8/16/2021- 7:44 p.m.
Washington – 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.Â
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.
The king of the bulls may be MicroStrategy CEO Michael Saylor, who has famously been amassing Bitcoin in his corporate treasury.
In that scenario, each coin would fetch $14 million.
Saylor believes that Bitcoin’s market cap is destined to explode from today’s $870 billion to $11 trillion, though he hasn’t said how fast it will ramp up to those heights.
These devoted fans, however, aren’t acknowledging a storm cloud that darkens Bitcoin’s future. If Bitcoin goes on a moonshot as they expect, its notorious carbon footprint will expand in lockstep. The industry that now sends as much carbon skywards as the nation of Greece will spew multiple times more, matching the emissions of far larger industrial nations.
Put simply, unless Bitcoin goes green in the biggest of big ways, its built-in economics guarantee that as its price soars, the tonnage of carbon dioxide it gushes will rocket, too. For now, its zealots’ riches can grow only in tandem with Bitcoin’s carbon impact.
