“It’s either going to keep going like right now in the next few weeks and get to $20,000 very quickly, or it’s going to have its bit of a range now and then hopefully positive into next year,” he said.
Saunders was speaking as BTC/USD came off recent highs of $18,400 to move in a wide corridor, which has become focused on $17,700. Gains have been swift, with weekly performance alone delivering up to 15% returns.
Looking ahead, Saunders believed that six or seven figures for Bitcoin lay some way off, but that a combination of money and adoption meant that there was now “no way out.” “I honestly think that Bitcoin will hit $100,000 in the next five years, and then it’s going to become about, ‘Well do they actually try and shut it down, or how do they regulate it and trade it?’” he told Van de Poppe.
“And if it’s allowed to just continue on its mission and absorb all the money from around the world and become a global reserve currency… I think we can get to $1 million per coin in the next, whatever that is, 15 years.” The estimates appear somewhat conservative by comparison to some extant price forecasts, among them, the popular stock-to-flow based series, which predicts at least $100,000 by next year.
Saunders’ concerns about legality in the event of major price rises echo those of major investor Ray Dalio, whose comments on Bitcoin earned him significant publicity this week.