Bitcoin to reach $5 trillion market cap in 5-7 years - Robert Breedlove

New York (Feb 3)  Over the next few years, the price of Bitcoin should climb at least four to five-fold, said Robert Breedlove, founder and CEO of Parallax Digital.

"I think the real dominoes fall when we hit a $5 trillion market cap, and we're close now, we're sub-$1 trillion," he said. I think within five to seven years we're going to be at that critical threshold where Bitcoin starts to bend the world to its will," he said.

Speaking to Michelle Makori, editor-in-chief of Kitco News, Breedlove said that eventually, central banks will begin buying Bitcoin, and that would place significant inflationary pressure on the price.

His comments come as inflation in the U.S. hit a 40-year high, with the last headline consumer price index print coming in at 7%.

Breedlove has previously said that inflation is "theft" and that money printing is "legalized counterfeiting."

"Inflation is a very muddied term to begin with. People often refer to it typically in terms of price inflation, because that's what we experience in our day-to-day life. But, when I use the term inflation, I'm specifically referring to the arbitrary expansion of a fiat currency supply within the protection of a legal monopoly," he said.

Furthermore, Breedlove said that the U.S. will eventually be "hyperinflated" out of "meaning".

"I think the U.S. dollar will be hyperinflated by the year 2035. During that time, when the U.S. dollar is hyperinflating, the price of Bitcoin in U.S. dollar terms is going to be going astronomical…$1, $5, $10 million. At some point though, it just loses all meaning, the dollar itself loses meaning. Go look at Venezuela today," he said.

KitcoNews