This Bitcoin bull claims the cryptocurrency will hit $1 million in 10 years’ time

Credit: Zach Copley

Bitcoin is the talk of dinner parties around Australia and its stratospheric rise means it’s being described as everything from the currency of the internet, to a criminal conspiracy, or fast-track ticket to millionaire status.

On Friday afternoon its price hit A$7,500 or US$5,760 a coin, yet some bitcoin bulls are claiming this is just the beginning…

In fact one Bitcoin bull is claiming the currency will hit more than $1 million within 10 years’ time.

And I’m not kidding!

Bitcoin is reportedly now worth around US$65 billion in aggregate and according to a Fool U.S. report an analyst at  Saxo Bank believes Bitcoin is heading to US$100,000 in 10 years’ time. That would equate to gains around 2,500% still to come.

But those gains are pathetic compared to those coming if the $1 million per coin predictions of a PayPal board member come true within 10 years.

According to the article Wences Casares reckons the Bitcoin boom has hardly started with gains of 27,000% or so around the corner for anyone buying today.

The other side of the coin is that today’s investors may face steep losses if the bitcoin bubble bursts as it is an asset that is impossible to value given it spits off no cash flows, has no guarantor, and doesn’t even exist in a physical sense.

As such, I’m not a bitcoin buyer, although I wouldn’t be surprised to see it head higher in the year ahead.

Forget gambling on Bitcoin!

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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