An analyst who, in late 2016, correctly predicted that bitcoin prices would trump $2,000 this year has now forecasted bitcoin price to hit beyond $100,000 in 10 years.
As CCN reported in early December 2016, a “2017 Outrageous Predictions” report by Saxo Bank – a Danish investment and trading institution – made a number of forecasts about stocks, monetary reserves, commodities and banks around the world. In that report, analyst Kay Van-Petersen also called bitcoin to be punching above $2,000 under a Trump administration. On May 21st, bitcoin price struck $2,000 and went on to hit an all-time high above $2,750.
Now, Van-Petersen, who describes himself a skeptic of central banks (the Fed, Bank of Japan and the ECB in particular) and a ‘Bitcoin newbie’, sees more bullish gains for bitcoin over the next decade.
In conversation with CNBC, the analyst sees prices topping $100,000 in ten years and explains the reasons behind his prediction.
Firstly, Van-Petersen sees cryptocurrencies growing tremendously in the global trading market in the coming years. Enough for all cryptocurrencies to equal 10% of the average daily volumes of global fiat currency trading, in 10 years.
“This is not a fad, cryptocurrencies are here to say,” Van-Petersen told the publication.
The average daily volumes of foreign exchange trading scales over $5 trillion in the present day. With this as the scale, Van-Petersen sees cryptocurrencies reaching 10% of that figure, or $500 billion in daily trading, in ten years. If bitcoin – conservatively – totals 35% of the cryptocurrency market share (it currently stands at 45%), daily bitcoin trading volumes would reach $175 billion.
The analyst also sees bitcoin’s market cap to be 10x that of its average daily trading volume in ten years, which would see the cryptocurrency reach a market cap of $1.75 trillion. Divide that figure by an estimated potential 17 million bitcoins in supply in 10 years and each mined bitcoin in circulation would be worth over $100,000.
Van-Petersen sees bitcoin as one of two or three main cryptocurrencies that will dominate in the coming years. “And the reason is the first-mover advantage, the scale and the pioneering,” he added.
While the Crypto Gambling analyst’s prediction is undoubtedly bullish – it represents a 4500% rise from current bitcoin prices – it pales in comparison to that of PayPal director and bitcoin executive Wences Casares. A week ago, Casares, an early tech entrepreneur who is now chief executive at bitcoin wallet Xapo, predicted bitcoin to hit $1 million over the next 5-10 years.
Satoshi Citadel Industries Will Integrate XRP In Remittance And Mobile Money Services
Most cryptocurrency enthusiasts will be familiar with Satoshi Citadel Industries. The company has built up a solid reputation when it comes to blockchain-based services in The Philippines. It appears the group is now working on integrating XRP support in the near future. That is quite an interesting development, to say the least.
SCI Will Support XRP Services Shortly
To put this news into perspective, BuyBitocin.ph will be the first subsidiary to enable XRP trading in the next few weeks. This allows users to buy and sell XRP in exchange for Philippine Pesos. Rebit.ph and Bitbit.cash will enable XRP support in the future as well, although no specific dates have been announced for these platforms.
Given the recent popularity boost of XRP, it is not surprising to learn companies are paying attention once again. Although many people question the use cases for XRP outside of the financial sector, this news goes to show consumer use cases are not hard to find. In fact, these may be the first consumer use cases for XRP we have seen so far. Quite an intriguing development, to say the least.
With financial institutions paying attention to XRP, there is no reason for Bitcoin companies not to do the same. Exchanges are supporting XRP, but that is only a speculative use case. Using this digital asset for remittance services and mobile money solutions is a whole different ballgame. It will be interesting to see if this news will have any impact on the XRP price over the coming weeks.
Satoshi Citadel Industries firmly believes XRP is a valuable asset. Moreover, they feel XRP can play a major role in the blockchain-based financial ecosystem in The Philippines. Whether or not a lot of people will use XRP for these remittance and mobile money services, remains to be seen. The Philippines is a crucial area for cryptocurrency and digital asset adoption, though. This news may help push the price of XRP back to this previous all-time high in the coming weeks.