Economist predicted the bitcoin price collapse to $3 000 before rising to $500 000

According to Harry Dent, the first cryptocurrency could reach a value of half a million dollars by 2037, in the next global market boom

19.05.2022 - 11:20

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2 min

What’s new? Economist and founder of HS Dent Publishing Harry Dent has allowed the possibility of the bitcoin price to fall below $3 000. In this, he believes the value of the first cryptocurrency could reach $500 000 at the next rise of the crypto market. Dent also expects the widespread adoption of BTC as a digital monetary standard in the long term. He revealed this in a conversation with Kitco News.

Link to the conversation with Kitco News

What else does the economist say? According to Dent, bitcoin could gain public acceptance and become the new digital money standard. However, the economist believes that the asset has not yet reached a level to become socially accepted. Regarding the future of bitcoin, he added:

“It’s gonna crash and I think bitcoin could go down to $3 000 or $7 000 and then go to $500 000 to $1 million in the next global boom [by 2037]. So that will be the buy of an of a lifetime, but I wouldn’t touch it with a 10-foot pole even down 50% here.”

Who is Harry Dent? He is an American economist and financial publicist, as well as the founder of HS Dent Investment Management, an investment company. Dent writes news and articles that cover the economies of the United States and the world. He pays particular attention to generational consumer spending patterns as well as financial markets.

What events happened before? In early May, crypto analyst Tone Vays stated that the price of bitcoin would continue to fall over the next few months and may hit the $23 000 mark. And according to a prediction by the head of the brokerage firm Euro Pacific Capital Inc. Peter Schiff, it could fall as low as $10 000 if it continued to decline beyond the $30 000 mark. Analyst Kevin Svenson noted a strong correlation between BTC and the stock market, if the S&P 500 index started a significant decline, the first cryptocurrency’s rate could fall as low as $22 000. For more details on the most negative price predictions for the first cryptocurrency, see GetBlock Magazine’s article.

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