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The founder of a Boston-based investment management firm says the US dollar is heading toward total collapse – an event that will fuel a massive rise in the price of Bitcoin.
Larry Lepard, founder and managing partner at Equity Management Associates, says it’s now obvious that the dollar will continue its decades-long spiral of depreciation, to the benefit of hard assets like BTC.
In a new interview with Kitco, Lepard forecasts the demise of the dollar within ten years, and says people will flock to Bitcoin and other hard assets as they realize USD is doomed.
“I think the intelligent people in the world and ultimately most people get the joke and realize that fiat currency is losing value consistently, and as that trend grows people will go to Bitcoin.
They’ll go to Bitcoin. They’ll go to gold. They’ll go to property. Nobody’s going to be stupid enough to buy bonds from a set of governments that have proven they can’t manage the currency correctly.”
Lepard says Bitcoin’s capped supply of 21 million coins gives it a key advantage over gold, and will play a central role in its long-term parabolic price rise to $10 million per BTC.
“If gold goes to $10,000 tomorrow, we’re going to mine more gold. There’s just no doubt because we know where it is, it’s just not economic to get it out of the ground.
Whereas if Bitcoin goes to a $100,000 tomorrow, there’s not going to be any more Bitcoin created. So that’s a very powerful thing. There’s seven-plus billion people on the planet and there are 21 million of these coins. It’s a very sound form of money.
As more and more people come to [realize they] should save in this form of money, the price is going to go much higher in my opinion. I think we’ll hit $100,000. Then I think we’ll hit $1 million, and I think we’ll ultimately hit $10,000,00 a coin. I’m sure my grand kids will be shocked at people who own one coin I mean being a whole coiner will be a big deal.”
Lepard cautions that BTC will remain highly volatile, with major downturns along the way.
As for the risks to Bitcoin, Lepard says he highly doubts the technology will fail, he sees major use cases and growth, and he can’t really see a scenario where BTC doesn’t win in the long run.
He does believe the governments could try to slow it down by making it more difficult to enter and exit crypto markets and with higher capital gains taxes, but he believes that would ultimately serve as a signal that Bitcoin is the future and is here to stay.