IBM VP forecasts bitcoin to hit $1 million

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Jesse Lund, IBM’s vice president of blockchain and digital currencies told in a YouTube video that he believes bitcoin could be valued at $1 million “some day.”

However, his emphasis was on some future date. When asked what he thought the bitcoin price would be on 31st December 2019, he was a bit more cautious, suggesting that it would almost certainly be higher than it is at present, and estimated a figure of $5,000.

Lund also said he liked the million dollars price, given that “if Bitcoin is at a million dollars, then satoshi is on value parity with the U.S. penny.” He went on to explain that with a valuation like this, the whole network would have over $20 trillion of liquidity. He then suggested that such liquidity could change corporate payments and high value payments in general.

During the interview, Lund also touched on IBM’s collaboration with Stellar (XLM) and the use of the network’s native asset in IBM’s cross-border payment network, Blockchain World Wire (BWW). IBM uses XLM in the BWW as an intermediate currency and for the payment of transaction fees. IBM brought its BWW payment network out of beta back in September 2018, after closing a partnership with Stellar in October 2017

It seems that IBM is also planning to work with other digital assets. Lund said that IBM believes “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.”

The question is which digital asset will IBM choose. Lund suggested it could be XRP, or even bitcoin, “but it would also probably include other instruments, like stablecoins, and even eventually soon — hopefully — central bank-issued digital currencies.” At the same time, Lund was careful to distinguish between IBM’s payment network and Ripplenet, saying that the tech giant does not rely on its own bespoke token.

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