The Crypto Times
Image default
Bitcoin News

IBM Exec Declares $1M Price Target for Bitcoin

The VP of Blockchain and Digital Currencies of IBM Jesse Lund reported Thursday that Bitcoin would eventually go as high as $1 million in value. The problem so far, Lund states, is that speculators think wrongly of cryptocurrencies, thus hurting their value in the long run. Lund revealed his prediction recently during the Think Conference hosted by Fred Schebesta.

IBM VP of Blockchain and Digital Currencies, Jesse Lund

Lund predicts that as soon as the price of Bitcoin gets high enough, there will be banks that should take a serious interest in it. This will then mean that this popular cryptocurrency will create waves as it attains greater and greater liquidity on its network. The IBM executive emphasized that as a cryptocurrency gains at price, its utility also increases. With greater liquidity, banks would start looking at Bitcoin with greater interest.

Satoshis, or Pennies?

Lund’s first prediction for the Bitcoin price was actually just $5,000. However, he went public with his astonishing remark regarding the million-dollar price in order to express his long-term outlook about Bitcoin itself. Lund said that that was his long-term outlook and that if Bitcoin indeed reaches $1 million, then the Satoshi would be on a competition with the US penny.

Nonetheless, the good thing about the predicted increase in price is that there will be around $20 trillion in liquidity when that happens. That will definitely drive change, particularly in corporate payments.

Recently, IBM launched the World Wire product that relies on the cryptocurrency Stellar for its payments. The good thing here is that you know the receiver on the other end – whether he is a good or bad actor. Lund believes that Bitcoin and a variety of cryptocurrencies would be used for cross-border settlements someday.

Related posts

Singapore Wealth Fund Invests in Coinbase

Viena Abdon

Bitcoin to surpass $100,000 by February 2021 According to Moore’s Law


Upgraded Shellbot Malware Can Now Shut Down Other Miners

Sierra Sanders Wallet Allows Effortless BTC-BCH Swapping

Viena Abdon

Analyst Claims Bitcoin Price Drop Result of PlusToken Liquidation

Viena Abdon

Fujitsu Laboratories Reveal Blockchain-Powered identity Rating Service

Viena Abdon