Cryptocurrency Company Executive Discusses the Possibility of Bitcoin Reaching $10 Million

Bitfury's EVP, George Kikvadze, a prominent figure in the cryptocurrency world, made a striking prediction about Bitcoin's future in an interview with CNBC Television. According to Kikvadze, it's “only a matter of time” before the price of Bitcoin reaches $1 million, and then $10 million.

As an early Bitcoin investor, Kikvadze assessed the cryptocurrency's evolution over the past decade and detailed the macroeconomic and institutional factors behind the rise.

Stating that he has always viewed Bitcoin as “an investment against the irresponsibility of governments and the money printing of central banks,” Kikvadze argued that it acts as a “digital gold” with anti-inflationary properties and an insurance.

Stating that there is more than one reason for the dramatic rise in Bitcoin’s price, Kikvadze listed the most important driving forces as follows:

• Global Debt and QE: The rise in government debt worldwide, the continued spending of OECD countries, and the quantitative easing (QE) policies of central banks have increased the appeal of Bitcoin.
• Institutional Wave: He noted that the increased access to institutions, driven by the entry of giants like BlackRock and Fidelity, has had a profound impact on the industry. He attributed the beginning of institutional interest to Paul Tudor Jones' article supporting Bitcoin.

Kikvadze also touched on competition in the mining sector, stating that the field is becoming more capital-intensive.

Kikvadze reiterated that regulation for cryptocurrencies is a necessary and good thing, as he has believed since 2014.

*This is not investment advice.