Despite its ups and downs in the market, Bitcoin is not without a solid army of believers. Apple co-founder Steve Wozniak said he expects the price of bitcoin to reach $100,000 soon.
Cryptocurrency will take Bitcoin to new heights
The senior engineer made the statement in a recent centralized "Steve-O's Wild Ride". In the post, he also talks about his various adventures in bitcoin and cryptocurrencies.
Wozniak said his predictions cannot be based on any mathematical calculations and noted that the growing interest in cryptocurrencies makes his predicted prices achievable.
I think bitcoin will reach $100,000 …… I can’t do any math on this and I really don’t feel like I’m getting all the attention.
He also revealed that he continues to use his Coinbase account to buy some bitcoin. Wozniak has previously said that he sold all the bitcoins he bought early in the market for experimental purposes. Apple's co-founder believes that the current bitcoin investments are not intended for big gains.
The former Apple executive has long been a strong supporter of bitcoin. In another recent interview with Business Insider, he described bitcoin as the only cryptocurrency with "pure gold math. He noted that he doesn't have the trust of other cryptocurrencies.
Wozniak also defended Bitcoin's high energy consumption. He claims that Bitcoin, like all other human activities, uses only as much energy as it is worth.
Wozniak's view on where the bitcoin price is headed is shared by many other bitcoin proponents. In the long run, MicroStrategy CEO Michael Saylor has higher expectations for the bitcoin price.
Saylor has often stated that Bitcoin will eventually overtake the gold market with greater adoption rates. Most recently, he reiterated that the ongoing Russian-Ukrainian war will only accelerate bitcoin adoption.
Joining Wozniak is Changpeng Zhao, CEO of Cryptocurrency, who recently said cryptocurrencies will continue to thrive.
Similarly, Anthony Scaramucci, CEO of SkyBridge Capital, another cryptocurrency backer, believes that one day the pioneering cryptocurrency will be worth $500,000 per unit.
On the day, bitcoin rose 1.04 percent to trade at about $39,100. Over the past two weeks, the market has traded between $44,950 and $37,300, down nearly 43 percent from its all-time high.
While concerns remain that the bitcoin market could decline further in the short to medium term amid various macroeconomic pressures, the optimistic outlook remains on its long-term potential.
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