Top financial advisor Ric Edelman has drawn a comparison between buying bitcoin today and investing in Amazon during 1999. Speaking to Bitcoin Magazine TV on Thursday, Edelman, founder of Edelman Financial Engines, outlined his investment thesis while also making a price projection for the leading cryptocurrency.
Edelman said: "Back in 1999, people were arguing over whether to invest in Amazon. Nobody has that argument — everybody owns it, and Bitcoin will have the same trajectory in the future."
At the time of his remarks, bitcoin was trading near $76,522 after gaining 1% over the previous day. The cryptocurrency had experienced its strongest performance in years during August, following an extended period below $65,000, well beneath its October record of approximately $126,080.
Price Projection Based on Asset Allocation
Edelman projects bitcoin could reach $500,000 by 2030. He tied this forecast to a specific adoption scenario: if everyone worldwide allocates 1% of their assets to bitcoin.
"If everybody in the world allocates 1% of assets to bitcoin, that translates to a $500,000 price — it's really that simple," Edelman stated.
He added that his prediction could prove conservative, saying: "I have a feeling we're going to discover that my prediction is wrong on two counts: one, it'll be more than $500,000, and second, it'll probably be before 2030."
Long-Standing Bitcoin Advocate
Edelman has advocated for bitcoin for over a decade. He recalled facing resistance when promoting the cryptocurrency to colleagues in traditional finance during 2013 and 2014.
"I was booed off many a stage in 2013, 2014, trying to convey to my colleagues in the financial services field to pay attention to [Bitcoin]," he said. Edelman noted that traditional finance professionals now broadly accept that bitcoin is established as a lasting asset class.
