Man Who Purchased Bitcoin for $1 Believes It Will Eventually Reach $100,000
Davinci Jeremie, an early user of cryptocurrencies and presenter of the YouTube channel davincij15, forecasts that Bitcoin’s price will increase tenfold during the next bull run, but cautions that it might fall lower before then.
Davinci said on November 25 in an interview with Kitco news, “I believe we’ll gain at least 10x from the bottom.” David Lin of Kitco was asked whether his projections indicated that Bitcoin would have to decline below $10,000, to which he said, “we will likely see $12,000.”
Jeremie, who is also a crypto influencer, is well-known for his famous phrase, “I Told You So,” which he spoke after urging people to buy Bitcoin in 2011 when it was selling for less than $1 per unit. During the interview, he said that he first became interested in Bitcoin in March 2011, when one of his subscribers requested that he visit the Bitcoin website. After doing further research, his opinion on the blockchain network shifted, despite his original fear of being scammed.
“After reading the source code, I realized- oh my goodness! “This will work,” he said. According to him, he fell in love with Bitcoin when he realized that we now had a money system that the government couldn’t stop and that you could transfer wealth immediately and without a third party to anybody in the world.
“Once in a while, something comes along that makes impoverished people wealthy because they got it so cheaply; this is one of those things,” Da Vinci said, explaining why he opted to acquire Bitcoin. He went on to explain how his calls for people to acquire the cryptocurrency with the largest market capitalization had fallen on deaf ears.
“I recall that my first video had 751 dislikes and maybe 50 likes,” he said. “I believed people would understand. They wanted me to discuss solely gold and silver.”
A Bitcoin acquired at Jeremie’s $1 offer in 2013 would have appreciated by 6,878,800% by November 10, 2021, when the price hit a record high of $68,789. Bitcoin’s price has fallen substantially over the last year after reaching an all-time high, due to macroeconomic concerns and liquidity shortages in the cryptocurrency market.
Davinci, commenting on the decline of the cryptocurrency market, said that the crypto winter might last until 2024, implying that the next bull run would begin after the second Bitcoin halving.
Currently, Bitcoin is trading at $16,541 following a daily rise of 0.91%. However, the leading cryptocurrency is still more than 75% behind its all-time high.