Bitcoin Could Top $100,000 in 10 Years, Says Previously Accurate Analyst

Bitcoin Price $100,000 Forecast
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An analyst who, in late 2016, correctly predicted that bitcoin prices would trump $2,000 this year has now forecasted bitcoin price to hit beyond $100,000 in 10 years.

As CCN reported in early December 2016, a “2017 Outrageous Predictions” report by Saxo Bank – a Danish investment and trading institution – made a number of forecasts about stocks, monetary reserves, commodities and banks around the world. In that report, analyst Kay Van-Petersen also called bitcoin to be punching above $2,000 under a Trump administration. On May 21st, bitcoin price struck $2,000 and went on to hit an all-time high above $2,750.

Now, Van-Petersen, who describes himself a skeptic of central banks (the Fed, Bank of Japan and the ECB in particular) and a ‘Bitcoin newbie’, sees more bullish gains for bitcoin over the next decade.

In conversation with CNBC, the analyst sees prices topping $100,000 in ten years and explains the reasons behind his prediction.

Firstly, Van-Petersen sees cryptocurrencies growing tremendously in the global trading market in the coming years. Enough for all cryptocurrencies to equal 10% of the average daily volumes of global fiat currency trading, in 10 years.

“This is not a fad, cryptocurrencies are here to say,” Van-Petersen told the publication.

The average daily volumes of foreign exchange trading scales over $5 trillion in the present day. With this as the scale, Van-Petersen sees cryptocurrencies reaching 10% of that figure, or $500 billion in daily trading, in ten years. If bitcoin – conservatively – totals 35% of the cryptocurrency market share (it currently stands at 45%), daily bitcoin trading volumes would reach $175 billion.

The analyst also sees bitcoin’s market cap to be 10x that of its average daily trading volume in ten years, which would see the cryptocurrency reach a market cap of $1.75 trillion. Divide that figure by an estimated potential 17 million bitcoins in supply in 10 years and each mined bitcoin in circulation would be worth over $100,000.

Van-Petersen sees bitcoin as one of two or three main cryptocurrencies that will dominate in the coming years. “And the reason is the first-mover advantage, the scale and the pioneering,” he added.

While the analyst’s prediction is undoubtedly bullish – it represents a 4500% rise from current bitcoin prices – it pales in comparison to that of PayPal director and bitcoin executive Wences Casares. A week ago, Casares, an early tech entrepreneur who is now chief executive at bitcoin wallet Xapo, predicted bitcoin to hit $1 million over the next 5-10 years.

Featured image from Shutterstock.

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Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email: [email protected]