Veteran investor Lawrence Lepard, the founder of investment management firm Equity Management Associates, has revealed he believes that the price of the flagship cryptocurrency Bitcoin ($BTC) could “easily” 100x to $2 million within the next few years.
During his appearance on the Quoth the Raven podcast, Lepard noted that he believes the price of the flagship cryptocurrency could skyrocket despite the ongoing downtrend. The veteran investor is a well-known BTC and precious metals bull, who noted he has been buying a fixed amount of BTC every week as part of a dollar-cost averaging investment strategy.
https://youtube.com/watch?v=JcHfAS3qlc4%3Ffeature%3Doembed
Per the asset management expert, it’s a “risk” to not own BTC as a hedge against what he deemed is a “sovereign debt crisis.” Lepard noted he is not “suggesting anyone should take all of their money and dump it into these things,” and is instead suggesting “that anyone who doesn’t have some position in these things is taking more risk than they need to take because of the upside optionality.”
The veteran investor added that Bitcoin’s upside could still be significant, saying:
Bitcoin could go to zero but I personally believe Bitcoin’s going to go up 100X.
When asked whether he believes the price of a single Bitcoin could trade at the $2 million mark, Lepard said it could “easily” do so, and predicted it could occur within the next five or six years.
Per the analyst, the next bull run could take BTC’s price to the $200,000 mark before the cryptocurrency endures another 70% drawdown. His target for a bottom this cycle was around the $14,000 mark, at which he said he would accumulate even more.
As Cointelegraph reports, several significant BTC price predictions have been made over the last few months, with some of the most notable coming from serial investor Tim Draper, who has said $BTC would reach $250,000 by the end of 2022 or by 2023.
As CryptoGlobe reported Yassine Elmandjra, an analyst at Ark Investment Management, has defended the firm’s prediction that the price of the flagship cryptocurrency Bitcoin ($BTC) will top $1 million in the future.
Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds (ETFs), Cathie Wood, that BTC would top $1 million by 2030.
While the price of BTC and other risk assets has been plunging over the past few months, as the U.S. Federal Reserve and other central banks raise interest rates in a bid to tame inflation. Elmandjra said there’s still a significant opportunity in investing in BTC, as it has a number of potential use cases.
Image Credit
Featured Image via Unsplash
Source: Read Full Article