Ever since the Bitcoin price crossed the $50,000 mark in the 2021 bull market, there have been speculations about when the price will reach $100,000, and on the other hand, $1,000,000. Over time, several analysts and experts have put forward their predictions, but the most recent of these is from aspiring economist Alessandro Ottaviani, who believes that BTC could reach the $1 million mark in the next three years.
Bitcoin price on its way to $1 million
Ottaviani starts his X (formerly Twitter) after by pointing out that the Bitcoin market cap had risen rapidly following fake news about a Spot Bitcoin ETF approval. Think about that on Monday, media outlet Cointelegraph posted to X saying that the US Securities and Exchange Commission (SEC) had approved the BlackRock iShares Spot Bitcoin ETF application.
Following this, Bitcoin’s price rose above $30,000 and within minutes, more than $50 billion was added to the crypto’s market cap, as Ottaviani notes. Judging from BTC’s reaction to this news, which ultimately turned out to be fake, the analyst was able to draw a parallel for what could happen if Spot Bitcoin ETFs are approved for real.
Today’s Key Takeaway: Bitcoin Makrket Cap increased by more than $50 billion in a matter of minutes, and most likely the money flowing into Bitcoin was less than $500 million (100:1 ratio).
A former Blackrock executive said we can expect $150 to $200 billion in Bitcoin within 3 years.
— Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023
Ottaviani points out that this $50 billion increase in market capitalization came from an injection of approximately $500 million into the market, meaning that market capitalization rose at a ratio of 100:1. Based on what BlackRock President and CEO Larry Fink said about a Spot ETF triggering $150 billion to $200 billion inflows into the asset, Ottaviani explains that this would bring BTC’s market cap to $21 trillion. For $21 trillion market capthe price of each BTC would be $1 million.
As for when this could happen, Ottaviani backtracked on Fink’s statement. When Fink made his prediction that $150-$200 billion could flow into Bitcoin, he said this could happen over a three-year period. So if a Spot Bitcoin ETF is approved in 2024, as Bloomberg analysts believe, Bitcoin’s price could reach this $1 million mark in 2027-2028 if all goes according to plan.
“On the way up there will certainly be a lot of people selling, but this is already directionally clear how much of an impact the approval of the BTC ETFs could have,” Ottaviani said in the X-post.
BTC still miles away from $1,000,000 | Source: BTCUSD on Tradingview.com
Other $1 Million Predictions for BTC
Ottaviani is just the latest in a long line of market participants and crypto enthusiasts who have predicted Bitcoin’s price would reach $1 million. Some notable personalities who believe this level will be reached include Cathie Wood, CEO of ARK Invest, Balaji Srinivasan, CTO of Coinbase, and financial author Robert Kiyosaki.
Cathie Wood, a very vocal supporter of Bitcoin, said last year that she expects the price of BTC to reach $1 million by 2030. Because of this belief, Wood’s investment firm ARK Invest has invested heavily in the crypto space, purchasing hundreds of bitcoins. thousands of shares in the Grayscale Bitcoin Trust, as well as Coinbase shares.
Next on the list is Balaji Srinivasan, CTO of Coinbase made a bet in June 2023 that the BTC price would reach $1 million. Srinivasan pointed to ‘hyperbitcoinization’ as the reason behind this. However, Srinivasan’s prediction was for a much shorter time frame (90 days) and did not go as predicted.
Last but not least is financial author Robert Kiyosaki. Kiyosaki has raised the alarm about a possible collapse of the US dollar and has presented gold, silver and Bitcoin as good alternatives to hedge against this potential collapse. In August, Kiyosaki said in an interview that if the economy were to collapse, Bitcoin could reach $1 million, while Gold and Silver could rise to $75,000 and $60,000 respectively.
Featured image of Blockchain Companies, chart from Tradingview.com
