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Ric Edelman: "Bitcoin (BTC) could reach $500,000 by 2030"

JH Kim

Summary

Ric Edelman said he expects Bitcoin (BTC) to reach $500,000 by 2030.
He said that if 1% of global portfolios is allocated to Bitcoin, inflows of about $7.5 trillion would be possible.
He added that it will not rise in a straight line to $500,000 from the current price, and he expects sharp volatility and turmoil.

Rick Edelman, a well-known investor and chairman of the Digital Assets Council, projected that Bitcoin (BTC) could reach $500,000 by 2030.

According to Crypto Basic, a media outlet specializing in virtual assets (cryptocurrencies), on the 16th (local time) he said such a level would be possible if 1% of global portfolios were allocated to Bitcoin.

Edelman said, "$500,000 is a conservative figure," adding, "Other analysts forecast $1 million, $2 million, and $5 million. $500,000 is cautious and realistic."

He went on to say, "As the digital-asset market matures, participation in digital-asset investing by governments, sovereign wealth funds, public pension funds, hedge funds, insurers, banks, and securities firms is expected to increase," adding, "If 1% of global portfolios is allocated to Bitcoin, it would result in inflows of about $7.5 trillion."

He added, however, "It won’t rise in a straight line from the current price to $500,000," and said he expects "sharp volatility and turmoil, as seen in the market in recent months."