Prominent financial advisor Ric Edelman has drawn a parallel between acquiring bitcoin in the present day and purchasing Amazon stock back in 1999.
Edelman, who is the founder of Edelman Financial Engines, shared with Bitcoin Magazine TV on Thursday that he also anticipates the foremost cryptocurrency’s price to touch $500,000 by the year 2030.
The premier digital asset was recently valued at nearly $76,522 following a 1% upward movement over the preceding twenty-four hours. The coin experienced its strongest performance in years this August after enduring months of trading below $65,000 — markedly lower than its October peak of $126,080.
“Back in 1999, individuals were debating whether purchasing Amazon was wise,” Edelman stated. “Nobody debates that now — everyone holds it, and Bitcoin will follow an identical path down the road.”
Addressing valuation, Edelman noted that while he projects bitcoin to reach $500,000, it could climb even higher if investors ultimately dedicate more than 1% of their overall wealth to the digital currency.
Edelman remarked: “If every single person globally assigns 1% of their portfolio to bitcoin, that equals a $500,000 valuation — it really is that straightforward.”
“You don’t need to visit a webpage to review that math, and I see nothing on the horizon that will disrupt [my price forecast] — quite the contrary, actually.”
“I have a strong suspicion that my forecast will turn out to be incorrect for a couple of reasons: first, the figure will exceed $500,000, and second, it will likely happen prior to 2030,” he added.
Edelman, a leading American financial advisor and writer, has maintained his stance as a bitcoin supporter for a long time. He mentioned to BMTV that he faced ridicule when introducing the premier cryptocurrency to people back in 2013.
“I was driven off numerous stages throughout 2013 and 2014 while attempting to advise my peers in wealth management to take notice of [Bitcoin],” he recalled, noting further that the majority of participants within traditional finance currently recognize at a minimum that this asset class is “here to stay.”
Originally published at https://bitcoinmagazine.com/news/ric-edelman-says-bitcoin-is-like-amazon.
