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The CEO of the investment fund EMJ Capital, Eric Jackson, suggested in an interview with financial journalist Phil Rosen that the price of Bitcoin could reach $50 million by the year 2041.
According to Jackson, Bitcoin is poised to set new all-time high values, despite the current weak performance and the overall state of the cryptocurrency market. During market downturns, investors tend to amplify their fears, which clouds the long-term potential of Bitcoin amid the significant volatility of the crypto market.
The executive cited the example of the American used car sales service Carvana. In 2022, the company’s stock plummeted from $400 per share to $3.50. Subsequently, the company regained its stock value through debt restructuring and “operational improvements.” Despite the negative sentiment among investors, people continue to utilize this car sales platform due to its convenience, noted the head of EMJ Capital. Jackson believes a similar scenario is likely to unfold with Bitcoin.
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Jackson compared Bitcoin to gold, which remains a reserve asset for central banks. Unlike gold, Bitcoin is entirely programmable and not subject to government control, with its supply capped at 21 million coins.
The EMJ Capital leader is confident that in 20 years, Bitcoin will evolve from merely a store of value to an integral component of the financial system. Despite its high volatility, the fundamental indicators of Bitcoin (such as the halving of miner rewards or significant investments from large companies in cryptocurrency) remain robust, stated Jackson.
Previously, analysts at EMJ Capital predicted that by the end of last year, Ethereum could rise to $10,000 due to the tokenization of real assets and the development of layer two solutions based on Ethereum.
