Experts: Bitcoin Will Hit $500,000 by 2030
Since bitcoin’s introduction in 2009, it has consistently been the world’s best-performing currency, hovering around the $1200 mark since the end of last year.
But according to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith, the potential of bitcoin is much higher. They sent a presentation to Business Insider where they argued their case for why bitcoin’s value will become $500,000 by 2030.
According to the duo, the most significant reasons for the increase of interest in bitcoin are bitcoin-based remittances, uncertainty, and mobile penetration.
“Expats sending money home have found in bitcoin an inexpensive alternative, and we assume that the percentage of bitcoin-based remittances will sharply increase with greater bitcoin awareness,” Liew and Smith said.
The duo said increased political uncertainty in the UK, US and in developing nations would help elevate the level of interest in bitcoin.
“We believe bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make bitcoin a strong contender for investment at a consumer and investor level,” the two said.
Liew and Smith believe that as the world becomes more connected through smartphones, the percentage of non-cash transactions will increase from 15% to 30% in the next 10 years. By 2020, the number of smartphone users is expected to grow to 1 billion, with 90% of these users coming from developing countries.
This will make it possible for nearly everyone to have a bank in their pocket, and that should provide a boost for bitcoin as well. The two men believe it would account for 50% of all of these transactions.
