“I’m a big believer in bitcoin, electronic payments in the future but I think we’re a long way away from that,” Robert Herjavec, founder and CEO of Herjavec Group told Kitco News.

According to the Shark Tank star, Bitcoin is the future method of payment that will be accepted by most of the consumers, due to its ease of use and the price of the digital asset will skyrocket.

A Bitcoin Not Gold Believer

Currently, bitcoin price isn’t doing well, down over 15% this week but Herjaveck would still buy this dip because he is a believer in the world’s leading digital asset. In the long term, the price of bitcoin will quintuple, he said.

As for the crazy bitcoin price forecast, that goes as high as $100k, they “don’t sound crazy” to Herjavec and could one day become a reality.

Unlike bitcoin, however, he doesn’t believe in gold. The yellow metal climbed to its 7-year high while the stock market experienced its second biggest drop ever after coronavirus spooked investors to pile into the traditional safe haven asset and take a flight from the risky assets.

Herjavec said that he is “not a big believer in gold,” but understands people’s need to go for the yellow metal.

Large institutions backing to Bitcoin will change the world

Herjavec sees bitcoin as the future but according to him, the crypto asset has a long way to go. Also, one has to “disassociate the price of an individual type of Bitcoin.”

“Because part of the challenge with Bitcoin is there is no one Bitcoin you can buy different types of Bitcoin and I think it’s a bit of a fragmented industry. The minute you have a JPMorgan Chase or you have a large institutional company getting behind it then that world will change,” said Heerjavec.