Bitcoin’s consistent drop is not alarming many prominent investors. The same is true for Larry Lepard, who will “back up the truck” in the event that prices drop with the asset manager is aiming for 100x gains.
Asset management expert and financial manager Lawrence “Larry” Lepard predicts that Bitcoin will reach a staggering $2 million within six years. Considering that Bitcoin has been in a downturn for almost a year, renowned investors typically make bullish predictions about the price of BTC.
One of the voices predicting a seven-figure BTC price tag in the current context is Lepard, who is already well-known for his optimism regarding both Bitcoin and precious metals.
In his podcast appearance, the Equity Management Associates founder his latest appearance on the Quoth the Raven podcast on Oct. 16, Lepard said that BTC/USD could “easily ” deliver 100x returns from current prices.
He also revealed that he is still dollar-cost averaging into BTC — buying a fixed amount every week, regardless of the price. He added that it is a “risk” not to own BTC as a hedge in what he calls a “sovereign debt crisis.”
“I’m not suggesting anyone should take all of their money and dump it into these things, but what I am suggesting very strongly is that anyone who doesn’t have some position in these things is taking more risk than they need to take because of the upside optionality. Bitcoin could go to zero, but I personally believe Bitcoin’s going to go up 100x.”
Lepard did not hesitate when asked if he agreed that a single Bitcoin may eventually be worth $2 million, which is 100 times more than the current spot price.
He responded, “Yeah, easily, easily,” estimating that it would take five or six years for the gains to become apparent. Lepard continued, predicting that the next macro high for BTC/USD will reach up to $200,000 before seeing a further 70% fall.