According to Shark Tank’s Robert Herjavec, founder and CEO of Herjavec Group, Bitcoin is the future method of payment that will be accepted by most consumers in the coming years, due to its ease of use. Add the price of the world's leading cryptocurrency will likely skyrocket. Herjavec told Kitco News,

“I’m a big believer in bitcoin, electronic payments in the future but I think we’re a long way away from that.”

While talking about the impact of coronavirus on the stock market that recorded its second-largest drop, Herjavec said that he is “not a big believer in gold,” though he understands the people's need to go or the yellow metal. Bullion is a traditional safe-haven asset that soared to its 7-year high while the stock market took a brutal beating.

According to him, on a long-term basis base metals aren't going to be an economic indicator. However, he is a believer in bitcoin, which is considered digital gold. He sees bitcoin’s future as the electronic payments but the digital asset is a long way away from that, he said.

Just like stocks, Bitcoin shed half of the gains it made in 2020, so far. Surging as high as $10,600 this month, bitcoin went back to $8,450 level yesterday. But Herjavec said he will buy the crypto asset at its current prices because, in the long term, the price of bitcoin will quintuple.

Referencing an analyst, he said over the long run consumers always go for convenience and bitcoin is just convenient. As for the crazy bitcoin price forecast, that goes as high as a million-dollar, they “don't sound crazy” to Herjavec and sees it becoming a reality.

But he does say, one has to “disassociate the price of an individual type of Bitcoin.” Herjavec added,

“Because part of the challenge with Bitcoin is there is no one Bitcoin you can buy different types of Bitcoin and I think it's a bit of a fragmented industry. The minute you have a JPMorgan Chase or you have a large institutional company getting behind it then that world will change.”

Watch the full video here:

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