Vinny Lingham: Bitcoin price reaching millions is currently just a dream

Vinny Lingham, who has given several reasons for the growth of Bitcoin's price, now points out that the probability of Bitcoin reaching $1 million is only 0.25% .

In a tweet published on Sunday, Lingham, known for his rational predictions on bitcoin’s price action, agreed with Present CEO Naval Ravikant that “fundamental analysis is impossible” on the cryptocurrency’s price today.

Wences Casares, CEO of Bitcoin wallet Xapo, once predicted that the price of the currency will reach $1 million within 10 years. The 0.25% probability proposed by Lingham is already a great negation of this prediction. However, he even believes that a Bitcoin worth $100,000 is unlikely, with only a 2.5% probability.

Lingham has previously warned of the negative effects of bitcoin’s price growth being too rapid.

In February, before the ETF results came out, Lingham said that if Bitcoin "breaks $3,000 due to market madness, short squeezes, media hype, fear of missing out (FOMO) and other irrational factors, then the alarm bells will ring and we will enter a bubble era, and rational investors will withdraw their funds."

Meanwhile, the price of Bitcoin will remain at the same level, swinging around $2,600 again.

Since the end of May, the price of the coin has approached $3,000 twice, but each time there was a short but sharp drop and a correction to the current price.