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Crypto News

Bitcoin is heading for $200k, billionaire says

Saudu Clement
Saudu Clement

According to billionaire venture capitalist, Chamath Palihapitiya, a single Bitcoin will eventually be worth $200,000.

The founder and CEO of Social Capital in an interview with CNBC said that as more people begin to realize that Bitcoin can offer them insurance in a politically and economically unstable society, the digital asset’s price will rise to meteoric heights.

With Bitcoin currently trading at $41k, a future price of $200k is just an increment of less than 500 percent. As a reference, Bitcoin gained more than 300 percent in the last 3 months.

Palihapitiya referred to his earlier predictions and how he would often be mocked for them. He said:

Can you play the clip in 2012 and 2013 when it was at $200 and everybody was laughing at me on CNBC every time I would talk about Bitcoin? Where is it going? It’s probably going to $100,000, then $150,000 then $200,000.

To support his new predictions, Palihapitiya says Bitcoin is inherently scarce. It has a maximum supply of 21 million tokens. Furthermore, it is largely unconnected with the macroeconomy and this could fuel its rise amidst rising economic instability. He wasn’t clear on the “when” though.

In what period? I don’t know – five years, ten years, but it’s going there, and the reason is because every time you see all of this stuff happening, it just reminds you that… our leaders are not as trustworthy and reliable as they used to be.

According to the billionaire, he purchased 1 million BTC when the price was just $80 per coin. He didn’t confirm whether or not he still holds the asset.