Bitcoin just soared to a new $1,600 high — but the first investor in Snapchat thinks it could hit $500,000 by 2030

Bitcoin has been the top-performing currency in the world in six of the past seven years, climbing from zero to a new high value of about $1,600.

But the cryptocurrency isn't anywhere close to its potential, according to Jeremy Liew, the first investor in Snapchat, and Peter Smith, the CEO and cofounder of Blockchain.

In a presentation sent to Business Insider, the duo laid out their case for bitcoin exploding to $500,000 by 2030.

Their argument is based on increased interest in bitcoin, thanks to:

Bitcoin-based remittances

Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years to 0.76% of gross world product, data from the World Bank shows. 

"Expats sending money home have found in bitcoin an inexpensive alternative, and we assume that the percentage of bitcoin-based remittances will sharply increase with greater bitcoin awareness," the two said.

Uncertainty

Liew and Smith said increased political uncertainty in the UK, US, and developing nations would help elevate the level of interest in bitcoin. 

"We believe bitcoin awareness, high liquidity, ease of transport, and continued market outperformance as geopolitical risks mount will make bitcoin a strong contender for investment at a consumer and investor level," the two said. 

 Read More: http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3
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