Bitcoin hitting an all-time high of nearly $20,000 was a rare silver lining to an otherwise bleak year. But 2020 is almost over–goodbye and good riddance–and 2021 is just around the corner. Let’s look at experts’ predictions for bitcoin and cryptocurrency for 2021 and beyond.
Bitcoin Usage Will Grow
“Bitcoin can become a monetary network and an instrument of economic empowerment, but the best way to do that is incrementally and pragmatically, while in harmony with the political system.”
-Michael Saylor, CEO of MicroStrategy, which owns $425 million in Bitcoin, via BTC Times
“It’s a matter of not if but when and how we’ll start to see more and more central banks issue forms of digital currencies. I think you’ll have more and more utility happen with cryptocurrency.”
-PayPal CEO Dan Schulman via Coin Telegraph
“From what I know, from all of the institutions, all of the people I speak to, there’s an enormous wall of money coming into [Bitcoin].”
-Macro strategist Raoul Pal, who also predicts cryptocurrency adoption will happen in waves: from family businesses to institutions to governments, and will lead to Bitcoin reaching $1 million in five years, via Bitcoin.com
Translation: To level up, Bitcoin must cast off its ties to crypto-anarchy and enter the mainstream, becoming what cypherpunks, the originators of cryptocurrency, railed against. Simply put: The interest and opportunity for Bitcoin is there, but to achieve wide-reaching success, it must work within our financial regulatory system rather than outside of it.
And Bitcoin’s Worth Will Grow
“If we are right about using a gold framework to value Bitcoin, and Bitcoin continues on this path, then the bull case scenario for Bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of Bitcoin could appreciate 45 times from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”
-Cofounder of Gemini exchange and BTC billionaire Tyler Winklevoss via Bitcoinist
“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years.”
-Ark Investment Management analyst and Tesla investor Yassine Elmandjra via Forbes
The experts’ bitcoin predictions for Bitcoin 2021? Massive growth. Translation: Buy yourself some Bitcoin. Stat.