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.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.— Bobby Lee - Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5
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.
#Bitcoin was designed to be SUPER valuable over time.— Bobby Lee - Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
First 10 yrs, there were only 2 block reward halvings, but the next 10 years, there‘ll be 3 (that’s 50% more)!
By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. 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."
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."
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.
Unlike gold, Bitcoin has no value to store. Gold has worked great as money in the past, and will again in the future. Bitcoin never has.— Peter Schiff (@PeterSchiff) October 23, 2019
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.