Bitcoin just got some pretty high praise from someone working at a fortune 500 company...
Jesse Lund, the vice president of blockchain and digital currencies for IBM, recently stated that he believes bitcoin will hit $1 million dollars, eventually.
He made this prediction in an interview with Finder.com.
More from his interview can be seen here:
Why does he think it will hit $1 million?
He didn't really go too much into the details of why he thinks it will hit $1 million besides one very wishful reason...
He said that at $1 million per bitcoin, one satoshi would be the value of 1 penny.
The entire network would be valued north of $20 trillion, which isn't outrageous according to him as long as it catches on as a global payment system.
Cool! So what does Lund see for the end of 2019?
Lund went on to say that he thinks by the end of 2019, bitcoin will be worth about $5,000.
Though, he was quick to add that he thinks it will be worth significantly more later on...
His exact quote:
“I see maybe $5,000 at the end of the year, but I see a way higher upward trajectory.”
(Source: https://cointelegraph.com/news/bitcoin-will-hit-1-million-says-ibms-vp-of-blockchain-jesse-lund)
$5k doesn't sound great condsidering where we were, but it is almost a double off the lows this year.
What will the purchasing power of the dollar be if bitcoin is valued at $1 million USD per coin?
If the purchasing power is roughly what it is today, yippy!
If it has been devalued by 99% like what is going on in Venezuela, well then it wouldn't be such good news for bitcoin holders.
Reading between the lines I think he is calling for bitcoin to be worth $1 million dollars AND the dollar's purchasing power to be roughly what it is today.
That sure would be nice wouldn't it?!
Stay informed my friends.
-Doc