Unbelievable Bitcoin Price Predictions in 2012-2013

One thing that impressed me most about Bitcoin in 2013 was the staggering price forecasts. The price moved around 10-20, later, 30-50 USD only, and predictions of $1000 or $5000 seemed already fantastic. We know how the story evolved so far. It’s sooo funny to read these numbers today, by $58,000 Bitcoin:

“Bitcoin Price Breaks All-Time High of $31.91. Some have predicted $45; others $100, and still others believe that the bubble is only starting. And we may see a meteoric as great in magnitude as the one in 2011–that is, by June 2013, we will hit $1000. Unlikely, perhaps, but in April 2011, no one was predicting $30”. A young, today very famous author, Vitalik Buterin, wrote this in February 2013, in Bitcoin Magazine.

The Nine Boldest Forecasts This Year

But back to the future of Bitcoin and its predictions in the present. I found nine interesting forecasts and calls made this year by famous professionals. But more may exist, as thousands of posts appear every day on crypto sites.

9. $199,685 Bitcoin Price Prediction for 2025

Longforecast.com estimates a $133,656 Bitcoin for this year, December 31, and 199,685 for April 2025. Although these estimates are not very high, consider that an algorithm performs the calculation here. So, if well programmed, it may eliminate human emotions and biases. The company says: “Our specialists use mathematical and statistical methods of prediction based on the existing historical data.”

8. Bobby Lee: 200-250k, But This Year

“Crypto expert” Bobby Lee lowered his 2018 prediction of $333,000 BTC in February–but not drastically. “I think it’ll go up at least another 4-5 times, so it’ll hit $200,000-$250,000 this year,”–he told Cointelegraph. That is not very high either, but it would be a nice jump if it happens this year already.

7. Plan B: at Least 288k

“We are only 3.5 months into the Bitcoin bull market. In my opinion, BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher),”–wrote PlanB on Twitter in March. The analyst is known for the “stock-to-flow model” (S2FX). This theory predicts the price based on the stock available and the continuous production of an asset. (Twitter)

6. Analyst Calls $300,000 Bitcoin for 2022

The “top cryptocurrency analyst” Van de Poppe has a price target of $300,000. He said in January, Bitcoin coin can reach it in 2022. “It would probably hit $200,000 to $300,000 in 2022”–cited Coinspeaker.

5. A Gold-Based Bitcoin Estimate of $500,000

“Asset manager values bitcoin at $500K. Expects BTC to be worth more than gold, sees massive institutional interest,”–wrote Bitcoin.com at the beginning of February. He was comparing Bitcoin’s market cap to that of “all the gold in the world.” If Bitcoin reached gold by this indicator, the price could arrive at “something in the order of $500,000 per bitcoin”.

4. A Whopping $1,000,000 Bitcoin Price Prediction

In January, Anthony Pompliano, hedge fund-manager by Morgan Creek Digital, predicted a $1,000,000 Bitcoin price in the long term. But in the middle term, end of 2021, only $100,000. But he was unsure whether the high price will be “due to BTC’s popularity or the devaluation of the dollar.” (Maybe Bitcoin will cost one million, but this million will be worth half of that of today?) And he warned of “tons of volatility.” (DailyHodl)

3. 1,000,000 in Ten Years, or Infinite

According to Kraken CEO, Bitcoin price goes to “infinite”–this was the news at the beginning of February. Jesse Powell thinks Bitcoin will replace all of the world’s currencies. (Only a few bitcoin fans claim this.) He said one million for a Bitcoin in ten years is a reasonable estimation. The meaning of the word “infinite” as a forecast remains unclear in the post.

2. What? 5-10 Million for One Bitcoin?

Investor and podcaster Preston Pysh predicted in January, Bitcoin’s total market value “could eventually soar” above $100 trillion. Today it is 1,1 trillion, so that would lead to a 5.3 million USD price. Then, he also said, “probably $5 million to $10 million a coin”. The main reason for that would be the scarcity of the coin. (DailyHodl)

1. Will Bitcoin Fall to Zero?

Estimating a Bitcoin price of zero or near-zero in this bullish environment seems to be more courageous than predicting one million. Analysts with this opinion are more contrarian than ever. Some old-fashioned, value-oriented economists keep saying Bitcoin is worth nothing. It is fraud, gambling, or the hugest bubble in the world. Or is even “rat poison squared”–stated Warren Buffet.

“Cryptocurrencies basically have no value, and they don’t produce anything… In terms of value: zero.” (Warren Buffett)

What You Need to Know About Bitcoin Price Forecasts

But others say Bitcoin is like any other currency and asset. Its value is determined by the trust, faith of the people. Gold has physical use cases, but most of its value is also built on the trust others will accept it. As long as the belief in bitcoin persists, the value of bitcoin can also stay high even for centuries.

And don’t forget: Nothing, but absolutely nothing guarantees this time the analysts are correct, and any prediction is functional. Most of the professionals named above are heavily engaged in Bitcoin or the cryptocurrency-industry. They are therefore biased and may not have made an entirely objective statement. (People invested in an asset have mostly a subjective point of view–me too. Read the disclaimer.)

But if only a third of what they say is true, that could mean a further nice Bitcoin bull run.

Update 1: The Crowd Said 100,000, And This Year

A recent crypto survey by Twitter had 80 percent of respondents predict that Bitcoin price would break above $100,000 by December 2021–wrote Cryptopolitan. “Exactly 40 percent predicted over $100,000 while 33.2 percent predicted above $288,000 and 10 percent of the respondents predicted $500,000”.

Is that too nice? If the sentiment is too greedy, the chances of a correction may increase substantially.

Update 2: One Analyst Calls 400,000, the Other, 500,000

“Senior Commodity Strategist for Bloomberg Intelligence,” Mike McGlone predicted a Bitcoin price at 400K in 2021. Because it “could move from being a risk asset to become a global reserve asset.” And also comparing the 2017 bull market to the current one– wrote Newsbt on March 27.

The creator of the Stock to Flow model, Plan B, also refreshed estimates. They think now Bitcoin’s price could approach $500,000 by the end of 2021.

Disclaimer

I’m not a certified financial advisor nor a certified financial analyst, accountant, nor lawyer. The contents on my site and in my posts are for informational and entertainment purposes and reflecting my collection of data, ideas, opinions. Please, do your proper research or consult your advisors before making any investment or financial or legal decisions.

At the time of writing: I’m long in gold miner stocks, silver, platinum, copper, multinational energy companies, Anglo American, and various cryptocurrencies. Short in the German DAX and the VIX index.

(Photos: Pixabay.com.)