Veteran investor Rick Edelman (릭 에델만) forecast that bitcoin is likely to reach $500,000 by 2030.

Blockchain outlet The Crypto Basic reported on Feb. 16 that, based on a current price of $68,300, bitcoin would need to rise about 632 percent to reach $500,000. That would equal a compound annual growth rate of 64 percent.

Edelman stressed the forecast is conservative. Some experts argue bitcoin could rise past $1 million to as high as $5 million, and Michael Saylor, chairman of Strategy (formerly MicroStrategy), has presented a higher target.

Edelman said on a podcast with Altcoin Daily that his forecast, unlike other highly valued projections, is based on specific grounds. He argued that most investors around the world still do not hold bitcoin. He expects participation to grow from governments, sovereign wealth funds, pension funds, hedge funds, insurers, banks and securities firms as the cryptocurrency market matures.

He said the global asset market totals about $750 trillion, with real estate three times the size of the stock market and cash exceeding $56 trillion. If only 1 percent of that is invested in bitcoin, about $7.5 trillion would flow in, which he said could push bitcoin to around $500,000.

Edelman said the market will not rise in a simple straight line. He said volatility will be high, but that bitcoin is likely to reach $500,000 over the long term. He also stressed investors are likely to hold bitcoin at a proportion higher than 1 percent.

Geoff Kendrick (제프 켄드릭), head of digital assets research at Standard Chartered, initially expected bitcoin to reach $500,000 by 2028. In December last year, Standard Chartered revised its forecast and changed the timeline to 2030, matching Edelman's view.

Changpeng Zhao (창펑자오), founder of Binance, also forecast that bitcoin could rise to between $500,000 and $1 million during the current market cycle. In addition, in late August last year, SkyBridge Capital founder Anthony Scaramucci (앤서니 스카라무치) predicted bitcoin could reach $500,000 around 2030 to 2031.