According to Myers, bitcoin has the perfect design for growth and could reach a staggering $10 million in value.
The volatile nature of its price has made it a topic of interest for many investors and traders. While some experts remain skeptical, others like Jesse Myers, a fund manager and bitcoin expert, believe in the potential growth of the digital asset. Myers’ prediction is based on the scarcity and other unique properties of bitcoin. He believes that the design of bitcoin, which guarantees increasing scarcity, will lead to a rise in value as it absorbs the value of other assets. “The value of bitcoin increases over time due to bitcoin’s design of increasing scarcity. You just have to survive the brutal volatility along the way,” says Myers in his blog post.
Myers’ conservative estimate for bitcoin’s potential value is $10 million per coin, which would represent a growth of 500 times from its current value of $25,000. However, he explains that this growth would equate to bitcoin capturing 25% of the total value on earth, which is currently 0.05%. This means that the value of bitcoin could increase by almost 40,000%.
While Myers’ prediction may seem far-fetched, he is not alone in his bullish outlook. The prominent investment platform, Ark Invest, also predicts a massive increase in bitcoin’s value. According to Ark Invest, bitcoin could reach a value of $1 million by the end of this decade.