Bitcoin Price Can Triple, Some Experts Believe
Bitcoin entrepreneur Vinny Lingham has made a rather bold prediction: that the Bitcoin price (BTC price) will rise to the $3,000 range later this year and then become a true powerhouse.
In contrast to that daring and rosy picture, Lingham views trading spikes as potentially damaging for its progress, seeing steady and incremental progress versus volatile jumps as the way forward for the Bitcoin price. (Source: “Bitquant Founder: Bitcoin ‘Useless’ for Dodging China Capital Controls,” Cointelegraph, January 4, 2017.)
Phase 1 of Bitcoin (2008-2016) = Creating a Digital Commodity. Phase 2 = Proving it as a Store of Value. Phase 3 = Adopting it as a Currency
— Vinny Lingham (@VinnyLingham) January 3, 2017
What Lingham does is define BTC currently as a commodity and not a currency, mainly due to the instability of the Bitcoin price. He argues that, if in one day your currency can lose a large chunk of its value, then it’s not really a currency.
To him, a multiplied value of the BTC price in the 20s within a year is unsustainable and will inevitably lead to a crash. On the flipside, a multiplied value in the 20s over a decade is the better way to go, even if it does yield slower returns as time goes on. (Source: “Bitcoin: Commodity, Store of Value or Digital Currency?” Vinny Lingham, January 3, 2017.)
I believe that we first need to see it get to the $3,000 price range, which I forecast for later this year, and I believe this is entirely possible, but it must happen while maintaining low volatility and steady growth — countries falling apart and pouring money into Bitcoin will not help the cause if it happens too quickly.
Lingham is not alone in being a bull for the Bitcoin price. One of our own Profit Confidential analysts sees the BTC price rising to the $4,000 range.