Bitcoin, the world’s largest digital currency by market capitalisation (market cap), has experienced sharp price volatility since coming into existence in January 2009. The cryptocurrency has enjoyed both notable rallies and equally substantial declines.

As Bitcoin has experienced these sharp price fluctuations, market observers and analysts have repeatedly predicted where its price will go further down the line. This article will review several notable predictions involving the cryptocurrency, in chronological order. Investors should keep in mind that any and all predictions are speculative, and they may never materialise.

2013: Cameron Winklevoss Predicts Bitcoin Will Top US$40,000

In December 2013, Cameron Winklevoss predicted that Bitcoin’s price will surpass US$40,000, which was roughly 40 times the value it had when he offered this particular forecast.1)Retrieved 19 October 2018

He described the “small bull” scenario in an “Ask Me Anything” conversation on Reddit:

The “small bull case scenario for Bitcoin is a 400 billion USD dollar market cap, so 40,000 USD a coin, but I believe it could be much larger. When this will happen, if it happens, I don’t know, but if it happens, it will probably happen much faster than anyone imagines,” he said.2)Retrieved 19 October 2018

2017: John McAfee Forecasts US$1 Million Price By End Of 2022

In November 2017, John McAfee, a technologist and entrepreneur who is associated with McAfee Antivirus, predicted on Twitter that Bitcoin would reach US$1 million by the end of 2022.3)Retrieved 19 October 2018 He confirmed that he was sticking by this bet multiple times, reiterating his wager on Twitter in February 20184)Retrieved 19 October 2018 and then informing Newsweek in August 2018 that he had not changed his mind.5)Retrieved 19 October 2018

“I absolutely stand by the million-dollar prediction,” he stated.6)Retrieved 19 October 2018 “It is still two and a half years away, in which two things will happen: bitcoin will continue to grow, and the U.S. dollar and other fiat currencies will devalue.”

Jan 2018: Tom Lee Predicts Bitcoin Will Hit US$125,000 By 2022

In the beginning of 2018, Tom Lee, managing partner for Fundstrat Global Advisors, said that Bitcoin prices would rise to US$125,000 by the end of 2022.7)Retrieved 19 October 2018

At the time, when the digital currency was trading below US$10,000, he also forecasted that it would hit US$25,000 by the end of 2018. He cited a valuation model that considered variables such as the expansion of the money supply and alternatives to that money supply, such as gold.

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Apr 2018: Tim Draper Forecasts US$250,000 Bitcoin By 2022

In April 2018, venture capitalist Tim Draper tweeted that Bitcoin would rise to US$250,000 by 2022.8)Retrieved 19 October 2018

This was not the first time that the venture capitalist made a bullish prediction. He forecasted in March 2018 that in five years from that date, no one would use fiat currencies any longer. Instead, he said they would be leveraging digital currencies to make transactions.9)Retrieved 19 October 2018

“In five years you’re going to walk in and try to pay fiat [a government-backed currency like the U.S. dollar] for a Starbucks coffee, and the barista is going to laugh at you, because they’re going to say, ‘What is this? Are you counting out pennies? Give me shells?'” Draper said during CNBC’s “Fast Money.”10)Retrieved 19 October 2018

Jul 2018: Arthur Hayes Predicts Bitcoin To US$50,000 In 2018

Arthur Hayes, co-founder and CEO of digital currency exchange BitMEX, predicted on CNBC in May 2018 that Bitcoin prices would climb to US$50,000 by the end of the year.11)Retrieved 19 October 2018 He reiterated this forecast in July 2018, appearing once again on CNBC’s “Fast Money” and offering further detail.

While Bitcoin prices had fallen sharply from their recent high, Hayes emphasized that “something that goes up to [around] US$20,000 in one year can have a correction.”12)Retrieved 19 October 2018 He noted that while Bitcoin might bottom out “in the US$3,000 to US$5,000 range … we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through US$20,000 and even to US$50,000 by the end of the year.”

Aug 2018: Bitcoin To US$96,000 By 2023, Says Satis Group

Bitcoin prices could reach US$96,000 by 2023, according to a report released by ICO advisory firm Satis Group.13)Retrieved 19 October 2018

When arriving at this figure, the two authors of the report, an analyst and a head of research for Satis Group, made use of fundamental analysis. They claimed that “currently, the vast majority of the total cryptoasset market capitalization is held in traditional store of value markets, with offshore deposits accounting for nearly 40% of the total.”

“Increased store of value use case penetration” will be the primary cause of this market capitalisation increasing over time, they wrote in the report.14)Retrieved 19 October 2018

“We see penetration of the offshore deposits market by cryptoassets jumping dramatically in the next 1-2 years as custody solutions come online,” the authors stated, predicting that the total market value of these digital assets will rise sharply, climbing to US$3.6 trillion in 2028.15)Retrieved 19 October 2018

Sept 2018: Bitcoin To Trade Between US$8,800 And US$10,000 In 2018, Says Mike Novogratz

In late September 2018, former hedge fund manager Mike Novogratz, who worked for Fortress Investment Group, told CNBC Fast Money that Bitcoin prices would bounce back that year, inevitably rising to between US$8,800 and US$10,000 in 2018.16)Retrieved 19 October 2018

The former hedge fund manager stated that financial institutions like hedge funds and pension funds would fuel the next rally in cryptocurrencies as they purchase these digital assets amid fear of missing out (FOMO).17)Retrieved 19 October 2018

“It won’t go there (US$20 trillion) right away,” he stated, adding that once major financial institutions start offering custodial solutions, it could provide a key impetus.18)Retrieved 19 October 2018 Late in 2018, Citigroup and Morgan Stanley announced their plans to offer such services.


Market analysts have provided a wide range of forecasts regarding what Bitcoin prices will do in the future. Investors should keep in mind that any and all predictions are speculative, and they may never materialise.

When considering potential options, investors can benefit greatly from conducting thorough due diligence. For example, if they want to consider the forecasts of different market experts, it could be quite helpful to investigate the background of these analysts.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. FXCM will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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16, 17, 18. Retrieved 19 October 2018