Although Bitcoin’s price has seen quite a dive recently, an Australian crypto expert seems to think it could scale up to six-figures by 2023. Tom Waterhouse, one of Australia’s leading bookies, tweeted on Tuesday that a popular crypto expert bet A$ 8.5 million that Bitcoin’s price would overtake Berkshire Hathaway’s share price by 2023.
Should his bet pay off, the punter could win up to A$1.2 billion.
However, the stakes are high since the coin is currently wading through bearish waters. The virtual currency had seen its value peak to nearly $20,000 last year, but it has more than halved in the last six months, data from CryptoCompare showed.
As of 0820 GMT, the coin was trading 3.2 percent lower against the U.S. dollar at $6,175.45.
To catch up to Berkshire Hathaway may seem like a Herculean task at this point, with its class A shares closing up 0.7 percent at $288, 481 on Wednesday.
Bitcoin – not everyone’s first choice
Warren Buffet, the billionaire chairman of Berkshire Hathaway, has famously decried cryptocurrencies, reaching so far as to say that Bitcoin was “probably rat poison squared.”
Though the coin has managed to retain its spot as the most valuable digital currency, with a market capitalization of $106.55 billion, some believe it may not be the best investment at this point.
According to Ran Neu-Ner, who hosts CNBC Africa’s Crypto Trader, Bitcoin is not a wise investment in the near-term and it will soon reach a point where miners find it’s not longer viable to mine the coin.
The possibility of the cost of mining Bitcoins exceeding the price of the coin itself has compounded to investors’ woes.
Bitcoin price predictions
Arthur Hayes, CEO at crypto exchange BitMEX, believes the coin is just one positive regulatory decision away from climbing to $20,000 or even $50,000 by the end of the year. In a recent interview with CNBC, he said that an ETF approval from the U.S. Securities and Exchanges Commission could probably boost prices.
John McAfee, Bitcoin proponent, forecast that the coin’s price would touch $1 million by 2020 after Bitcoin’s price exceeded his prediction last year.
Thomas Lee, head of research at Fundstrat Global Advisors, predicted that the currency’s price will hit $25,000 by the end of this year.
Image via Shutterstock
Join our Telegram group