Now that Bitcoin’s price is rebounding from the sub-$30,000 lows of late June, the cryptocurrency’s champions are making still more jaw-dropping predictions on where it’s headed—or they’re replaying their former Brobdingnagian forecasts. Fundstrat Global Advisors’ Tom Lee foresees a surge to $100,000 by the close of this year. That’s more than double its price of $46,000 at midafternoon on Aug. 13. Billionaire Tim Draper, an early investor in Tesla, Twitter, and Skype, is calling for $250,000 by the end of 2022. Cathie Wood of ARK Invest and ARK’s cryptocurrency analyst Yassine Elmandjra expect Bitcoin to reach $500,000, though they haven’t advanced a timeline for that feat.
For its fans, Bitcoin’s soaring price is its birthright as an incorruptible currency, a safe store of value, or a profitable place for companies to park excess cash. They’re not talking about the environmental blight that is part and parcel of that destiny. At a Bitcoin price of $500,000, the global industry would match an incredible 12% of the CO2 that drives the great American industrial engine, and heats and cools our 140 million homes.
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