Big Firms Predict BTC To Reach $150k To $300k In Longer Term

The Bitcoin price predictions are all over the cryptocurrency news today and are seen as hot topics all the time, even more when they are made by industry heavyweights and huge firms. Still, there have been a few of them over the past week or so and the figures are not small. Big firms predict Bitcoin to reach anywhere from $150,000 to $300,000 in the longer term, and the optimism is seen all over the space.

First of them is Tom Lee, the head of Fundstrat Global Advisors LLC – and he has the opinion that the crypto market is too small to support an exchange-traded fund (ETF). The US Securities and Exchange Commission  has so far denied several attempts to get a crypto ETF launched but that may not be a bad thing if you ask the Bitcoin bull Tom Lee.

Lee spoke to Bloomberg and added that big fund launches can have around $13 billion of the first-year demand. For Bitcoin to be able to cope with this demand, Lee suggested that it should be price around $150,000.

While big firms predict the same things, Lee spoke at the Block Show Asia conference on Friday and said:

“The SEC needs to punt the ETF until crypto becomes bigger, but demand for an ETF is monstrous.”

He also added that they are doing a good job by protecting individuals which is how mainstream will eventually get involved in cryptocurrency.

“Institutions aren’t going to touch crypto if they think the SEC isn’t doing a good job,” Lee noted.

While big firms are setting new price targets for BTC all the time, the $150,000 price valuation is not too sky high. Others even think that it could be even higher. One of them is the Pantera Capital founder Dan Morehead who was in the Bitcoin news and took predictions about the BTC price during the ‘Unchained’ podcast earlier this year and said that BTC could reach $42,000 by the end of 2019.

“Graph the price of Bitcoin logarithmically, its trend is going to grow at 235% compound annual growth rate … And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000,” Morehead noted.

The CEO of the Bitcoin wallet provider Xapo, Wences Casares, is also among the big firms that predict a lot for the future of Bitcoin. As he said, everyone should own some Bitcoin and that even with the 20% chance of failure (which BTC has according to him), the cryptocurrency also has a 50% chance of success.

“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding,” Casares stated.