Is Bitcoin going up, down or further sideways this week? Lawrence “Larry” Lepard probably doesn’t care. The Austrian fund manager is eyeing stupendous 100x gains for BTC over the longer term.

Transparency upfront – yes, this is a headline-quote-led piece, but Jaysis H, $2 million is some ridonculous number. It makes Ark Invest CEO Cathie Wood’s prediction of a US$1 million Bitcoin by 2030 look positively conservative.

Outlandish Bitcoin and crypto predictions are usually commonplace during frothy bull periods, so it’s a little eye-opening to see such a forecast at this stage of proceedings. Bull or bear market, though, predicting long-term crypto prices often appears to be a little like throwing darts at a board.

Also, just a friendly reminder, one cautious eye should be kept on the prevailing dreadful macroeconomic climate and how the US Federal Reserve plans to keep tackling inflation.

But possibly unnecessary caveats out of the way – let’s take a closer look at what the economist and founder of Equity Management Associates (EMA) had to say.

 

‘Back up the truck’ at $14k

Lepard made an appearance on a podcast called Quoth the Raven earlier this week and was quoted as saying: “I personally believe Bitcoin’s going to go up 100x.”

When pressed on whether that actually means he thinks BTC will hit about US$2 million, Lepard confirmed with:

“Yeah, easily, easily,” with the proviso of a six-year timeframe for the OG crypto asset to reach the lofty target.

Lepard, a known Bitcoin bull, also revealed that he’s currently dollar-cost-averaging into the asset every week and that he views it as a risk not to own BTC as a hedge against “sovereign debt crisis”.

“I’m not suggesting anyone should take all of their money and dump it into these things, but what I am suggesting very strongly is that anyone who doesn’t have some position in these things is taking more risk than they need to take because of the upside optionality,” explained the economist.

That’s not to say it’d be all plain sailing on the way to the stupendous levels Lepard predicts. He also crystal balled the next “macro top” for BTC around US$200k, which he thinks will precede another 70% plunge.

Speaking of more immediate possible crypto drawdowns, though, Lepard was also asked his feeling about BTC potentially hitting the US$14k mark – a level targeted by many a bottom speculator as a legacy support line relating to the 2017/18 bull market.

Lepard indicated he could actually see Bitcoin falling that low and said he would “back up the truck” should that yet occur.

 

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