin bulls like John McAfee and Fran Strajnar, who were cited by CoinSwitch, a cryptocurrency exchange, as calling for values of $1 million and $200,000, respectively, sometime this year. In an interview with Cointelegraph, McAfee boldly claimed cryptocurrency will completely replace fiat currency in the next decade.
Chamath Palihapitiya, founder of Social Capital and co-owner of the Golden State Warriors, echoed the six-figure sentiment, although Palihapitiya said to Bitcoinprice.com it may take until 2037 to reach that milestone. Wences Casares, the founder and CEO of Bitcoin wallet startup Xapo, as reported in the same publication, said a million dollars per unit is coming, but predicted it a decade sooner--by 2027.
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“Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts,” according to CoinSwitch. “Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2020 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2020.”
Peter Schiff @PeterSchiff
No matter how far #Bitcoin falls in the future, Bitcoin bugs will always look to past performance to tout its success. If a few years from now Bitcoin is just $100 per coin it will likely still be the best performing asset since Jan. 2009. But will anyone who still owns it care?
As of press time, each unit of the cryptocurrency was valued at $6,960.68