Former pharmaceutical executive Martin Shkreli made a bold prediction Monday, proclaiming a “75% chance” Bitcoin BTC/USD will reach $1 million by the end of the year.
What Happened: Shkreli, who was convicted of securities fraud in 2018 and sentenced to seven years in prison, took to his X (formerly Twitter) account to voice his opinion:
He dismissed comments that his prediction is an April Fool’s Day joke.
Shkreli did not provide a thesis for his prediction as commentators pointed out, saying he “just wanted to document the call.”
Shkreli shrugged off the argument that such a scenario would require “a systemic collapse of fiat confidence and likely the worst recession/depression anyone alive has experienced” with the words “not necessarily.”
Why It Matters: Shkreli’s call far exceeds the bullish prediction of hedge fund manager Mark Yusko, who foresees a price spike to $150,000 in the next 12 months.
"Bitcoin is the king. It is the dominant token. It is a better form of gold," he told CNBC’s “Fast Money” in an interview.
However, Yusko also said that “it can go up 10x from here easily over the next decade.”
Shkreli joins the ranks of hyper-bullish Bitcoin predictions, such as Ark Invest CEO Cathie Wood predicting that the apex crypto could soar to $3.8 million by the end of the decade.
In the short run, Bitcoin is looking to maintain its winning streak, recording its seventh straight monthly green candle and highest-ever monthly close.
What’s Next: The appeal of Bitcoin for institutional investors is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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