Bitcoin's future: Could its price skyrocket to $1.5 million?

As bitcoin continues to gain global traction, its potential price trajectory has become a hot topic. Roundtable anchor, Rob Nelson, sat down with Johann Kerbrat, Head of Crypto at Robinhood, to discuss the forces shaping bitcoin’s value, from its inherent scarcity to increasing mainstream adoption.

Nelson began by referencing a bold prediction from Bitcoin Magazine’s Brandon Green, who suggested bitcoin could hit $1.5 million by the end of next year. “Would it shock you to see bitcoin at half a million by the end of next year?” Nelson asked. Kerbrat highlighted bitcoin’s unique scarcity, noting, “You will only have a maximum of 21 million bitcoins unless there’s a major change.” He attributed potential price surges to developments such as bitcoin ETFs, government adoption, and increasing global engagement.

Expanding on bitcoin’s multifaceted nature, Nelson emphasized its versatility. “It’s the only asset I can think of that’s finite and is also a technology, a store of value, and a currency,” he said, pointing out its usage as a currency in countries like El Salvador and its growing appeal in inflation-stricken economies. Nelson suggested that sovereign wealth funds and wider retail adoption could further drive bitcoin’s upward trajectory.

Kerbrat agreed, citing Robinhood’s own data. “Twelve million of our customers are holding crypto on Robinhood, almost half of our entire customer base,” he said. This, he added, underscores how crypto is becoming mainstream in the U.S., with bitcoin being a significant portion of those holdings.

Nelson also questioned whether bitcoin’s high price might deter retail investors, proposing that fractional purchases could alleviate accessibility concerns. Kerbrat acknowledged this but noted that retail investors are often more financially savvy than assumed. “Some competitors are offering Satoshis (or, the smallest bitcoin fraction) to buy instead of [a full] bitcoin,” he remarked, emphasizing the flexibility for smaller investors to participate.

As bitcoin adoption expands and its use cases evolve, the potential for continued price growth remains compelling. While predictions of $1.5 million may seem lofty, both Kerbrat and Nelson highlighted the factors shaping bitcoin’s future as it steadily enters the financial mainstream.