Lepard considers it risky not to own Bitcoin as a hedge against a sovereign debt crisis as it might reach a seven-figure price. He commented that its following maximum value should be as high as USD 200,000, preceding another 70% decline.
Many have wondered where the price of Bitcoin (BTC) might head next after it reached its all-time high and started to drop. However, Larry Lepard is among those optimistic about its future, as he predicts it might reach USD 2 million in the next six years.
Lepard, an asset management guru and the founder of Equity Management Associates, recently expressed that bullish view on the pioneering cryptocurrency.
The Factors Leading Larry Lepard to Be Optimistic about Bitcoin
According to Lepard, the price of Bitcoin might rise 100 times, which is curious given the current market situation. It is relevant to remember that the pioneering cryptocurrency has undergone a downward trend for nearly a year.
Lepard said he still did dollar-cost averaging in BTC, purchasing the same amount weekly, irrespective of the price. Therefore, he has become one of those daring to predict a seven-figure BTC price in the current crypto market.
He also believes it is risky not to own Bitcoin as a hedge against a sovereign debt crisis.
The investment manager explained that he was not suggesting people should invest all their money in Bitcoin. However, he highlighted that those without a position in it faced more risk than necessary due to the bullish optionality.
He thinks the pioneering cryptocurrency may achieve the above figure in five or six years.
The Expert Has Made Other Predictions about the Bitcoin Price
Larry Lepard also commented that the next maximum value of Bitcoin should be USD 200,000, followed by another 70% decline. That prediction is consistent with a recent emerging price base, which puts the bottom of the following bearish market cycle at USD 35,000.
Lepard is not the first analyst who makes those claims, of which only a few happen, and almost no one sees them coming. Cathie Wood and Tim Draper, among many other personalities, have also made risky or optimistic predictions about Bitcoin.
Meanwhile, Bitcoin is trading at around USD 19,300 and has accumulated a 5% gain over the last 24 hours. While its daily trading volume is above USD 18.54 billion, its market capitalization is about USD 380.67 billion, according to CoinGecko.
Investors should research the all-time high, behavior, and possible future price of Bitcoin before buying it. That will help them find the most convenient investment opportunity to reduce the risk of losing money.
Bitcoin has become an increasingly relevant factor in the global economy, which experts like Larry Lepard know well. However, the current bearish trend in the crypto market has made it difficult for their prediction to come true. It is only a matter of time before seeing where the price will head next.
By Alexander Salazar
