The Canadian billionaire - Robert Herjavec - better known as one of the venture capitalists on the TV show, Shark Tank, has thrown his weight behind Bitcoin (BTC).
Herjavec argued that Bitcoin is the future of payments, arguing that it ‘can hit $100,000 and possibly $1 million’ in the future.
During an interview with Kitco News, Herjavec argued that the future of payments will be digital with Bitcoin (BTC) playing a key role.
“I’m a big believer in bitcoin, electronic payments in the future,” Herjavec responded when asked about the digital currency.
He does concede, however, in saying that it is still a while back in adoption and it will take time to reach desired levels.
When asked about how far away we are from this scenario, he replied: "I think we’re a long way away from that."
Even so, the Shark Tank VC remains bullish on crypto, adding that the chances of Bitcoin (BTC) reaching $100,000 (a 10X increase) and $1 million (100 X increase from today’s value) are not impossible.
These are comments that would certainly put him at odds with his TV show counterpart - Mark Cuban - who believes the coin holds no value.
Herjavec added that the price of Bitcoin will “quintuple” in the coming years as it provides users with a convenient form of money. He concluded by saying that:
“Consumers, over the long run, always go to convenience, and Bitcoin is just convenience.”
Cryptocurrencies: A Market of Bitcoin Forks?
While offering criticisms of Bitcoin, Herjavec may have confused the whole cryptocurrency market as being forks of Bitcoin. He explained that the fragmented nature of the blockchain industry is a problem that affects the likelihood of global adoption. He stated:
“You can buy different types of Bitcoin, and I think it’s a bit of a fragmented industry. The minute you have a JP Morgan Chase, or you have a large institutional company getting behind it, then that world will change.”
The billionaire, however, doesn't hold any affections for gold as an asset, even with its strong performance amidst Coronavirus fears. He believes the current movements in markets, due to the NCOVID 19 virus, serve as a learning curve for investors on how markets move.