VanEck Head of Digital Assets Research, Matthew Sigel, recently said that Bitcoin (BTC) could hit $1 million in “half a decade.” Sigel is not the only one who has predicted BTC hitting the seven-figure mark. Binance founder Changpeng Zhao (CZ), ARK Invest CEO Cathie Wood, and Strategy chief Michael Saylor, among others, have also said that the original crypto will eventually hit the $1 million mark. Although the outlook is bullish from industry experts, let’s discuss if it is safe to invest in Bitcoin (BTC) for the long term.
Is It Safe To Invest In Bitcoin?
Despite his bullish remark, Sigel stated that Bitcoin (BTC) has a “cyclical” path. This is quite evident to crypto veterans. BTC climbed to a peak of $68,000 during the 2021 bull run, but crashed to below $16,000 after the collapse of FTX in 2022. The asset went on to breach the $100,000 mark in December 2024, before facing another correction. Bitcoin (BTC) hit its most recent peak of $126,080 in October of last year. However, prices have since dipped by more than 36%. If you are a new investor, you should be prepared to face violent price swings before making any profit.
Moreover, a recent Google report highlighted that cryptocurrencies like Bitcoin (BTC) could face threats from quantum computers. A future quantum computer could break Bitcoin’s (BTC) private keys in under 10 minutes. Such a development could pose a significant risk to the entire crypto industry. If Bitcoin’s (BTC) cryptographic security measures are compromised, the asset will most likely face a severe price crash. Nonetheless, many anticipate the development team to make innovations to counter the threat from quantum computers.
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Moreover, the timeline for Bitcoin (BTC) potentially hitting $1 million is not set in stone. The crypto market is subject to speculation and fresh volatility could present unforeseen challenges.