Jason Williams, the co-founder of Morgan Creek Digital has stated that Bitcoin (BTC), the first and largest cryptocurrency by market cap, could experience about 17,900% in the space of five years as BTC continues to develop into a globally known safe-haven asset.
Jason Williams made his stance known regarding the long-term trend of Bitcoin price during an interview with a Norwegian Block Exchange.
“Bitcoin could hit $1 – $3 million dollars in the next five years. People have no idea what it will look like when large banks and countries start holding Bitcoin in their treasury.”
What Would Trigger the Significant Upsurge Bitcoin (BTC)
According to the crypto hedge manager, the continued scarcity of Bitcoin (BTC) will trigger its significant price upsurge.
Williams added that this scarcity will attract more institutional investors. The influx of institutional players into Bitcoin investment is already happening. In the last few months, many publicly traded companies have been showing their interest in BTC with multi-million dollar investments.
Institutional players such as MicroStrategy and Square notably increased their Bitcoin investments in September and October respectively. Grayscale also continues to increase BTC under its management.
According to Bitcoin Treasuries, the publicly traded firms increased their BTC holdings from about $7 billion in mid-October to $10.7 billion, which is a relatively 35% increase to date.
Bitcoin (BTC) Price in the Market
Bitcoin (BTC) has been experiencing a significant price uptrend that took its price to print new yearly highs a few days ago.
Many crypto analysts are waiting for Bitcoin to break above $14,000 resistance, which would boost the hope of seeing the digital currency at its price all-time high before the end of 2020.
Over the past few hours, Bitcoin has been experiencing price retracement, but there is a tendency for a resurgence, considering its recent price actions. At the time of filing this report, BTC is trading at $13,502.02, with a 1.61% price downtrend in the last 24 hours.