A former hedge fund manager says that Bitcoin (BTC) could be worth well into the millions of dollars by the year 2031.
In a new interview with Altcoin Daily, Robert Breedlove, CEO and founder of crypto investment firm Parallax Digital, says that the leading digital asset could reach a price tag of $12.5 million nine years into the future.
[adinserter block="1"]According to Breedlove, the deterioration of the US dollar (USD) will be the key factor in BTC’s price explosion.
“I have a public prediction that the US dollar is basically hyperinflated to zero, or close to it, by the year 2035…
I’m going to stand by that prediction today. I know the DXY [US dollar index] is way up recently but I sort of expect this thing to get volatile before it breaks down. If that is the case, then I have a matching Bitcoin price prediction of $12.5 million US per Bitcoin by the year 2031.”
Breedlove says that the catch behind such a price explosion would be that the purchasing power of the USD would be drastically weaker than today, and that $12.5 million in 2031’s dollars would only be the equivalent of about $1 million in today’s dollars.
“A caveat there is that that would only be a $1 million Bitcoin price in 2020 dollars, so the purchasing power of 2020 at the time I made the prediction, would be the equivalent of $1 million US in Bitcoin.
So what this is saying is that basically a million dollars doesn’t buy what it used to in the year 2031, it’s been depreciated 91 or 92%. The way you could flip that is you take the price of bread and milk in 2020, multiply them by 12, and that’s what those things would cost in this hypothetical 2031 future.
So if bread is $5 a loaf in 2020, I’m calling it $60 a loaf in 2031. Bitcoin’s price [would be] $12.5 million but that’s only $1 million in today’s purchasing power…
I’ll stand by that prediction as well. And when the US dollar does hyperinflate to zero, hyperinflate to worthlessness, that’s why Bitcoin has no top.”
Bitcoin is changing hands at $19,520 at time of writing.
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