Home Latest News Can the Bitcoin price reach US$1 million? – The Motley Fool Australia

Can the Bitcoin price reach US$1 million? – The Motley Fool Australia

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Several crypto experts agree the coin could be worth a cool million in less than a decade from today. Really?
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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
Every time Bitcoin (CRYPTO: BTC) is showing signs of life, investors start to wonder how much the cryptocurrency could be worth in the long run. In the early days, Bitcoin didn’t seem to be worth anything. The first known purchase of a physical thing with payment by digital currencies was a May 2010 order of two large pizzas in exchange for 10,000 Bitcoin. The currency surged to $1,000 per Bitcoin in 2013, stopped just short of the $20,000 mark in 2017, and soared to roughly $68,800 per coin in November 2021.
Bitcoin has come a long way from the pizza-based price of 0.2 cents per coin. At today’s price of $21,230 per Bitcoin, Laszlo Hanyecz effectively spent $212 million on those tomato pies. So if the crypto’s value multiplied by more than 10 million times in 12 years, it might seem fair to expect a million-dollar price tag within the next decade.
Reaching $1,000,000 per Bitcoin by 2030 is a pretty popular projection.
It’s true that all of these Bitcoin bulls have significant financial interests in the Bitcoin market. For example, if the coin ever reaches $1 million, the company’s current cache of roughly 130,000 Bitcoins would soar from $2.8 billion to $130 billion. As a result, MicroStrategy would be a financial heavyweight with Bitcoin-based cash reserves comparable to software-sector rivals Microsoft and Alphabet.
At the same time, people like Michael Saylor and Cathie Wood are putting their money where their mouths are. If they are wrong and Bitcoin never replaces gold as the standard holder of long-term value, they could lose every penny of the massive investments they have made so far. Perhaps more importantly, they could look quite silly if their big Bitcoin bets don’t work out as planned. Nobody wants to lose face that way, especially in an industry where a robust reputation earns you more clients and partners.
Regulators and governments around the world are still figuring out how to deal with these newfangled digital assets. Some of them may set up overly draconian frameworks for trading, transactions, and ownership of cryptocurrencies, including Bitcoin. The domestic rulemaking effort is especially important to American investors, of course. It’ll take a couple more years before this particular source of uncertainty calms down.
Bitcoin certainly has a leg up on the crypto competition when it comes to disrupting the gold market — but that future isn’t written in stone. Other digital coins could come along with better technology, more secure transactions, and other unbeatable advantages. In that world, we could see another name grabbing Bitcoin’s crown, challenging early investors to adapt or get left behind.
So Bitcoin enthusiasts like Michael Saylor and Arthur Hays could still lose it all. However, I think cryptocurrencies are here to stay, and there’s good reason to believe that Bitcoin will remain a cornerstone of this evolving market. There will be volatility along the way and the current crypto crisis could last for years, like the last one did. That’s alright. I’m in this investment for the long run.
All things considered, I think it’s a good idea to keep some Bitcoin in your long-term investment portfolio. If that lofty million-dollar price target holds up, every $10,000 you invest in Bitcoin today will be worth nearly half a million dollars by 2030. It would be a shame to miss that opportunity, right?
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Anders Bylund has positions in Alphabet (A shares) and Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Bitcoin, and Microsoft. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.