Scott Melker, who is a prominent crypto trader as well as a host of the podcast The Wolf Of All Streets, has given a big statement where he has predicted Bitcoin to touch six-figure by next year and even seven-figure sometime in the future.
He was speaking to Kitco News in an interview where he also stated that Bitcoin would flip gold once this condition is met. Once crypto exchange-traded funds (ETFs) are made easier for financial institutions and investors in general, it will make way for more people to purchase the digital asset that will help it overtake gold.
Over the point of Bitcoin reaching six-figure this year, he said his prediction is based on Bitcoin’s current performance and the performance over last year.
“I would be very surprised if we didn’t see Bitcoin in the six figures within the next year. It seems like such a high number of people who believe that you’re being overly bullish when we talk about it, but the price of Bitcoin right now is $47,000, basically, if it doubles, it’ll almost be six figures and just last year we started going up from $3800 to $65,000.”
According to Melker, Bitcoin can also see some dramatic changes in price from time to time because of the amount of leverage being used by retail traders on this asset right now.
For now, it has recovered back to $45,850 and is lying in that range of high $40K. With respect to the prediction of Bitcoin reaching a seven-figure mark sometime in the future, Melker said that it was easily going to cross the seven-figure mark in the next 10-20 years.
“A deflationary asset mathematically proven basically superior to gold in every way shape and form just with the very basic demand and supply with the halving every four years the supply of Bitcoin is cut in half. For me, if we are talking about 10 – 20 years down the road, I believe it is easily a seven-figure asset.”
You can watch the full interview here.