After hitting a new all-time high of nearly $70,000 on Nov. 9, Bitcoin (CCC:BTC-USD) (along with the rest of the crypto market) has steadily drifted into the red as crypto bulls await the next piece of major news to drive the Bitcoin price back up. This has driven many investors to look into the latest Bitcoin price predictions. Shockingly, major Bitcoin innovator and blockchain miner, Blockstream, says it’s only a matter of time before it hits $1 million.
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So where is the coin actually headed?
Despite its current dip, Bitcoin only continues to add functionality to its already thriving blockchain system. On Saturday, El Salvador, the only country where Bitcoin is legal tender, announced plans for an entire city that functions off the cryptocurrency.
As part of “Bitcoin Week,” El Salvador President Nayib Bukele unveiled “Bitcoin City.” Located near a volcano and dedicated to BTC, the city will function as a financial sector of the country.
Bukele also mentioned plans to issue a 10-year, $1 billion “Bitcoin bond.” As mentioned in the presentation, at the halfway point of the bond, El Salvador will begin selling $500 million in Bitcoin to return higher dividends to bond owners. At the presentation, Bitstream Chief Strategy Officer Samson Mow, dove into the plan.
“35% year-over-year is conservative. But at the end of the 10 years, or in the 10th year of the bond, your annual percentage yield will be 146%. The first country to do it, which will be El Salvador, will have a massive advantage. If Bitcoin at the 5-year mark reaches $1 million, which I think it will, they will sell Bitcoin in 2 quarters and recoup that $500 million dollars. In three and a half quarters, they will have enough to pay back the entire bond. I think that’s pretty good.”
That’s a high estimate, even for the lofty, unicorn-dusted world of cryptos.
Being bullish on Bitcoin is no new phenomenon, but how far down the rabbit hole will BTC bulls go? Well, with the crypto currently at $58,151 at the time of writing, here’s what some experts think about the coin’s future.
Bitcoin Price Predictions: Long-Hold or Pump and Dump?
- Ian Balina, founder of crypto research company Token Metrics, sees it hitting $75,000 by the end of the year based on technical analysis.
- FXStreet set a price range between $63,000 and $65,000 based on historical support and resistance points.
- Banking giant JPMorgan is mixed on the crypto. Indeed, the bank sees Bitcoin reaching as high as $146,000 in the long term. However, it only gives the coin a fair value of $35,000 for the moment, citing volatility concerns.
- The 50-person panel of industry experts organized by comparison website Finder is also largely divided on Bitcoin. It set a December prediction of $51,000, which is quite conservative given its current $58,000 price. However, it does see the coin reaching $250,000 by this time in 2025 and more than $5 million by 2030.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.