Analyst who accurately predicted Bitcoin reaching $2000 in 2017 is back at it again

in #bitcoin7 years ago

And you won't believe what he predicts next...

Kay Van-Peterson raised some eye brows late last year when he made the bold call that Bitcoin would break the $2000 mark easily in 2017. 

At the time Bitcoin was trading for around $700 per coin and had never traded anywhere close to his prediction levels. 

Fast forward less than a year later and his prediction was right (and then some) as Bitcoin nearly reached $2800 so far this year.

After regrouping and reassessing the current market place for Bitcoin, Kay Van-Peterson had this to say about where he thinks Bitcoin goes next.

"I think you see Bitcoin reaching $100,000 dollars per coin within the next 10 years"

Yes you read that right, $100,000?! That would represent almost a 50X return from current levels.

This would not be the first time someone has thrown out outrageous price predictions regarding bitcoin.

I wrote a piece a couple weeks ago talking about Wences Casares and his million dollar Bitcoin call. It can be read here:

https://steemit.com/bitcoin/@jrcornel/want-to-become-a-bitcoin-millionaire-here-s-how

How does Van-Peterson arrive at Bitcoin $100,000 within 10 years?

He says that he is assuming cryptocurrencies will account for roughly 10 percent of the average daily volume of all fiat currency trading within the next 10 years. The average daily dollar volume currently for the currency markets is just over $5 trillion dollars. Take 10% of that and you get $500 billion.

According to Van-Peterson, Bitcoin will account for roughly 35% of that total market share ($500 billion). Which comes out to roughly $175 billion of Bitcoin traded on a daily basis. 

From there Van-Peterson says that Bitcoin's market cap should be roughly 10X it's current average daily trading volume. Which would be 10 x $175 billion, or $1.75 trillion. 

By his calculations, there should be approximately 17 million bitcoins in circulation 10 years from now at the current inflation rate. Then if you divide that 17 million number of coins by a market cap of $1.75 trillion, you get a price per coin of roughly $100,000. 

He will be the first to admit that this is a very rough calculation that is subject to many variables between now and then. 

However, at least he attempted to use some data and (arguably) reasonable projections to back up his dollar target. 

Whether you believe his projections or not, this was my big take away:

After finishing talking about his calculations for why he thinks Bitcoin will reach $100,000, Van-Peterson concluded with this:

"Cryptocurrencies will survive in the long run. This is not a fad. Cryptocurrencies are here to stay."

In his opinion there will likely emerge a handful of winners from the space and Bitcoin will be one of those winners mostly because of it's first mover advantage.

Now, we just have to make sure Steem is one of those handful of winners as well...

Personally I kind of doubt his $100,000 price prediction, but I also didn't think Bitcoin would almost hit $3k just 6 months ago, so there is that. 

I found his conviction regarding the entire cryptocurrency space in general very, shall we say, encouraging. 

Stay believing my friends!

Sources:

http://www.cnbc.com/2017/05/31/bitcoin-price-forecast-hit-100000-in-10-years.html

https://cointelegraph.com/news/cnbc-covfefe-bitcoin-price-could-hit-100000-in-10-years

Image Sources:

https://www.crypto-news.net/bitcoin-hit-2000-usd-2017/

https://www.bloomberg.com/news/videos/2015-03-10/hard-to-lose-money-on-european-stocks-van-petersen

http://www.notey.com/blogs/bitcoin

Follow me: @jrcornel

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Great post glad to hear he thinks in 10 years BTC will be at $100,000 that is insane!

If your prediction is right I will be very happy and nearly in a position to be able to retire :)

My hope is that people who get into Crypto stay there. I think retiring early is a nice goal but I'm hoping that people have a mindset that bitcoin IS the future currency and not one to just invest into just to sell back into FIAT. What we really need is for McDonalds to have a little window sign bitcoin accepted here (mainstream to accept it as a payment method in other words).

I agree with you, but have a hard time seeing how this would work, at least in a capitalistic society. In such a society, it really requires a small positive inflationary adjustment every year. This is what keeps people buying things, because the price is always going up. If prices stayed the same, (or went down as in a deflation) there is no incentive to make that big purchase now, if I can get by a little while longer without it.

That said, another alt coin that does not have a hard limit, can certainly and likely will be used in the future. But if it can be mined ad nauseam, then we are right back to square 1 again.

Buying a house with 10 BTC, that would be a nice purchase!

If Japan keeps expanding its store usage we will surely see 5k or higher by years end..

We all hope for that :)

Another excellent piece on top of being able to educate us on the potential of Bitcoins future. By the looks of it, I had heard from another excellent analyst that Bitcoins should reach the $8000.00 mark by the end of the year...

Thanks a bunch and namaste :)

Yes I have heard all kinds of numbers being thrown around. I read $4k today. That might be the most conservative number, but still represents massive percentage gains on the year. Namaste :)

$4k btc, $8k btc...I think what we can all agree on is there is no precedent for this type of growth which leads me to believe, even as outrageous as many of these predictions seem - there is a possibility even for some of the most extreme, that it is possible. Whether you are in the game or on the sidelines, it's going to be an interesting show.

Why do you doubt Bitcoin will reach $100K? There are plenty of predictions on Youtube from business types that Bitcoin will reach a value anywhere from $100K to $5million each. This will be attributable to a combination of a weaker dollar and the proliferation of Bitcoin in our lives and in commerce AND the inspired property it posesses of being a deflationary currency thanks to its limited coin run. The days of dealing in whole Bitcoins will be numbered as it becomes more and more valuable, with transactions using micro Bitcoin payments (remember Bitcoin is effectively infinitely divisible) with common fractions of Bitcoins commanding their own terms.

Oh I will even follow the guys between like Jeremy Liew, Tim Draper, Chamath Palihapitiya, Sir Richard Branson, Wences Casares and so on what all say between 500k - 1mio 2030 :)

Yea, I mean we will see I guess. Grab a bitcoin or 2 as well as a couple of your favorite altcoins (steem), stash them in a safe place and then just wait for the next decade to come and go. We will have our answer then. :)

exactely - better a few hundret, hehe :)

Thank you for taking the time to put this post together. My biggest take away from this is that cryptocurrency is not a fad and it is here to stay. This is very encouraging and reinforces my research. Thanks again. Followed and upvoted.

That was my biggest take away as well. Thanks for the follow!

I don't care if BTC will reach 100k price tag in 10 years or not, the real question is what price will the dollar have.

Yep, that is a great question. They should include that in their predictions...

its very encouraging and hopeful i tell you that much. I think we are all pretty excited for the future here on steemit, watching the world change. Blessing to us all

Cliff Highs webot predicts $15,000.00 btc within a couple years. This prediction for ten year btc falls in line with that. Followed, upvoted. Thank you.

While Clif High and the web bots can follow predictions made upon what people talk about on the Internet, I still believe crypto currencies are a reaction to overly oppressive governments around the world. Much like the printing press, crypto currencies fill a need to escape asset fortitude and law enforcement abuse.

But law enforcement is already taking notice of crypto currencies, despite their outdated tactics of wiping hard drives/computers/smartphones and selling them for revenue enhancement. The lesson here is backup, backup, backup!

communication is key...comment reminds me of recent recording's i watched about steem.

and this one with ned scott about 'community tokens and the future of steem'

Yes it does. Thank you!

The only question that remains is:
~ what will 100.000 USD buy us in 10 years...?

Haha yes! I wish they would make a prediction on that as well... what good is $100k bitcoin if $100k buys us what $2k buys us today?! However, even in that scenario at least it preserves your wealth.

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