Bitcoin and cryptocurrency prices have held their ground even as panic over a fresh China slump sent the Nasdaq into bear market territory.
The bitcoin price has traded sideways since early March, bobbing around the closely-watched $40,000 per bitcoin level. Meanwhile, other major cryptocurrencies including ethereum, BNB, XRP, cardano and solana have stagnated—though recent winners Terra’s luna and avalanche have soared.
Now, legendary Apple cofounder Steve Wozniak has said he expects the bitcoin price to eventually hit $100,000, calling the interest in crypto “so high.”
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“I think bitcoin is going to go to $100,000,” said Wozniak, speaking on the Wild Ride with Steve-O podcast last week. “I just don’t know where you get that feeling. I can’t put any mathematics to it. I just really feel it from all of the interest. The interest in crypto is so high.”
Bitcoin and cryptocurrency prices have rocketed higher over the last 18 months, soaring alongside global stock markets and commodity prices that have been buoyed by record-low interest rates and unprecedented stimulus measures put in place to offset the economic damage of lockdowns and the coronavirus pandemic.
The bitcoin price climbed to almost $70,000 per bitcoin late last year before crashing back with its market capitalization topping $1.2 trillion—up from just $200 billion two years ago. Ethereum and its major rivals BNB, solana, cardano and avalanche have also seen huge price rises while payment coins XRP and Terra’s luna have surged too.
The combined crypto market cap touched $3 trillion late last year before collapsing to just over half that as the floor fell out of ethereum, BNB, solana, cardano and memecoins like doge.
Wozniak earlier warned over the future of some smaller cryptocurrencies that he thinks have a track record of being “rip-offs” and called bitcoin the “only one that’s pure gold mathematics.”
“There’re so many cryptocurrencies that come out now; everybody has a way to create a new one, and you have a celebrity star with it. It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies,” Wozniak told Insider last week in an interview, suggesting people often buy the coins simply because they’re blinded by the potential windfalls. “Then they just fold.”
Alongside the huge bitcoin and crypto gold rush this past 18 months, world-famous celebrities from Paris Hilton and Kim Kardashian to Matt Damon have lent their names to niche coins and crypto exchanges suddenly flush with cash.
In October, Wozniak talked up bitcoin’s “mathematical purity” during an interview with Yahoo Finance. “Bitcoin isn’t run by some company, it’s just mathematically pure. And I believe nature over humans always.”
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Wozniak’s bitcoin price prediction echos that of Anthony Scaramucci, Donald Trump’s short-lived White House director of communications, who’s said he expects the bitcoin price will soar to $100,000 within two years—ultimately climbing to $500,000.
“I think bitcoin will have 100 million-plus wallets and it could be an inflation hedge but that’s a good five to eight years away,” Scaramucci, the founder of hedge fund SkyBridge Capital, told Magnifi Media, adding, “it would be a mistake to be under-invested or not invested in cryptocurrency.”
Last year, Scaramucci’s Skybridge Capital, a New York-based fund of funds, launched the Skybridge Bitcoin Fund with $310 million in assets under management—at the time calling bitcoin still “in its early innings.”