Bitcoin chiefs forecast to rise to $ 1 million in 20 years

Chamath Palihapitiya, an early investor in Bitcoin and founder and CEO of Social Capital, said he expects bitcoin prices to reach $ 100,000 in the next three to four years and likely to hit the next 20 years 1,000,000.

Parry Haptipia, a former executive at Facebook, began investing in cryptocurrencies as early as a few years ago when the Bitcoin price was only $ 100. According to TechCrunch, a U.S. technology blog, he owned about $ 5 million worth of bitcoin in October 2013, when a bitcoin was priced at around $ 200, meaning he had about 25,000. These bitcoins are worth more than 400 million U.S. dollars today.

In an interview with CNBC program Squawk Box on Tuesday, he said: “I think this kind of stuff could cost 100,000 dollars each in the next three to four years and could reach one million dollars in the next 20 years.”

The venture capitalist said he and the other two friends in Silicon Valley owned 5% of the then Bitcoin share in 2013, but later sold off as the price went up.

Despite the spectacular recent gains in bitcoin, Parhahapitiya still suggests that ordinary investors should invest only 1% of their net assets in cryptocurrencies.

“This is a game of confidence,” he said: “There is no real use here, a fantastic fundamental hedge against the value of autocratic regimes and bank infrastructure.”

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