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IBM predicts Bitcoin price will hit $1 million

Amandeep Sonewane | Feb. 25, 2019
IBM predicts Bitcoin price will hit $1 million

Jesse Lund, who is the vice president of IBM’s Blockchain and Digital Currencies department, has quoted that he believes Bitcoin will hit the $1 million mark someday.

February 22, 2019 AtoZ Markets  - Jesse Lund, who is the vice president of IBM’s Blockchain and Digital Currencies department, has quoted that he believes Bitcoin will hit the $1 million mark someday. The IBM vice president was asked about what he thinks of the Bitcoin’s price by the end of the year 2019. His response was bit optimistic for the Bitcoin and he thinks that it will be above its recent price suggesting that the coin will reach a target of $5,000 mark. 

Also, Jesse Lund quoted that:

“I see Bitcoin at a million dollars someday.”

Lund’s explanation: $5000 by the year end, $1 million someday

He went on to explain why he likes that million-dollar forecast. If Bitcoin price is at a million dollars, then Satoshi is on value parity with the US penny. According to Lund, such a value would give the Bitcoin network a liquidity value of over $20 trillion. Lund went on to suggest that with that much liquidity, high-value and corporate payments could see potential change. 

He also stated that:

“I see maybe $5,000 mark at the end of the year, but I see a way higher upward trajectory.”

Lund also talked about IBM’s relationship with Stellar and how the network will be utilized with IBM’s international payment network labeled Blockchain World Wire (BWW). IBM makes use of Stellar in both its BWW project and to cover transaction fees and as an intermediate currency.

Potential IBM partnerships

The IBM vice president also shared that his company is working with several other virtual currencies. Lund explained that there should be an ecosystem of, a variety of digital assets that provide settlement instruments that enable these cross-border payments. Also, the participants in the network should be able to choose and negotiate their choices in real-time. 

He also commented on Ripple and stablecoin that:

“It could be Ripple, it could be XRP even, it could be Bitcoin, but it would also probably include other instruments, like stablecoins, and even eventually soon – hopefully – central bank-issued digital currencies.”

Lund went on to explicitly differentiate between RippleNet and IBM’s payment network, pointing out that his tech company does not rely on a bespoke token of their own.

BankDhofar, the second largest bank based on market value, recently became a member of RippleNet. The Oman bank has also joined the cross-border payment system to make payments to India possible.

Moreover, IBM has decided to launch its BWW payment network, after closing on its relationship with Stellar a little over a year earlier. Additionally, about a week ago, Coinsquare, a major cryptocurrency exchange in Canada, acquired StellarX which is a decentralized exchange based on Stellar.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.