Bitcoin had has a rough year. The cryptocurrency plummeted from $20,000 at the end of 2017 to under $6,000 by June. But the faithful remain excited, and some experts see the digital currency surpassing its record highs from the end of 2017.
Chamath Palihapitiya, the CEO, and founder of Social Capital predicted on CNBC’s “Fast Money” in December that bitcoin would be worth $1,000,000 in 20 years. In May 2018, he said bitcoin is a valuable form of insurance since it is “fundamentally not correlated” to the S&P 500 index.
In June, the tech investor tweeted that he believed it would surpass the price of gold. “Bitcoin was $130 when I wrote this and suggested everyone put 1% of their net worth in it. Now, I’m convinced it will exceed the value of gold.”
Tom Lee, of Fundstrat Global Advisors, told CNN in June that it is a “great store of value.” In a different June interview, Lee predicted the digital coin would be worth more than $20,000 by the end of 2018.
Brian Kelly, founder of BKCM LLC, said that he likes both bitcoin and ethereum when it comes to cryptocurrencies. However, he favors ethereum over bitcoin.
Ran Neu-Ner, founder, and CEO of OnChain Capital warned that bitcoin is just in the early stages of its existence. He told Forbes in February, “We haven’t even got to the start line of cryptocurrencies.” In a June interview, Neu-Ner compared it to “digital gold.”
Cryptocurrency bears remain pessimistic. Warren Buffet commented in May of this year that bitcoin “was rat poison squared.” Sitting next to Buffet was Charlie Munger. Munger, too, had little if not less positive things to say about the digital currency, “I like cryptocurrencies a lot less than you do,” and, “To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”
I guess the only thing for us to do is patiently wait and see what the markets decide.