A former hedge fund manager has made a massive Bitcoin ($BTC) price prediction, estimating that the flagship cryptocurrency will trade at $12.5 million per coin within a decade of the US dollar’s collapse.
In an interview with Altcoin Daily, first reported by Daily Hodl, Robert Breedlove, CEO and founder of cryptocurrency investment firm Parallax Digital, said the price of the flagship cryptocurrency will soar until 2031 as the US dollar collapses.
Breedlove noted that he had a public prediction that the U.S. dollar would be “hyperinflated to zero, or close to it, by 2035,” and that he would stick to his prediction even at a time when The US Dollar Index (DXY), an index that measures the value of the US dollar against a basket of foreign currencies including the EUR, GBP, JPY, CAD and CHF, has recently surged.
The former hedge fund manager noted that he expects the DXY to turn volatile before crashing and has a corresponding price prediction for the flagship cryptocurrency, which is the 12 .5 million dollars.
The analyst noted that there was a catch behind the explosive price forecast: a drop in purchasing power associated with the collapse of the US dollar. While BTC would trade at $12.5 million according to his prediction, it would be worth the equivalent of $1 million based on today’s buying power. He said:
One caveat is that this would only be a Bitcoin price of $1 million in 2020 dollars, so the purchasing power of 2020 at the time I made the prediction would be the equivalent of 1 million US dollars to Bitcoin.
In his words, $12.5 million would no longer buy what $12.5 million buys today. As an example, Breedlove noted that if a loaf of bread cost $50 in 2020, that same loaf of bread would sell for $60 in 2031, when BTC trades at $12.5 million.
The analyst added that he would stick to his prediction and noted that Bitcoin “has no top” because the US Dollar will hyperinflate to “zero, hyperinflate to worthlessness.”
Notably, after cryptocurrency prices dropped significantly earlier this year, some whales began to show signs of capitulation, with on-chain data showing that the amount of bitcoin held by whales has declined over the past 11 years. months as fears of inflation and financial recession continue. growth.
According to the firm, addresses holding 100 to 10,000 BTC reduced their BTC supply percentage to a 29-month low amid their token distribution. The last time whales held such a low amount of BTC was in April 2020, during a sale triggered by the COVID-19 pandemic.
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