Analysts from Statis Group — an initial coin offering (ICO) advisory firm — recently predicted that the price of a single bitcoin (BTC) will reach $96,000 in the next five years.
As reported by Forbes, this prediction was not simply made out of the blue. The firm’s head of research, Sherwin Dowlat, and research analyst Michael Hodapp based their prediction on Bitcoin’s fundamentals.
To put it simply, big money has yet to enter the market. Once it becomes — in institutional investors’ minds — safe to utilize cryptocurrencies as a store and effective transfer of value, the market capitalization of the market should ‘moon.’
Not everyone agrees with this bullish Bitcoin price prediction, of course.
Healthy skepticism certainly isn’t a problematic viewpoint when it comes to Bitcoin, and even less so when we’re talking about altcoins. Many of the latter won’t even exist in the next five years, and throwing around high or low figures in regards to bitcoin is somewhat akin to fortune telling.
Global Money Supply
On the other hand, Blockforce Capital CEO Eric Ervin believes the analysts’ valuation is definitely not outside of the realm of possibility, based solely on Bitcoin’s current share of the global money supply.
Only a Bull Run Away
However, a lot of people did get burned on the last bitcoin bull run — to the point where the FOMO (fear of missing out) created a massive bubble that burst and arguably set the industry back. Whether or not that same level of retail investment hype will ever return remains to be seen.
What do you think Bitcoin’s price will be in the next five years? Let us know your predictions in the comments below!
Images courtesy of Shutterstock.