As the value of crypto assets continues to surge in recent months, one expert predicts that the most popular coin, Bitcoin, will eventually hit $1 million USD based on its current trajectory.
Speaking on Yahoo Finance Live, CoinDesk Learn Editor Ollie Leech said that he believed the coin is on a path toward continued financial viability.
“Bitcoin is going to $1 million USD a coin,” he told the outlet. “I actually believe that it will, at some stage, with just the scarcity aspect alone, it makes it an incredibly exciting asset to hold.”
“Bitcoin is uncontested,” he added.
According to Leech, the timing of Bitcoin’s price surge may happen after 2024, when the amount of bitcoins miners receive is cut in half during an event called “halving.” The most recent halving happened on May 11, 2020, and according to Investopedia, both recent halvings have correlated with major spikes for the coin.
“The year after halving always seems to create a huge rise,” Leech said. “I don’t know when [bitcoin will cross $1 million USD] but it will likely be after 2025.”
According to CoinDesk, Bitcoin’s current market cap is over $1 trillion USD. The coin saw a rise on Thursday morning to $58,266.24 USD before falling sharply. The largest cryptocurrency has experienced more than a 600 percent rise from May 2020.