Altcoin News: IBM Spokesman: “I See Bitcoin at a $1 Million Someday”

February 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

IBM spokesman Jesse Lund expressed a very optimistic view on the future price of Bitcoin and predicted the long term rise of the first cryptocurrency to $1 million.

Jesse Lund, VP of Blockchain and Digital Currencies Jesse Lund at IBM, stressed that the higher the price of a cryptocurrency asset, the greater the use it can find. In his opinion, people should look less at the volatility of an asset, and more at its use.

“If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now,” he says.

At the same time, a representative of the technology giant noted that speculators are reducing the value of cryptocurrencies “because they’re thinking about it wrong.”

“I have a long-term outlook. […] It goes back to that discussion about the utility of the network with a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.”

He stressed that when the liquidity of the cryptocurrency is high enough, it attracts large corporations and banks for more efficient transfers.

IBM is working with the R3 consortium to create solutions for international transfers using various cryptocurrencies. One of these cryptocurrencies can be Stellar. Lund believes that despite the small capitalization of the coin, it is well suited for international transfers.

Recall that recently the Spanish financial conglomerate Santander has signed an agreement with IBM on the use of the blockchain platform of the American Technology Corporation.

Author: Marko Vidrih