$BTC: Satoshi Bitcoin Action Fund CEO: $1,000,000 may just be the start

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On Sunday (January 1, 2023), Dennis Porter, co-founder and CEO of bitcoin mining advocacy organization Satoshi Action Fund, explained why he thinks the price of bitcoin could eventually exceed $1 million.

Porter said on Twitter:

If the AI ​​gets smarter than us, it will buy as much #Bitcoin as possible and sell all the shitcoins.

Dennis Porter (@Dennis_Porter_) January 1, 2023

On December 20, 2022, James Mullarney, the host of the hugely popular YouTube channel InvestAnswers, shared his price targets for Bitcoin.

According to a Daily Hodl report, Mullarney said:

I’m sticking to a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024… I believe we could hit about $61,000, $62,000 by April 2024 and that’s just halfway through April/May 2024…

If Metcalfes’ Law holds, which it does for all other industries, the conservative model has Bitcoin hitting 3.4 million [wallets] by 2030 But that’s assuming that the increase in usage follows the trend we’ve had since the dawn of time over the last 11, 12 years. Now that’s also assuming over a billion users, active users, on the current channel Now, halving, from a billion users to 500 million, that would bring us to 1.5 million bitcoin price dollars Adoption is key and adoption needs to go up to 500x from today for this price [of $1.5 million] to reach.

In November 2022, Catherine Wood, Founder, CIO and CEO of ARK Investment Management, LLC (aka ARK or ARK Invest), shared her thoughts on Bitcoin and Ethereum.

Woods’ comments were made Nov. 23, 2022) during an interview with Carol Massar and Tim Stenovec on Bloomberg Businessweek Radio.

One of the first questions for Wood was why she still trusts crypto. The CEO of ARK Invest responded:

If you look at blockchains, use Bitcoin and Ethereum blockchain, you will find that they have the infrastructure. Technology hasn’t skipped a beat throughout this crisis. In fact, the Bitcoins hash rate is at an all-time high, and that’s a true indication of network security.

On Ethereum, saw the total value staked at $24 billion; this is an absolute record. So we think the infrastructure is working perfectly.

Regarding Bitcoin, when asked if she stands by her prediction that Bitcoin will be worth $1 million per coin by 2030, Wood said:

Yes. Sometimes you have to test in combat, you have to go through crises, see the survivors, first, but really test the infrastructure and the thesis. And again, we think bitcoin comes out smelling like roses because of what I mentioned earlier.

And I think the only thing that’s going to be delayed is maybe the institutions will take a step back and just say, okay, do we really understand this?, and once they’ve done their homework and seen what happened here, I think they might be more comfortable going into Bitcoin and maybe Ether as a first stop, because they will understand it better.

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