Bitcoin Could Hit $300,000 In Five Years Even Without ‘Institutional Adoption’ - Senit

Bitcoin bulls are currently out in force, talking up the cryptocurrency amid unprecedented central bank stimulus and quantitative easing.

The bitcoin price, which has failed to hold its ground over $10,000 per bitcoin in recent weeks, has climbed some 30% since the beginning of the year—but remains far from its all-time highs (for the time being).

Now, crypto pioneer Adam Back has predicted bitcoin will soar to $300,000 per bitcoin within the next five years, even without Wall Street’s highly-anticipated institutional support.

“[Bitcoin] might not require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals to think about hedging [and] retaining value when there’s a lot of money printing in the world,” Back told financial newswire Bloomberg.

Last month, bitcoin got a big boost when legendary macro investor Paul Tudor Jones revealed he is buying bitcoin as a hedge against the inflation he sees coming as a result of never-before-seen levels of central bank money-printing.

“It is causing people to think about the value of money and looking for ways to preserve money,” Back said, adding “it’s a difficult environment to get any yield.”

Read more at Forbes
https://www.forbes.com/sites/billybambrough/2020/06/08/bitcoin-could-hit-300000-in-five-years-even-without-institutional-adoption/#5a50643152c6