Crypto Analyst Explains What Needs To Happen for Bitcoin Price To Reach $1 Million


Earlier this week, popular crypto analyst Jason Pizzino talked about Bitcoin’s “path to one million dollars.”

According to a report by The Daily Hodl about the YouTube video published on April 19 by Pizzino, below are a few highlights of what he said about Bitcoin:

  • A 25x might seem like it’s a little far-fetched. But as we can see from December 2018 to the current top in 2021 in November, it’s basically been a 22x return. So 2,100% here. So it’s not too far out of the question. But I just think it’s going to take a lot more time than people are expecting.
  • Some of the challenges that we’ve got to get through is decoupling from the Nasdaq… The problem lies with the Nasdaq itself being that we could be in for more downside in the Nasdaq which means more downside in Bitcoin and Ethereum and of course cryptocurrencies.
  • Bitcoin needs to decouple from technology. It needs to decouple from the tech sector and it needs to go more in line with gold if it is to become a world reserve asset.

On April 7, Catherine Wood — Founder, CIO, and CEO at ARK Investment Management, LLC — said that her firm expects the Bitcoin price to reach $1 million by 2030 while speaking at a panel with Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), in Miami, Florida on day two of the four-day Bitcoin 2022 conference.

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Wood said:

As many of you may know, in our big ideas 2022 … we have a price target in 2030 for Bitcoin of more than $1 million dollars per bitcoin… If you go in and you’ll see how we build that case … all we expect over the next eight years is that roughly two and a half percent of institutional assets are allocated to bitcoin.” 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured Image by “Donbrandon” via Pixabay

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