Top financial advisor Ric Edelman has compared buying bitcoin today to Amazon back in 1999.
Edelman, founder of Edelman Financial Engines, told Bitcoin Magazine TV on Thursday that he also expects the price of the leading cryptocurrency to hit $500,000 by 2030.
The leading cryptocurrency was recently priced at nearly $76,522 after jumping 1% over the past day. The coin had its best run in years in August after months of trading below $65,000 — significantly below its October record of $126,080.
“Back in 1999, people were arguing over whether to invest in Amazon,” Edelman said. “Nobody has that argument — everybody owns it, and Bitcoin will have the same trajectory in the future.”
Regarding price, Edelman said that while he expects bitcoin to hit $500,000, it should reach a higher price if people end up allocating more than 1% of their assets to the coin.
Edelman said: “If everybody in the world allocates 1% of assets to bitcoin, that translates to a $500,000 price — it’s really that simple.”
“You don’t have to go to a website and look at that arithmetic, and there’s nothing that I see that’s going to interfere [with my price prediction] — in fact, just the opposite.”
“I have a feeling we’re going to discover that my prediction is wrong on two counts: one, it’ll be more than $500,000, and second, it’ll probably be before 2030,” he continued.
Edelman, a top American financial advisor and author has long been a bitcoin advocate. He told BMTV that he was mocked for telling people about the top cryptocurrency back in 2013.
“I was booed off many a stage in 2013, 2014, trying to convey to my colleagues in the financial services field to pay attention to [Bitcoin],” he said, adding that most people in the traditional finance space now acknowledge at the very least that the asset is “here to stay.”