Currently valued at $56,079 USD per coin, Bitcoin is expected to eventually reach $1 million USD based on data accumulated so far, according to an expert.
“Bitcoin is going to $1 million USD a coin. I actually believe that it will, at some stage, with just the scarcity aspect alone, it makes it an incredibly exciting asset to hold,” CoinDesk Learn Editor Ollie Leech shared in a Yahoo Finance Live interview. He added that “Bitcoin is uncontested.”
Leech is expecting the price increase to happen sometime after 2025, once Bitcoin goes through an event called “halving.” As explained by Investopedia, this is when the rewards of mining Bitcoin reduces by half. “The year after halving always seems to create a huge rise. I don’t know when [Bitcoin will cross $1 million USD] but it will likely be after 2025,” he explained.
The biggest jump the cryptocurrency has seen so far was in May 2020 after the last “halving,” which led to a 600 percent increase.
Source: YAHOO FINANCE