Benzinga - by Ivan Crnogatić, Benzinga Editor.
Former pharmaceutical executive Martin Shkreli made a bold prediction Monday, proclaiming a “75% chance” Bitcoin (CRYPTO: BTC) will reach $1 million by the end of the year.
What Happened: Shkreli, who was convicted of securities fraud in 2018 and sentenced to seven years in prison, took to his X (formerly Twitter) account to voice his opinion:
i think there is a 75% chance of BTC being $1,000,000 by year end. i can't talk about the thesis, but that's it, my prediction.— Martin Shkreli (e/acc) (@wagieeacc) April 1, 2024
He dismissed comments that his prediction is an April Fool’s Day joke.
Shkreli did not provide a thesis for his prediction as commentators pointed out, saying he “just wanted to document the call.”
Shkreli shrugged off the argument that such a scenario would require “a systemic collapse of fiat confidence and likely the worst recession/depression anyone alive has experienced” with the words “not necessarily.”
Read Also: Bitcoin, Ethereum, Dogecoin Spike Marking An End To Bullish Q1 2024 — Analyst Says King Crypto Could Ascend To $75K Mark If It Breaches Neckline Resistance
Why It Matters: Shkreli’s call far exceeds the bullish prediction of hedge fund manager Mark Yusko, who foresees a price spike to $150,000 in the next 12 months.
"Bitcoin is the king. It is the dominant token. It is a better form of gold," he told CNBC’s “Fast Money” in an interview.
However, Yusko also said that “it can go up 10x from here easily over the next decade.”
Shkreli joins the ranks of hyper-bullish Bitcoin predictions, such as Ark Invest CEO Cathie Wood predicting that the apex crypto could soar to $3.8 million by the end of the decade.
In the short run, Bitcoin is looking to maintain its winning streak, recording its seventh straight monthly green candle and highest-ever monthly close.
What’s Next: The appeal of Bitcoin for institutional investors is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
Read Next: Is Bitcoin ‘Digital Gold?’ Peter Schiff Says ‘Perhaps It Never Will’ Make A New High Priced In Gold As Economist Shares Data That Undermines The Case
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