Various bitcoin bulls have doubled down on their price predictions.
Most of the hyperbullish predictions of $25,000 to 100,000 prices for Bitcoin by the end of 2018 are based upon institutions moving in and the SEC approving ETFs for trading. So far there have been two rejected Bitcoin ETF applications by the SEC.
There is also the estimate of the increasing costs for mining Bitcoin to put a floor of $14,000 to $64,000 for Bitcoin in 2019. The prices for Bitcoin have historically tracked the costs to mine new Bitcoin.
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
I don’t see $btc dominance pulling back any time soon. Lots of cool institutional projects coming and most will start with bitcoin. Stay long.
— Michael Novogratz (@novogratz) July 31, 2018
— Bloomberg Markets (@markets) July 31, 2018
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017