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Bitcoin can break $1 million in the coming years, Gryphon Digital Mining CEO says

May 2, 2024
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Bitcoin can break $1 million in the coming years, Gryphon Digital Mining CEO says

Bitcoin, the world's largest cryptocurrency by trading volume, could potentially skyrocket to a million-dollar valuation, according to the head of one of America's largest publicly-traded bitcoin mining companies.

"Four to five years, maybe six, it's going to be past a million," Gryphon Digital Mining CEO Rob Chang told Roundtable on TheStreet.

"For this year, past $150,000 is very doable," Chang added.

Chang said that while supply and demand are fundamental in determining price, other factors are also important, like the role of the quadrennial bitcoin halving. Halvings are a built-in feature of the bitcoin network intended to reduce the reward for mining new blocks, Chang said, thereby decreasing the rate at which new bitcoins are generated. This has historically led to a doubling of costs and catalyzed a corresponding rise in prices to sustain the network.

Chang also spoke about the broader implications of increased global adoption of bitcoin and how that might impact prices. "Global usage of bitcoin is still a fraction of anything really, and if you only get five or 10% of the world using bitcoin, that's going to be a dramatic increase in the number of bitcoin that needs to be used, which means there's more demand, which raises the price of bitcoin because there's only a finite supply," Chang said.

Historically, bitcoin's price has always fluctuated dramatically, but it's ultimately trended upwards, Chang said: "If I told people in 2018 that this $3,000 bitcoin is now going to be around $60,000, they would've thought I was nuts within a few years because that's a dramatic increase."

Watch the full discussion here:

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