IBM Blockchain VP: Bitcoin will Hit $1 Million

Jesse Lund, the vice president of IBM blockchain and cryptocurrencies during his recent interview with finder has said that he sees Bitcoin prices touching $1 million someday in future. When asked about his price predictions by the new year’s eve, Lund replied that the prices would definitely be higher than the current value and can touch the $5,000 mark towards the end of the year.

Jesse believes that since 2018 has been the year of bearish trends, whenever Bitcoin takes up the upper trajectory, it can even reach a value of $1 million. Lund says he like the numbers and if Bitcoin is able to ever touch the magic number of $1 million, the inventor Satoshi Nakamoto’s value will be in parity with the US Penny.

This would provide the whole Bitcoin network with a $20 trillion liquidity, which would change the way corporate payments are done.

IBM is looking to Expand its Digital Asset Portfolio

During the interview, the VP of IBM also talked about the company’s partnership with Stellar(XLM). IBM uses its native cross border Blockchain World Wire (BWW) platform in collaboration with stellar to make cross border payments and also pay for the transaction fee.

Apart from its collaboration with the Stellar, the company is looking to partner with various digital asset platforms to create a complete ecosystem. Lund explains,

“there should be an ecosystem of, a variety of digital assets that provide settlement instruments that enable these cross-border payments, and the participants in the network should be able to choose and negotiate their choices in real-time. 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.”

Lund notes that their cross border payment system BWW is different from other digital cross-border systems since it does not have a token policy. The sole aim of the company is to create a decentralized payment network.

The beta version of BWW was launched back in September 2018 after the collaboration with Stellar was finalized.

Final Thoughts

IBM is one of the most noted names in the field of computer and hardware manufacturing, however, they were losing out their market, thanks to hundreds of new operators who did not mind blatantly copying others to rise the market charts. However, blockchain has come up as a savior for the company and they have decided to join on the bandwagon early rather than being critical about it.

Recently, IBM was a part of the blockchain based food delivery pilot project where it transferred mandarin oranges from China to Singapore. The project was a success as the containers were not just delivered on time, but the quality of the product was top class as well.