Crypto hedge fund manager Brian Kelly believes that Bitcoin has a future, and it will cross Apple by market cap in the next five years.
As a Wall Street voice for cryptocurrency, Kelly predicts Bitcoin price for the short term and long term. He shared his Bitcoin price sentiments as a guest on the Benzinga Boot Camp with BlockFi.
Brian Kelly from investment firm BKCM asks investors to dedicate 1-5% of their portfolios for cryptocurrency. Crypto in the portfolio will act as a hedge against currency volatility which is happening in the traditional economic system. It is very necessary to allocate some portion of the portfolio for crypto as economic uncertainty is on the rise and no one knows what will happen in the future. And allocating 1-5% is not a big deal as the price can surge up to 30x.
Each year voices in the crypto world made predictions for future BTC price and most of these predictions have become failed so far. But now, the majority of analysts are pointing towards a bullish rally in the long term after surveying the current failures in the traditional economic framework. Kelly was very optimistic about Bitcoin after the halving event but halving did not perform well according to expectations.
Kelly’s Predictions for Short Term and Long Term
However, Kelly says that Bitcoin will touch $60,000 in May 2021 and will trade at $70,000 in September 2021. This is his prediction for the short term. But for the long term, he is even more bullish and expects $100,000 in the next five years.
When asking about the future of Apple in the next ten years, Kelly argues that he does not believe Apple will be valuable in the next ten years. He gave the examples of companies that were valuable in the past but now, they are not. He then says that Apple is the most valuable company in the world, but the Bitcoin market cap will cross it and will be more valuable than Apple.
Bitcoin may take half the market share of gold in the next decade. And if it happens, Bitcoin can easily reach from $250,000 to $300,000.