Can You Imagine Bitcoin Price Getting To $1,000,000 USD Per BTC? IBM Blockchain’s VP Does


Bitcoin To Hit $1 Million

Jesse Lund, the vice president of blockchain and digital currencies for IBM, is expecting Bitcoin’s (BTC) price to eventually hit $1 million.

Lund made known his prediction in an interview with comparison and news platform Finder.com, published on YouTube on Feb. 20.

When asked what he expects the price of Bitcoin to be on this new year’s eve, Lund said that he thinks it is going to be higher than the current price.

“I’ll go with $5,000.” He then continued his prediction. I see Bitcoin at a million dollars someday.”

Lund also pointed out that he “likes that number,” given that “if Bitcoin is at a million dollars, then Satoshi is on value parity with the U.S. penny.”

According to him, at such a value, the whole network would have over $20 trillion of liquidity. He suggested that such liquidity could change corporate payments and high-value payments in general, concluding:

“I see maybe $5,000 at the end of the year, but I see a way higher upward trajectory.”

He also spoke about IBM’s collaboration with Stellar (XLM) and the use of the network’s native asset in IBM’s cross-border payment network, Blockchain World Wide (BWW).

It could be recalled that IBM uses XLM in BWW both as an intermediate currency and to pay transaction fees.

BWW uses digital currency on Stellar’s blockchain to facilitate international settlements between banks in quick time. This is the latest step forward for IBM and Stellar, which have been eyeing blockchain payment options since October last 2017.

According to a report from Cointelegraph in July 2017, IBM had partnered with Stronghold, a Stellar-based asset, to create the Stellar network’s first stablecoin.

The latest move provides fresh competition for an outfit like Ripple, which has had a controversial few months as executives voice doubts over blockchain’s appeal to the banking sector.

While IBM claimed that blockchain could “revolutionize” the global financial system in an analysis published in January, the firm nonetheless considered the idea of banks themselves becoming obsolete as “not likely.”

In the course of the interview, Lund revealed that the firm is considering working with various other digital assets, adding that they believe “there should be an ecosystem of, a variety of digital assets that provide settlement instruments that enable these cross-border payments, and the participants in the network should be able to choose and negotiate their choices in real-time.” Lund went on to state:

He pointed that some of the companies could be Ripple, XRP even, it could be Bitcoin, “but it would also probably include other instruments, like stablecoins, and even eventually soon — hopefully — central bank-issued digital currencies.”

In differentiating IBM’s payment network from Ripple’s RippleNet, Lund noted that the tech giant does not rely on their own bespoke token.

BankDhofar, Oman’s second-largest bank by market value became RippleNet’s most recent member, joining to enable cross-border payments to India, as Cointelegraph recently reported.

Also, IBM brought its BWW payment network out of beta back in September 2018, after closing a partnership with Stellar in October 2017.

Recall that about a week ago, major Canadian crypto exchange Coinsquare showed interest in the blockchain by acquiring StellarX, a Stellar-based decentralized exchange.

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