Here’s How Bitcoin Could Reach $10,000,000 Per BTC, According To Crypto Scientist
The crypto world is in full swing after a chart predicting an astronomical Bitcoin (BTC) price has made the rounds on social media.
Documenting Bitcoin shared with his 799,700 Twitter followers a chart showing store-of-value assets, making BTC possibly reach a $10 million price tag.
The crypto enthusiast says:
“Bitcoin has the potential to be worth over $10 million per coin.”
The chart was created by another pseudonymous cryptocurrency supporter, Croseus BTC. They provide a detailed explanation of the spectacular BTC price prediction in a January 2021 blog post.
The analyst listed the total market value of assets such as gold, real estate and stocks, and then measured what percentage of the market share Bitcoin could take from each. The analyst believes that the full potential of Bitcoin’s market cap is around $206.9 trillion. With BTC’s maximum supply of 21 million tokens, that would bring the price to around $9.85 million per BTC.
“Those who deeply understand Bitcoin tend to see its potential as at least gold (~$13 trillion)…”
With a market cap of $13 trillion, each BTC would be worth approximately $619,047.
For years, crypto traders have pondered whether BTC could eventually overtake gold. Financial services firm deVere Group released a worldwide survey in November 2020 that gauges the Millennial generation’s feelings about the two assets.
“More than two-thirds (67%) of the 700+ Millennial customers surveyed said they believe Bitcoin better competes against gold as a safe haven.”
deVere Group CEO and founder Nigel Green said of the data,
“Bitcoin has been around for a little more than a decade, but already accounts for more than 3% of gold’s $9 trillion market value.
Millennials are set to become an increasingly important market participant in the coming years, with the largest generational transfer of wealth ever—predicted to be more than $60 trillion—from Baby Boomers to Millennials.
At the time of writing, Bitcoin is trading at $23,948.
BTC would need to do more than 400x from its current valuation to fetch the hefty $10 million price tag.
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