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“How high will Bitcoin go?” is a question that’s been speculated since the inception of the cryptocurrency. Here’s another speculation from Jeremy Liew, the first investor in Snapchat, as well as Peter Smith, the CEO and founder of Blockchain, who claim $500,000 by 2030 is a reasonable estimation.

While they believe this increase will come thanks to multiple reasons, they all boil down to the same theme; a heightened interest which will push BTC-USD into the six figure range.

For example, remittances is a space that Bitcoin is quickly taking over. The World Bank data shows payments have almost increased twofold from 2000 to 2015, accounting for 0.376 percent of world’s GDP to 0.764 percent of global GDP. If growth in this sector is to continue at this pace, the next 15 years we should see remittances account for more than 1 percent of total GDP.

With Bitcoin being a far more economical alternative that does not require money exchanging hands of third parties as well as having instant notifications of funds received, not only should remittances in general increase but Bitcoin-based remittances as well.

Another reason is what the two describe as “political uncertainty in the UK, US, and in developing nations” which could provide a catalyst for the alternative currency. As people waver in confidence within their country’s fiat currency due to inflation, political instability or whatever the reason may be, it is only logical to assume a continued rise of alternative currencies such as bitcoin.

Liew and Smith stated:

“We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level.”

Another interesting point the two bring up is by 2030, according to current Bitcoin mining rates, around 20 million of the 21 million bitcoin that will ever exist will be in circulation. Bitcoin will have gone through many more block reward halvings which will further limit the minting of new bitcoin, thus increasing scarcity and makes owning the cryptocurrency an even more valuable proposition. Their prediction that BTC-USD will reach $500,000 coincides with another prediction from industry insiders that bitcoin will be the sixth largest reserve currency by 2030.

While Liew and Smith are optimistic for the future, they realize a lot could go wrong in the next 13 years as well. If the recent news in China, which accounts for a substantial portion of all Bitcoin trading occurring globally, or how the SEC rejected both proposed Bitcoin ETF’s say anything, it’s that Bitcoin has many hurdles it must jump through in order to be used as a global currency as many envision.

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