Sunday, June 16, 2019

IBM’s VP of Blockchain Says Bitcoin Will Be Worth A Million Dollars Someday

In an interview with Finder.com, a news comparison platform on February 20, Jesse Lund, vice president of blockchain and digital currencies at IBM stated that he expects bitcoin to hit a million dollars someday. Lund also highlighted the use of Stellar tokens for IBM’s cross border payments.

Predicting What Bitcoin’s Price Will be by New Year’s Eve

Based on the details of the interview, Lund was asked what he expects bitcoin’s price to be on new year’s eve. The VP said he sees bitcoin trading higher than it is now and around $5,000. However, in the long run, he expects the virtual asset to hit a million dollars. In his own words: “I see Bitcoin at a million dollars someday.”

Lund further stated that he likes the number he has predicted because if bitcoin reaches a million dollars, then Satoshi is on value parity with the U.S. penny. At that value, there would be over $20 million of liquidity in the whole network. He added that such liquidity could change corporate payments as well as high-value payments.

Collaboration Between IBM and Stellar for Cross Border Payment

Aside from predicting bitcoin’s price in the near future, Lund also looked at the Blockchain World Wide (BWW). The latter is the cross border payment used by IBM which takes advantage of Stellar’s native token, XLM to facilitate payments. BWW is reportedly an effort of both Stellar and IBM.

In the same vein, comments made by the VP revealed that IBM has other plans to work with more cryptocurrencies. According to Lund, there should be an ecosystem consisting of a variety of virtual currencies that can serve as a settlement instrument. They can be used to facilitate cross border payments.  As a result, participants of the network will have the option of choosing in real-time which virtual asset to use.

Lund further stated that:

“it could be Ripple, it could be XRP even, it could be Bitcoin, but it would also probably include other instruments, like stablecoins, and even eventually soon — hopefully — central bank-issued digital currencies.”

IBM Contributes to Blockchain Technology

In 2018, several reports from BTCNN revealed that IBM is actively engaged with the blockchain. On November 12, it was reported that the company intends to rely on the trustworthiness of blockchain to aid in scientific research. It was also reported on December 12 that information technology company plans to develop a blockchain-based digital wallet to track farm tractors.

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