A panel of experts has collectively predicted that Bitcoin (CRYPTO: BTC) will be worth US$420,240 ($590,000) by the end of this decade.
The bullish forecast was found in comparison site Finder's quarterly Bitcoin Price Predictions Report, which surveyed 35 industry gurus.
By 2025, the panel predicted Bitcoin would reach US$179,280 ($252,560).
Image source: Getty Images
Long term bulls, but short term confusion
Perhaps justifying a long-term horizon for crypto investing, the experts were more polarised in their opinions about Bitcoin's immediate fortunes.
Some thought it could hold its current level of around $55,000 till the end of the year, while others thought it may be significantly higher or lower.
CoinJar chief Asher Tan thinks Bitcoin will peak at $84,000 before dropping slightly to $79,000 by the end of the year.
"There's still plenty of uncertainty about the short-term Bitcoin outlook," he said.
"Given the macroeconomic headwinds, it would not surprise me to see Bitcoin spend the whole year bouncing around between $42,000 and $84,000 – the sort of conditions that are terrible for traders, but rewarding for accumulators with a multi-year timeframe."
Collectively the experts expected the flagship crypto to peak at $81,680 this year before settling at $91,000 when 2023 rolls in.
Will Bitcoin reduce its energy consumption?
Galia Digital blockchain specialist Kate Baucherel predicted Bitcoin would only remain at the same level as now when the New Year's fireworks go off, because of its reliance on fossil fuels.
Digging up gold costs 3.5 times less energy than mining the same value of Bitcoin, according to the Bankless Times.
Swinburne University of Technology fintech lecturer Dimitrios Salampasis agreed that this would remain a cloud over Bitcoin's head.
But perversely it could work to its advantage.
"The conversations around the environmental impact of mining may lead to blanket bans of crypto mining activities, which could additionally contribute to Bitcoin scarcity and the increased prices as a store of value."
Digital Capital Management managing director Ben Ritchie was one of the more bullish on the panel, predicting Bitcoin would end 2022 at $140,000.
He attributed this to the economic and geopolitical uncertainties this year.
"Can we trust the economic system and the power brokers driving it? Trust has been lost and, with the economy in uncharted territory, Bitcoin is forming a viable alternative solution," he said.
"Placing 'trust' in code and mathematics, with no intervention, has significant global appeal."
