The support to Bitcoin is continuing to swell. The latest to join the long list of ardent supporters of Bitcoin, who all predict that the largest cryptocurrency will hit new heights soon, is Jared Dillian, a Bloomberg contributor. Referring to himself as a “reformed crypto doubter,” Dillian has predicted that the Bitcoin price can rise significantly if it achieves mainstream adoption.
Dillian, who has completely changed his stance on Bitcoin, expects the benchmark cryptocurrency to witness a much bigger bull market. In his recent op-ed article, he claims that the top coin could experience another bull run, which would be much bigger compared to the 2017 bull run.
The Bloomberg contributor, who turned into a Bitcoin bull, said the US dollar has lost 96 percent of its purchasing power since the creation of the Federal Reserve, which recently cut interest rates for the first time in more than a decade. Bitcoin’s appeal became evident for Dillian when he understood that there was a need for a stateless currency that cannot be printed by governments to fund their spending programs.
Gold seems like the obvious answer for risk-averse investors who want to stay away from volatile assets, but Dillian writes that he simply likes Bitcoin more. No government can ban Bitcoin or seize it. It is technologically impossible without a piece of technology known as a quantum computer. It is the ideal way to move capital seamlessly and secretly around the globe at minimal cost, Dillian said.
Dillian further touts the potential of Bitcoin by comparing it to the Internet, which also went through its short-lived bubble phase in the late 90s. Investors would throw money left and right at all dotcom start-ups, but only a few of them survived the big crash. If Bitcoin finally breaks into the mainstream, its price could experience a significant increase. In fact, he predicts that the next bull market will be much bigger, and there will be no need to wait for decades in order to witness new highs. I believe there will be another bull market, much larger than the first one where the potential is finally realized. Bitcoin is currently in a state of neglect, he said.
Earlier, John McAfee, a living legend in the world of computers and antivirus software, reiterated his prediction that the largest cryptocurrency in the world will hit $1 million per Bitcoin by the end of 2020.
More recently, an Asian-American Youtuber, Michelle Phan, argued that Bitcoin is the most important investment. She believes that every entrepreneur should invest in Bitcoin. “It’s probably the most important investment you can ever make in your life,” Phan, who was once YouTube’s biggest beauty star, said.