Bitcoin Price Is "Very Likely" to Hit $1,000,000, According to Crypto Veteran Bobby Lee

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Sun, 11/10/2019 - 11:39
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    Bitcoin veteran Bobby Lee has shared his long-term Bitcoin price prediction that will probably enrage gold proponent Peter Schiff

Cover image via U.Today
Contents

Crypto baron John McAfee is not a lone member in the $1 mln Bitcoin price predictions club.

Bitcoin veteran Bobby Lee, who's known as the creator of the very first Chinese crypto exchange BTCC, also believes that the top coin has a good chance to end up in the seven-digit territory, but it is very unlikely to happen as early as in 2020.

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More scarce than gold

According to Lee, Bitcoin was designed to be "super valuable." The coin's yearly inflation is expected to decrease to just 0.5 percent in its twentieth year of existence, which would make BTC more scarce than gold. 

Subsequently, Lee expects that Bitcoin will be able to flip gold in just nine years while predicting that its price could surge up to $500,000 over the same timespan. 

Earlier, Lee stated that Bitcoin could go to $100,000 or even $200,000 "in a very short amount of time."  

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Aiming for $1,000,000

Lee explains that "all of the money printing" on the global scale could be the main reason why Bitcoin could reach $1 mln in the long-term. The US Federal Reserve has already cut interest rates three times this year, but President Donald Trump wants to further lower the value of the dollar.

As reported by U.Today, Bitcoin evangelist Max Keiser forecasted that the BTC price could go to $5 mln or even to $10 mln while mentioning that the number one coin was making new all-time highs against failing fiat currencies around the globe. 

"I think it's just a matter of timing. So, that forecast is still $100,000+. But let's be honest - in dollar terms, it's infinity. It could go to five million or ten million against the dollar."

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The "store of value" civil war

Gold is traditionally considered to be a safe-haven asset that can protect investors from global financial turmoil. However, Bitcoin, its digital version, is now chipping away at gold's dominance in the "store of value" department.

Famous gold proponent Peter Schiff believes that Bitcoin has less utility than a tennis ball, which will result in the imminent collapse of its price

On the other end of the debate, cryptocurrency asset management firm Grayscale portrays gold as a useless rock as part of its "Drop Gold" campaign.                      

In the meantime, Galaxy Digital CEO Mike Novogratz says that he's long both on Bitcoin and gold as the bond market bubble continues to grow. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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