Key Takeaways
- Jim Cramer criticized bullish predictions that Bitcoin could reach $1 million by 2030.
- The flagship digital asset has undergone extreme price fluctuations recently.
CNBC’s Jim Cramer on Friday mocked Bitcoin bulls, especially Michael Saylor, for their overly optimistic Bitcoin price predictions, which he believes are unrealistic.
As a vocal Bitcoin supporter, Saylor has repeatedly predicted a $1 million price for the crypto asset. At Money20/20 last month, he said Bitcoin could reach $1 million sometime within four to eight years.
A number of crypto leaders also predict that Bitcoin could reach $1 million in the next few years.
Brian Armstrong, CEO of Coinbase, told Fox Business in September that the digital asset could hit $1 million by 2030 if banks do not obstruct its growth.
Tom Lee, chairman of BitMine, also sees the target as attainable, and both he and ARK Invest CEO Cathie Wood have issued even more ambitious predictions exceeding $1 million.
Bitcoin is currently trading at around $83,000, down 6% in the last 24 hours, CoinGecko data shows. Bitcoin has seen sharp swings in price over the past few weeks.
Jim’s statement follows a public endorsement he made just a few months ago, when he described Bitcoin as a hedge against the rising US national debt.
He said at the time that he wanted to protect future generations and planned to hold Bitcoin and Ethereum for his children, seeing them as tools against economic instability.
Source: https://cryptobriefing.com/bitcoin-price-forecast-cramer-critique/
