Legendary trader Ric Edelman likened buying bitcoin now to investing in Amazon in 1999. He forecast the bitcoin price could reach $500,000 by 2030.

Bitcoin Magazine, a blockchain media outlet, reported on Wednesday that Edelman said bitcoin's long-term adoption path could be similar to Amazon's.

He said there was intense debate in the market over whether to invest in Amazon, but the situation is now completely different. "In 1999, people debated whether they should invest in Amazon," he said. "Now everyone owns Amazon, and bitcoin will follow the same trajectory."

He cited a broader expansion in asset allocation as the basis for his price forecast. Edelman said that if investors worldwide allocate 1 percent of their assets to bitcoin, the price could reach $500,000. He added that the structure is very simple.

Edelman argued he sees no factors blocking his forecast and said it could actually exceed his projection. He said the bitcoin price could rise above $500,000 and reach that level earlier than 2030.

Market prices are also drawing attention again in tandem with the remarks. Bitcoin rose 1 percent over the past 24 hours to approach $76,522. It traded below $65,000 for several months in August before showing a sharp upward move, but it remains below $126,080, recorded in October 2025.

Edelman has long maintained a supportive stance on bitcoin. He recalled that he faced strong backlash when he said in 2013 and 2014 that the financial services industry should pay attention to bitcoin. He said he was booed on various stages at the time, but added that many in traditional finance now acknowledge bitcoin as an asset that will at least "remain."

The remarks put more weight on a shift in perception in traditional finance than on bitcoin's long-term price outlook. That is because they show that bitcoin, once treated as a fringe asset, has moved into the stage of discussion as a portfolio inclusion. Edelman pointed in particular to the expansion of asset allocation weight, rather than short-term price fluctuations, as the key variable.

The point to watch is how far actual capital allocation expands. Edelman's forecast is based on the premise that a certain portion of investors' assets worldwide shifts into bitcoin. The bitcoin market is continuing its price rebound, but for his forecast to be realised, the key variable will remain how long-term holding demand and institutional inflows persist.

JUST IN: $337 billion asset manager founder Ric Edelman predicts Bitcoin will go to $500,000 by 2030 "My prediction is actually kind of low compared to many others." pic.twitter.com/eIQ1vlcw6j