Imagine how absurd the concept of bitcoin trading at $12,000 would have sounded to even the most optimistic of tech investors and speculators back in 2013. The idea that an experimental digital token, already trading at a sky-high $120, would be worth 100 times that value in just six years would have been laughable. And yet, that crazy prediction would actually prove to be too conservative, as BTC reached an all-time high of $20,089 in a mere five years. Unbelievable results are nothing new in the cryptocurrency world, as are seemingly implausible predictions about where the price is headed.
In this post we’re going to take look at five of the wildest cryptocurrency price predictions of the last few years.
1. Cameron Winklevoss – Bitcoin at $238,000: In an interview with CNBC in early 2018, one half of the Gemini-founding Winklevoss Twins suggested that bitcoin’s ultimate market cap may eventually reach $5 trillion, or around $238,000 per BTC. Winklevoss suggested that this value would come from disrupting the gold-trading market, which currently represents around $7 trillion, but he declined to provide a timeline for the price estimate beyond 10-to-20 years.
2. Matthew De Silva – Ethereum at $0: In a piece published on QZ.com’s Private Key cryptocurrency blog in 2018, De Silva lamented what he saw as a lack of direction in the Ethereum project, stating “It’s hard to see how his invention has made any difference beyond inflating the crypto bubble.” He further suggested that ETH’s price’s “natural state” was close to zero, calling the tokens “intrinsically worthless.” Needless to say, this prediction has been dismissed, and even openly mocked, by countless cryptocurrency analysts on Twitter.
3. Mia Miller – XRP at $9: Writing for the fintech website TheOofy.com in early 2019, Miller suggested that a 3365% increase Ripple’s XRP token price by the end of 2020 was more than possible. Miller notes that the past performance of XRP, shooting from $0.25 to $3.65 in late 2017, plus strong partnerships in the banking industry could result in Ripple experiencing a truly meteoric rise by 2020.
4. David Cox – Litecoin at $3,500: If BTC can claim make a dent in gold’s $7 trillion market cap, argues writer and cryptocurrency analyst Cox, then so can LTC. Should LTC snare just 2.5% of gold’s asset pool — or $0.03 trillion — the price would soar to $3,500. There’s no indication that this kind of movement is likely, particularly by the “2019 end” timeline Cox suggests, but stranger things have happened in crypto.
5. Chamath Palihapitiya and Wences Casares – Bitcoin at $1,000,000: Why not wrap this list by going out on a high note? As the Founder of Social Capital and Co-Owner of the Golden State Warriors, Palihapitiya knows a thing or two about financial markets, giving some credibility to his $1 million per BTC by 2037 prediction. Xapo Founder and CEO Casares has reached an identical conclusion, but his timeline is more aggressive, suggesting that BTC could hit $1 million as soon as 2027.