Robert Breedlove, the founder of crypto investing business Parallax Digital, has claimed that Bitcoin (BTC) has a high probability of seeing a major price increase in the future, mostly due to a decline in the dollar’s buying power.
According to Breedlove’s forecast, Bitcoin will sell for $12.5 million by 2031, which is comparable to $1 million based on current buying power, he said on the September 13 episode of the Altcoin Daily podcast.
“Today, I’m standing by that forecast. I am aware that the DXY [US dollar index] has been soaring lately, but I anticipate a period of volatility before to a decline. Consequently, my Bitcoin price forecast for the year 2031 is $12,500,000 per Bitcoin.”
He observes that the dollar is hyperinflationary and might fall to $0 by 2035. Breedlove said that if the dollar reaches its lowest point of zero, there would be no need to price Bitcoin.
Intriguingly, the opinions of the former hedge fund manager come at a time when the dollar is soaring versus the majority of global fiat currencies. Notably, the scenario looks to be favourable for Bitcoin as an increasing number of investors abandon their native currencies in Favour of Bitcoin. As a result, Bitcoin’s trading volume increased, reaching $42.68 billion on September 29.
Despite retaining an optimistic stance on Bitcoin, Breedlove has previously forecasted that the commodity is threatened by many black swan occurrences.
Breedlove, as reported by Finbold, said that identifying the precise event is difficult, but any occurrence that drastically affects the hash rate has the ability to wipe out Bitcoin.
Moreover, he emphasized that the regulatory component of Bitcoin’s future is crucial. He emphasized that authorities may intervene if Bitcoin poses a danger to the established banking industry.
Also Read: Amber Group replicates the Wintermute vulnerability in 48 hours using an Apple MacBook
