Bitcoin price continued its recent crash today, Aug. 26, reaching its lowest level since July 10.
Summary
- Sergey Nazarov believes that Bitcoin price has a strong path to $1 million over time.
- He sees the ongoing adoption by pension funds, hedge funds, and family offices as the next major catalyst
- Other top analysts believe that the BTC price will continue rising over time.
Bitcoin (BTC) has entered a correction after falling 11% from its year-to-date high. Still, Sergey Nazarov, the founder of Chainlink (LINK), the $16 billion coin, believes that it can jump to $1 million over time.
Chainlink’s founder delivers a bold Bitcoin price prediction
In a CoinDesk interview, Nazarov became the latest major player to predict that Bitcoin price will jump to $1 million. With BTC trading at $109,000, it needs to jump by 817% to reach that target.
Such a move would push its fully diluted valuation to $21 trillion, which is lower than gold’s valuation of $23 trillion.
Nazarov believes that the main catalyst for the next move to $1 million will be accumulation by sovereign wealth funds, family offices, and pension funds. He estimates that these funds may allocate at least 5% of their assets to crypto.
Nazarov joins other popular individuals who have delivered bold Bitcoin price predictions. For example, Cardano’s Charles Hoskinson believes that it can jump to between $250,000 and $500,000 in the next 12 to 24 months, citing the rising crypto adoption, regulatory clarity, including the CLARITY Act, and Bitcoin DeFi adoption.
Standard Chartered sees BTC price rising to $200,000 by the end of the year and $500,000 by the end of 2028. BlackRock sees it rising to $700,000, while Ark Invest believes it can get to $2.4 million by 2030.
The main catalyst for the Bitcoin price surge is the ongoing global adoption, as evidenced by rising exchange-traded fun
Go to Source to See Full Article
Author: Crispus Nyaga
