Greg Foss, the executive director of Validus Power Corp, which leverages flare gas to mine bitcoin, recently gave a bullish prediction about the price of bitcoin, the largest cryptocurrency by market capitalization, saying it could reach up to $2 million per unit.
Over the years, sky-high price predictions for one of the hottest digital assets in the world today have been made on numerous occasions. Nonetheless, the one made by Foss can be described as “right up there” and some players are wondering what prompted his prognosis for bitcoin’s value.
Right up there
The Winklevoss twins of Gemini had their own prediction for bitcoin, saying its price will hit $500,000 by 2030. Back in 2017, PayPal board member and Xapo Chief Executive Officer Wences Casares said the asset will fetch a unit value of $1 million by 2027.
Although these price predictions are lofty in nature and have been part and parcel of the crypto space, they fail in comparison to Foss’ $2 million bitcoin price projection.
But the question still remains: what makes Foss think this is a possibility?
Foss offers explanation
During his talk with Anthony Pompliano, Foss justified his position by saying that he thinks oil and gas will be priced in bitcoin instead of dollars within the next 10 years, elevating the cryptocurrency’s status to being a global reserve asset.
“I think bitcoin has a chance of becoming the global reserve asset of the world. Why? Because I think oil and natural gas will shortly, and when I say shortly, in the next 10 years, become priced in bitcoin,” said the executive director.
He added that bitcoin provides a better deal and over time, as more nations realize that, a gradual shift will be observed where countries would now want to price energy in the crypto.
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