There’s nothing quite like the bitcoin debate. In one corner, crypto evangelists insist that bitcoin will be nothing less than the next reserve currency or digital gold. In the other corner, traditionalists pour scorn on the notion that the technology will present a threat to the existing financial system.
Two of the most prominent names in the bitcoin world are twins Tyler and Cameron Winklevoss, who were famously enriched by a $65 million settlement from Facebook Inc. FB, +0.52% to settle claims former college buddy Mark Zuckerberg copied their idea for the social-network site. The two were early adopters of bitcoin and have long touted the No. 1 digital currency as the next digital gold. In February, as the price of bitcoin was tumbling to its 2018 low, they said it could go as high as $320,000.
Joining the Winklevoss twins in the bull corner are CNBC personality Jim Cramer and cybersecurity guru John McAfee. Both have said bitcoin could trade as high as $1 million. However, McAfee’s call is a little more disturbing as it came with a NSFW caveat, should bitcoin not reach $1 million by the end of 2020.
Other bitcoin bulls are Tom Lee of Fundstrat Global Advisors, who said bitcoin would reach $25,000 by the end of 2018 and $125,000 by 2022. Then there is Tim Draper of Draper Associates. The California-based venture capitalist, who famously purchased all the bitcoins seized in the Silk Road crackdown, said a single bitcoin would be worth $250,000 by 2022.
At the other end of the scale, economists Joseph Stiglitz, winner of a 2001 Nobel Prize, and Kenneth Rogoff have poured cold water on the most famous cryptocurrency. Both said the price of a single bitcoin could be worth $100 by 2028. Citing overregulation, Stiglitz told Financial News in July that “bitcoin could easily be worth $100 in ten years.”
However, after a wild end to 2017 and first two months of 2018, bitcoin has spent the best part of the year trading between $6,000 and $8,000 and with volatility nearing all-time lows, it’s possible the group will go 0 for 11.