Million-dollar mark is possible for Bitcoin, Russian financier agrees

Bitcoin, the cryptocurrency with the largest market cap, may be selling for much more than it currently is, only a few years from now.

A recent forecast by a prominent figure in the crypto space that BTC is likely to hit $1 million has just been backed by professional stock trader.

Million-dollar mark is possible for Bitcoin, Russian financier agrees

The value of Bitcoin can reach, and even exceed $1 million by 2030, at the earliest, or sometime before 2035. That’s according to Russian financial analyst Oleg Reshetnikov.

Reshetnikov, an expert on stock markets at BCS group, one of Russia’s oldest and largest providers of investment services, remarked that his assessment was still theoretical, but, nevertheless, based on stats.

He was commenting on this week’s bullish prediction by Pavel Durov, founder and owner of the popular among crypto enthusiasts messenger Telegram.

In an interview with American computer scientist and YouTube podcaster Lex Fridman, Durov revealed he bought Bitcoin early, admitting his BTC investments kept him afloat in challenging times.

The Russian-born tech entrepreneur emphasized he didn’t care when BTC was falling and didn’t stop buying when it was up. He also stated:

“I believe it will come to a point when Bitcoin is worth $1 million.”

Durov suggested looking at the trends, especially with respect to “governments printing money like no tomorrow,” when Bitcoin has a predictable inflation that will eventually stop.

Sharing his thoughts on the scenario outlined by Durov with the leading Russian online news website Gazeta.ru, Oleg Reshetnikov concurred:

“One can indeed conclude that the price of Bitcoin, given its limited supply, could reach $1 million at some point, especially when compared to money printed by governments and subject to inflation.”

Dogging the US for inflating the Greenback

The Russian analyst gave an example with the United States, where money supply has grown almost fivefold since the year 2000, from $4.7 trillion to $21.9 trillion. Over the same period, the country’s gross domestic product (GDP) grew 2.5 times.

According to Reshetnikov, for money to function as a means of payment, a 2.5-fold increase in the money supply, or even less, would have been sufficient.

He is convinced there is a good reason to believe that money supply may continue its growth, whether linear or not. This will also be a factor determining how long it would take for Bitcoin to reach $1 million, the financial specialist noted, elaborating further:

“In an ideal world, if the dollar’s purchasing power halves, the price of Bitcoin, whose supply is limited, should double. But in reality, this increase could be greater or lesser.”

A lot will depend on how much investors believe in the cryptocurrency as a store of value and how much of their wealth they are willing to invest in it, Reshetnikov pondered in conclusion.

BTC is currently trading at over $122,000, at the time of writing, after rebounding from a September low of below $109,000 per coin.

In his conversation with Fridman, Pavel Durov was certain Bitcoin is here to stay, while he pointed out it’s yet to be seen if that will be the case with most fiat currencies that exist today.

Attitudes regarding Bitcoin have been changing in his native Russia, where a business advisor to the Kremlin recently likened cryptocurrency to gold, stating it’s already just as stable.

Durov left the country more than a decade ago. He did that under increased pressure from Russian authorities over refusing to censor content on his popular social media platform VK (Vkontakte), which had been effectively taken over by allies of the Putin administration.

Last year, he found himself arrested in France, where he is still dealing with a legal case based on accusations of complicity with crimes allegedly enabled by his messaging app.

Durov told Fridman he faced similar requests from the French government regarding Telegram channels during election campaigns in Romania and Moldova, as previously reported by Cryptopolitan.

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