Bitcoin price ‘easy’ due to reach $2 million in six years – Larry Lepard
Bitcoin (BTC) is on track to hit a whopping $2 million within six years, according to asset management guru Lawrence “Larry” Lepard.
In his latest appearance on the Quoth the Raven podcast on October 16, Lepard said that BTC/USD could “easily” deliver 100x returns from current prices.
Lepard: “I personally think Bitcoin is going to go up 100x”
With Bitcoin in a downtrend for nearly a year, bullish BTC price predictions are few and far between.
Already known for his optimism on both Bitcoin and precious metals, Lepard has become one of the lone voices predicting a seven-figure BTC price tag in the current environment.
In his podcast appearance, the Equity Management Associates founder revealed that he remains dollar-cost averaged in BTC – buying a fixed amount each week, regardless of the price.
He also sees it as a “risk” not to own BTC as a hedge in what he calls a “sovereign debt crisis.”
“I’m not suggesting that anyone take all their money and dump it in these things, but what I’m suggesting very strongly is that anyone who doesn’t have a position in these things is taking more risk than they need to because of the upside option,” he explained he:
“Bitcoin may go to zero, but I personally believe that Bitcoin is going to go up 100 times.”
Asked if he therefore agreed that a single Bitcoin could end up being worth $2 million – 100 times more than the current spot price – Lepard did not hesitate.
“Yes, easy, easy,” he replied, putting the time frame for the gain to be realized at five or six years.
Lepard added that the next macro peak for BTC/USD should be up to $200,000, followed by another 70% drawdown.
This prediction is roughly in line with another price base that has emerged in recent days, setting the bottom of the next bear market cycle at $35,000.
BTC/USD was trading at around $19,600 at time of writing, data from Cointelegraph Markets Pro and TradingView showed, after hitting one-week highs on the day
$14,000 reinforced as buy zone
High BTC price performance prospects are historically nothing new for the space, but few have ended up coming true.
Related: ‘Get Ready’ for BTC Volatility – 5 Things to Know in Bitcoin This Week
Among those who have yet to be vindicated is serial investor Tim Draper, who even recently remained confident that Bitcoin will reach $250,000 in 2022 or early 2023.
In April, Cathie Wood, CEO of ARK Investment Management, doubled a BTC target of $1 million.
Before that, meanwhile, Fundstrat Global Advisors co-founder Tom Lee maintained his firm’s $200,000 BTC price target despite the bear market already knocking.
Closer to home, meanwhile, $14,000 has become a popular downside goal, one that Lepard himself shares.
He said he would “back up the truck” if BTC/USD reached that level.
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