Former hedge fund manager predicts Bitcoin ($BTC) will trade at $12.5 million within a decade
A former hedge fund manager has made a massive Bitcoin ($BTC) price prediction, estimating that the flagship cryptocurrency will trade at $12.5 million per coin within a decade of the collapse of the US dollar.
In an interview with Altcoin Daily, first reported by Daily Hodl, Robert Breedlove, CEO and founder of cryptocurrency investment firm Parallax Digital, said the flagship cryptocurrency will explode until 2031 while the US dollar will crater.
Breedlove has noted that he has a public prediction that the US dollar is “hyperinflated to zero, or close to it, by the year 2035,” and that he will stand by his prediction even at a time when the US Dollar Index (DXY) , an index that measures the value of the US dollar against a basket of foreign currencies including the EUR, GBP, JPY, CAD and CHF, has recently risen.
The former hedge fund manager noted that he expects DXY to become volatile before it breaks down, and that he has a matching price prediction for the flagship cryptocurrency, which is a $12.5 million prediction.
The analyst noted that there is a catch behind the explosive price prediction: a drop in purchasing power associated with the collapse of the US dollar. While BTC would trade for $12.5 million during his prediction, it would be worth the equivalent of $1 million based on today’s purchasing power. He said:
As a reminder, there will only be a $1 million Bitcoin price in 2020 dollars, so the purchasing power in 2020 at the time I made the prediction would be equivalent to $1 million in Bitcoin.
According to his words, $12.5 million would no longer buy what $12.5 million buys today. As an example, Breedlove noted that if a loaf of bread cost $50 in 2020, the same loaf would sell for $60 in 2031, when BTC trades at $12.5 million.
The analyst added that he will stand by his prediction, noting that Bitcoin “has no top” because the US dollar will hyperinflate to “zero, hyperinflate to worthlessness.”
Especially after cryptocurrency prices fell significantly earlier this year, some whales began to show signs of capitulation, with on-chain data showing the amount of bitcoin being whaled has fallen over the past 11 months as fears of inflation and a financial recession continue. is growing.
According to the firm, addresses holding 100 to 10,000 BTC have dropped their share of the supply of BTC to a 29-month low amid the token distribution. The last time whales held such a low amount of BTC was in April 2020, during a sell-off triggered by the COVID-19 pandemic.
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