Bitcoin Price Prediction: BTC To Hit £1 Million After Brexit, Expert Says

Imagine paying 0.00037 Bitcoins (BTC) for a tall vanilla latte at Starbucks today, then 0.00029 for the same coffee the following day after BTC shot up by more than 20%. By the third day, it's 0.00035. It's an overemphasis but may typify the kind of world that fully embraces crypto.

While not a lot has been done to suppress Bitcoin's volatility, it's the kind of world that Josh Riddett, the CEO of Easy Crypto Hunter, foresees: cryptos as a payment method for just about anything in the next five to ten years. Riddett also sees something grander for the most popular crypto -- a £1 million price tag.

The 29-year-old tech entrepreneur sees Bitcoin as a safe haven in that investors would flock to Bitcoin in times of crisis, much like how gold appreciates when there's financial uncertainty. He believes that after Brexit, which is extended again to January 31, 2020, what will ensue is more individuals taking their money to the popular cryptocurrency since it's not affected by geopolitics.

However, Riddett doesn't see BTC reaching a £1 million market value in the immediate term, unlike John McAfee, who predicts Bitcoin will be at $1 million before 2020 ends. Riddett thinks that a £1 million Bitcoin price will happen but at a gradual pace, like in the next 20 years, but it may start after Brexit.

Riddett believes that cryptocurrencies will achieve broader acceptance as a payment method in grocery shopping, and even as compensation for workers in the U.K. He also predicts that there will be ten major cryptos that will be welcomed as a form of payment in the coming years and Bitcoin will be one of those.

"It will be a natural progression into paying via cryptocurrency, 20 years ago, paying with cheques and cash was commonplace whereas now contactless payment has taken over. In the next 10 years we will see a similar transition from payment with sterling to payment with cryptocurrency," said Riddett in an interview with Techround.

If the future that Riddett sees does happen, it will dawn a new era of finance with a new form of money, but as long as buying vanilla lattes is not like trading in the stock market, then consumers can rest easy. If not, someone or something should address that volatility.