With news that the People’s Bank of China is curtailing Bitcoin in financial transactions in China, as well as tweets from Elon Musk that spooked the cryptocurrency market, investors have questioned the “store of value” moniker attached to the world’s largest digital coin.

Robert Breedlove, founder & CEO of Parallax Digital, is overlooking recent volatility to maintain his long-term bullish stance and explained that volatility is a natural function of price discovery.

Breedlove told Michelle Makori, editor-in-chief of Kitco News, that over the next 10 years, Bitcoin will climb to $12.5 million in nominal terms, which would be $1 million in inflation-adjusted, 2021 terms.

0:00 - Bitcoin's volatility
3:18 - $12.5 million price target
7:40 - Can Bitcoin still be store of value?
15:00 - $300k by October
17:16 - Central banks vs. Bitcoin
23:33 - Crackdowns on Bitcoin
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