The founder of global cybersecurity firm Herjavec Group and Shark Tank star Robert Herjavec says he wouldn’t be surprised to see Bitcoin soar to $1 million.
In a new interview with Kitco, Herjavec says money is on an unbreakable path toward digitization, and he’s a “big believer in Bitcoin and electronic payments in the future.”
When asked if he thinks Bitcoin is an attractive investment at its current price of around $8,700, Herjavec says he’d be a buyer.
“I would be buying Bitcoin here. I think the price of Bitcoin on a long-term basis will ‘quantouple,’ if that’s a word. I forget who the analyst was yesterday who said consumers always go to convenience, and Bitcoin is convenience.”
He points to various ways to get exposure to Bitcoin, such as the Grayscale Bitcoin Trust and CME futures, as well as the altcoin market as a whole, as signs that the market is slowly gaining institutional exposure.
When asked if predictions that Bitcoin will hit $1 million are overly bullish, Herjavec says he believes BTC may reach seven figures in the long run.
“It doesn’t sound crazy to me, but you have to associate the price of an individual type of Bitcoin. Because part of the challenge is there is no one Bitcoin.
You can buy different types of Bitcoin. And I think it’s a bit of a fragmented industry. The minute you have a JP Morgan Chase or you have a large institutional company getting behind it, then that will change.”
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Featured Image: Shutterstock/Olga Salt
