Bitcoin prices are headed for the sky. There have been several bitcoin speculations coming from all directions including from investors and strategists such as Tim Draper and Thomas Lee, with each making a bullish price tag. Joining the forecasts is Brian Kelly, the founder, and CEO of digital assets investment fund BKCM LLC, claiming that within a short period, bitcoin might set a new record.
According to the prediction of Kelly, there will be a significant surge in bitcoin volumes which means that “there is no reason” why bitcoin prices cannot go above the $20,000 mark and moreover maintain the $25,000 mark by the end of the year.
He went on to add that, the prediction made by Draper saying prices could reach $250,000 by 20222 is not impossible, saying it will imply a 3,000% increase within a four year period. Although this might “sound crazy” it is not extraordinary, especially when bitcoin made a gain of 4,000% in the previous years.
Keely stated, “It’s parabolic, but it would just be a continuation of the trend that we’ve seen.”
He went on to add that this week’s increase in price is “huge,” going on to say “We need the fundamentals, which is the number of transactions, to catch up to this a bit. And if we see that, then I do think we’ve bottomed here and we’ve got a sustainable bull run ahead of us.”
However, Kelly noted that “The big problem with bitcoin now is using it as a currency is very difficult because of the volatility … That doesn’t mean it can’t reach those levels. It just might not do it as fast as it did in the last two years. It might take four years like Tim Draper said.”