TENX co-founder and best-selling author, Dr Julian Hosp has predicted Bitcoin to rise in value to $500,000. Hosp has become one of the latest big names in the cryptocurrency sphere to predict a massive spike in value from Bitcoin’s current price.
He said: “I personally buy a Bitcoin because I believe Bitcoin is going to be worth half-a-million dollars. That’s why I own Bitcoin. That’s why I’m not selling it.”
Hosp is behind the TenX company, which began life as OneBit, a payment card linked to a bitcoin wallet.
TenX, which can be found online at tenx.com, now pitches itself as a cryptocurrency payment platform that consists of a wallet, a physical debit card and bank account.
In recent weeks, the TenX token (PAY) broke through the $1 mark and rose almost 80% before falling back to $1.52 with a market cap of $165,918,326 USD at the time of writing.
Asked by The Cryptograph why he believed Bitcoin would reach half-a-million US dollars, Hosp said: “To me, I just make an analogy to gold. Gold is something that to many, many people has its place. It is valued at around six to seven trillion US dollars. You can look this up.
“You can divide it by the number of Bitcoins and you end up around this number and I say over the next 10 years, I don’t see a reason why Bitcoin couldn’t be a digital kind of gold.”
He added: “I really don’t think Bitcoin is going to be the dollar. I don’t think that. It might be the dollar to some people who don’t have access to the dollar, who don’t trust the dollar.
“The majority of the people including myself hold dollars and are fine with it. I own Bitcoin as a hedge.”
His comments are similar to those of institutional investor, John Pfeffer, who this week announced at the Sohn investment conference in New York that Bitcoin could eventually be worth $700,000.
“Bitcoin is the first viable candidate to replace gold the world has ever seen,” Pfeffer said. “So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.”
He added that if Bitcoin displaced 25 per cent of foreign reserves, the total worth of the Bitcoin network would be in the region of $6.4 trillion as opposed to the current market cap of $150 billion.
Pfeffer is the first person to mention Bitcoin or any other cryptocurrency as an investment opportunity at Sohn.
Cryptocurrencies in general have begun enjoying more positive momentum in recent weeks with a current total market cap of $400 billion. Some believe the start of a bull run could be just around the corner with institutional investors eyeing up entry points.
Hosp’s super bullish remarks about the number one crypto, Bitcoin, were made to The Cryptograph at a small meet-up held during the South by Southwest festival in Austin, Texas.
David Drake, chairman of investment firm LDJ Capital, has predicted Bitcoin will reach $30,000 by the end of the year and will hit £225,000 by 2022.
Michael Jackson, a bitcoin expert and the former COO of Skype, has said Bitcoin could soon be worth millions of dollars.
More flamboyantly, tech and crypto enthusiast John McAfee predicted Bitcoin would reach $500,000 by 2020 with a forfeit if it didn’t. McAfee later vowed to eat his d**k on live TV if Bitcoin does not reach $1 million by then.
One Bitcoin is currently worth around $9,270.
Renowned investor George Soros, having previously called Bitcoin a bubble, is reportedly preparing to invest in Bitcoin while billionaire investor Bill Miller revealed in December that half of his hedge fund was tied up in Bitcoin.
Hosp has claimed cryptocurrency and the blockchain could also one day pave the way for a 10-year old billionaire.
He said: “In 15 years, there is going to be a 10-year old who is hustling and has a really great idea and is going to change the world because people don’t have to trust a bank, but they can trust that thing called Blockchain and that is huge for business owners.”