In a recent interview with Stansberry Research, Saunders says BTC is on track to shatter $100,000 within the next five years.
After that, he expects that Bitcoin will set its sights on $1 million, and the result will depend on how governments plan to deal with the leading cryptocurrency.
“I honestly think now, if you look at the market cap and you look at the trillions of dollars that are being printed by the month these days, I definitely think we’re going to hit $100,000 in the next five years.
And then it becomes about how governments and central banks react. Are they really going to go hard and try and shut this down or are they going to have to leave it there as a sort of neutral open competitor that’s going to make them more fiscally and financially responsible. Depending on how that plays out, I think we can get to $1 million in the next 10 or 20 years simply because it is going to grow to compete with gold and forex and just capture anything that’s previously been a store of value. Why wouldn’t you now park that in Bitcoin?”
Saunders claims he doesn’t see BTC as a weapon to get rich fast, and states that people frequently invest too late in assets after their parabolic rallies are well underway. As for the altcoin market outside of Bitcoin, Saunders forecasts that the overwhelming majority of crypto assets will crash, but there are a number of promising protocols that will survive.
“In some ways, [altcoin detractors are] right in that Bitcoin is the king of the currencies and everything else in that realm is a distraction. But these days, it’s kind of expanded out to be a digital asset class, and [rejecting altcoins is] kind of like saying when the internet was invented that there’s only going to be one internet company or one internet stock.So, I definitely think we’re seeing a number of companies that are disrupting a number of industries in the field that are catching on already. Ernst & Young are using Ethereum (ETH). [So is] Microsoft… The biggest companies in the world are using protocols like Ethereum, so they are gaining traction.”