Bitcoin (BTC) continues to be the darling of global investors despite the recent crypto winter. Recently, Jesse Lund, VP of Blockchain and Digital Currencies at IBM showered praises on Bitcoin. Mr. Lund remains ultra-bullish on the future of Bitcoin in the long term.
In a recent interview published by Finder.com on YouTube, Mr. Lund says that the Bitcoin price will eventually reach $1 million in the long term. He also went to say that higher the price of the crypto asset, higher will be its utility. Thus, Mr. Lund believes that if we focus more on the utility of the crypto token, higher will be its demand. This will automatically drive the price of the crypto asset northwards, he says.
“If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now,” he says.
Mr. Lund notes that it Bitcoin is to touch $1 million price, “then Satoshi is on value parity with the U.S. penny”. In this case, the whole network will have a whopping $20 trillion liquidity. He also believes that this liquidity is enough to change the structure of corporate payments. While commenting on the Bitcoin (BTC) price by the year-end, Lund said that he sees it going to at least $5000.
IBM’s Close Association With Blockchain and Crypto Industry
Over the last few years, IBM is aggressively working on new blockchain projects working on different platforms. The tech giant has also developed its own cross-border payment network, Blockchain World Wire (BWW). During his recent interview, Lund spoke about their partnership with Stellar (XLM) and use of the XLM cryptocurrency in BWW blockchain network.
Currently, IBM uses the XLM crypto-token on the BWW network to pay the transaction fees as well as an intermediate currency. Lund also opened up on the possibility of working with other digital assets. He said:
“There should be an ecosystem of, a variety of digital assets that provide settlement instruments that enable these cross-border payments, and the participants in the network should be able to choose and negotiate their choices in real-time”.
He further added that “it could be Ripple, it could be XRP even, it could be Bitcoin, but it would also probably include other instruments, like stablecoins, and even eventually soon — hopefully — central bank-issued digital currencies.”
However, IBM’s BWW payment network is different from the RippleNet in a way that the tech giant doesn’t have a native crypto token. IBM is already working with R3 Corda to create cross-border payment solutions using different digital assets. Earlier this month, IBM also released its blockchain network for use in Melbourne, Australia.
Along with Mr. Lund, there are several popular analysts who continue to stay bullish on Bitcoin’s future price. Mark Jeffrey, a long time Bitcoin proponent and author of “Bitcoin Explained Simply” said that Bitcoin will reach $250K. Circle CEO Jeremy Allaire also spoke that Bitcoin will continue to rise in the upcoming years without mentioning any specific target. Taking a modest target, crypto bull Tom Lee explained that the fair value of Bitcoin is at least $13,800.