Snapchat's first investor: Bitcoin price will reach $500,000 by 2030

Rage Comment : Jeremy Liew, the first investor of Snap Inc., highly affirmed the development potential of Bitcoin in an interview, and said that based on the price trend and limited supply of Bitcoin, its price will reach $500,000 by 2030, and its number of users will increase to 400 million. Regardless of whether this prediction is accurate, we can be sure that Bitcoin, as an effective remittance and payment method, will attract more users and achieve sustainable development.

Translation: Ina

Jeremy Liew, the first investor in Snap Inc., the parent company of the popular social media platform Snapchat, told Business Insider that the price of Bitcoin could realistically reach $500,000 by 2030.

Since its launch in 2009, Bitcoin has been the best performing currency and asset in the world, with the exception of one special year.

Contrary to the general consumer perception of Bitcoin, Bitcoin has seen a significant decrease in volatility over the past few years and has transformed into a stable store of value, digital gold, and settlement network.

Bitcoin as a remittance and settlement network

Bitcoin is currently being used around the world as a method of payment and efficient remittance. In fact, as Cointelegraph reported in February, the Philippines has officially recognized Bitcoin as a legal remittance and payment method.

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said in its Circular No. 994:

“Of course, the BSP aims to regulate risky investments when Bitcoin is used for the delivery of financial services, especially payments and remittances, which can have substantial implications for anti-money laundering (AML), combating the financing of terrorism (CFT), consumer protection, and financial stability.”

According to Liew and Blockchain CEO Peter Smith, Bitcoin’s transportability and high liquidity make the digital currency a practical remittance method for general consumers. In this regard, Liew explained that Bitcoin is attracting mainstream investors and users as a strong investment and reliable digital currency.

Jeremy Liew

Liew and Smith point out:

“As expatriates looking to send money home find Bitcoin a cheap alternative, the percentage of remittances sent in Bitcoin will grow significantly as Bitcoin awareness grows. We believe that as geopolitical risk rises, Bitcoin awareness, high liquidity, ease of transportation, and continued outperformance will make Bitcoin extremely attractive to consumers and investors.”

Bitcoin’s unique applications have enabled the currency to grow at an explosive rate. Some are using Bitcoin as a wealth management tool, while others rely on Bitcoin to make and receive payments, profiting in the long run and settling transactions with lower fees and shorter confirmation times than bank transfers.

Considering Bitcoin's exponential growth, limited supply and scarcity, Liew explained that the price of Bitcoin could reach $500,000 when the number of Bitcoin users reaches 400 million. Currently, service providers such as Blockchain and Coinbase have provided about 20 million Bitcoin wallets. Liew expects the number of Bitcoin users to grow 20 times in the next 13 years.

Part of the presentation provided by Liew and Smith stated that “Bitcoin’s price and number of users in 2030 will reach $500,000 and 400 million, respectively. The price is calculated by dividing its $10 trillion market cap by the fixed number of 20 million bitcoins.”

Why the SEC ruling comes as no surprise to Liew and Smith

For Liew and Smith, the rejection of the Winklevoss twins’ Bitcoin ETF application was expected, mainly due to the SEC’s inefficiency in approving new markets and recognizing new assets. However, Liew also pointed out that Bitcoin does not need a strictly regulated channel to attract a large number of investors.

The Bitcoin trading market itself provides traders with a high degree of liquidity. Therefore, it is relatively easy for ordinary traders to buy and sell Bitcoin on regulated platforms.

He told Business Insider:

“The SEC’s ruling was not a surprise to us. We knew it would take time to get this kind of approval. At the same time, Bitcoin is already simple to buy, sell and hold, and as the asset continues to mature, we will continue to see more related products developed and deployed.”