Home
News
- According to him, BTC will reach this mark in a decade
- BTC Price at the time of writing – $19,267.73
- Cryptocurrency prices dropped significantly earlier this year
A huge prediction about the price of Bitcoin ($BTC) has been made by a former manager of a hedge fund. He says that the price of the main cryptocurrency will be $12.5 million per coin in a decade after the U.S. dollar crashed.
Robert Breedlove, CEO and founder of cryptocurrency investment firm Parallax Digital, stated in an interview with Altcoin Daily that the price of the flagship cryptocurrency would soar until 2031 while the value of the US dollar would plummet.
This interview was first reported by Daily Hodl. The U.S. Dollar Index (DXY), which measures the value of the United States dollar relative to a basket of foreign currencies including EUR, GBP, JPY, CAD, and CHF, has recently surged, but Breedlove has stated that he will stand by his prediction that the U.S. dollar will be hyperinflated to zero, or close to it, by the year 2035.
BTC would be worth the equivalent of $1 million based on today’s purchasing power
The former manager of a hedge fund mentioned that he anticipates the DXY to become volatile prior to its collapse and that he has a matching price prediction for the flagship cryptocurrency of $12.5 million.
The analyst pointed out that the explosive price prediction has a catch:a hasty decline in purchasing power brought on by the fall of the US dollar.Based on current purchasing power, BTC would be worth $1 million, even though it would trade for $12.5 million under his prediction.
According to him, $12.5 million would not buy what $12.5 million currently does.Breedlove gave the example of a loaf of bread that would sell for $60 in 2031, when BTC trades at $12.5 million, if it cost $50 in 2020.
The analyst stated that Bitcoin has no top because the U.S. dollar will hyperinflate to zero, hyperinflate to worthlessness, and that he will stand by his prediction.
ALSO READ: Crypto regulation can be ‘enabler’ for industry
The analyst added he will stand by his prediction
On-chain data indicates that the amount of bitcoin held by whales has been decreasing over the past 11 months as fears of inflation and a financial recession continue to grow.
During the distribution of tokens, the company claims that addresses holding between 100 and 10,000 BTC have decreased their percentage of BTC supply to a 29-month low.
During a sell-off sparked by the COVID-19 pandemic in April 2020, whales last held onto such a small amount of Bitcoin.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
