Since the #bitcoin price passed $50,000 during the 2021 bull market, many have wondered whether and when it would reach $100,000 or even $1,000,000. Many researchers and commentators have predicted that Bitcoin's value will rise to $1 million over the next three years. The most recent prediction comes from aspiring economist Alessandro Ottaviani.
The BTC Price Is Headed Towards $1M.
Ottaviani begins his X (formerly Twitter) article by noting the fast increase in Bitcoin's market valuation after rumours of an approved Spot Bitcoin ETF spread. Keep in mind that on Monday, Cointelegraph posted to X, reporting that the US Securities and Exchange Commission (SEC) had granted approval to the BlackRock iShares Spot Bitcoin ETF registration.
After this, as Ottaviani notes, Bitcoin's price jumped past $30,000, and the cryptocurrency's market valuation grew by more than $50 billion in a couple of minutes. The analyst was able to extrapolate what would happen if and when true Spot Bitcoin ETFs are allowed based on BTC's reaction to this news, which turned out to be false.
Today's most important takeaway: Bitcoin's market cap increased by almost $50 billion in a matter of minutes, yet the actual funds moving into the cryptocurrency were probably less than $500 million (a ratio of 100:1).
A former director at Blackrock has predicted that $150–200 billion will flood into Bitcoin during the next three years.
October 16, 2023 — Alessandro Ottaviani (@AlexOttaBTC)
According to Ottaviani, the market capitalization climbed by $50 billion while receiving only a $500 million inflow, for a 100:1 ratio. So, Ottaviani says, BTC's market cap would be $21 trillion if, as BlackRock Director and CEO Larry Fink predicted, a Spot ETF triggered an influx of $150 billion to $200 billion into the asset. Each bitcoin would cost $21 million (or $1,000,000) at that market valuation.
Now, Ottaviani refers back to Fink's comment regarding when this would occur. Fink predicted that $150–$200 billion may be invested in Bitcoin over the course of three years. Bloomberg experts predict that the price of Bitcoin will hit $1 million in 2027 or 2028 if a Spot Bitcoin ETF is approved in 2024.
In the X article, Ottaviani predicted that "surely on the way up there will be many people selling," but that it was already "directionally clear" how big of an impact the approval of BTC ETFs may have.
Other Bets on a Million Dollars As BTC
In predicting that Bitcoin's price will hit $1 million, Ottaviani joins a long line of market players and crypto fans. Notable figures including as ARK Invest CEO Cathie Wood, Coinbase CTO Balaji Srinivasan, and financial author Robert Kiyosaki are among those who are optimistic about its potential.
An outspoken Bitcoin supporter named Cathie Wood predicted last year that the cryptocurrency's value will reach $1 million by 2030. For this reason, Wood's ARK Invest has been making substantial crypto-related investments, including the purchase of tens of thousands of shares of Grayscale Bitcoin Trust and thousands of shares of Coinbase stock.
Next up is Balaji Srinivasan, the chief technology officer of Coinbase, who placed a $1 million BTC price wager in June 2023. Srinivasan explained this phenomenon as a result of the "hyperbitcoinization" of the economy. Srinivasan, however, projected events to occur within a significantly shorter time span (90 days) than what really occurred.
Robert Kiyosaki, a monetary author, comes in last. Kiyosaki has been warning of a possible collapse of the US currency and has advocated for alternatives to the dollar, such as Gold, Silver, and Bitcoin. In an interview this past August, Kiyosaki predicted that a global economic collapse might cause the price of Bitcoin to soar to $1 million, while the prices of gold and silver would climb to $75,000 and $60,000, respectively.