Bitcoin Sees 25% Of World’s Wealth In New $10 Million BTC Price Prediction
Bitcoin (BTC) could reach $10 million per coin or more as it eats up 25% of global wealth, new analysis has concluded.
In a blog post published on February 16, fund manager and Bitcoin expert advisor Jesse Myers revealed his own “outrageous” BTC price target.
Myers: “Bitcoin Could 500x Over Coming Decades”
Bitcoin may struggle with “brutal” volatility, but hodlers and critics alike should have no doubts about its long-term price trajectory, says Myers.
Analyzing Bitcoin’s value proposition, he argues that Bitcoin’s ability to appreciate over time means it is almost destined to soak up value from other asset classes.
Among other reasons, this is because an asset with such appreciation characteristics and increasing scarcity allows it to fulfill the role of “digital gold.”
“Bitcoin has an unthinkable property: it becomes more valuable over time. Gold is good at storing purchasing power, but Bitcoin increases purchasing power,” the blog post says.
“Value stored in Bitcoin becomes worth more over time due to Bitcoin’s design of increasing scarcity – you just have to survive the (admittedly brutal) volatility along the way.”
Such an idea is not new – it forms the core thesis of many popular versions of Bitcoin, among them Saifedean Ammous’s seminal book, “The Bitcoin Standard”.
To get down to the numbers, meanwhile, Myers calculates the global allocation to BTC as 0.05% of available wealth from 2023 – $400 billion.
“That’s 1/2000 of the global asset value,” the post continues.
“With that in mind, we have to ask ourselves an important question: as Bitcoin’s mechanics continue to play out (which causes it to continue to reliably increase in value every 4 years), more than 0.05% of the world’s capital will finally realize that they want to be in such an asset? I think the only logical conclusion is “yes.”
This realization, Myers predicts, means that $10 million per bitcoin should be a “conservative estimate.”
“Overall, my personal assessment of where the ceiling is for Bitcoin is simple … it’s very high. Almost to the point that I’m embarrassed to show my analysis,” he concludes.
“My conservative estimates suggest a monstrous full potential for Bitcoin’s price: $10m/Bitcoin, in today’s dollars. To put this another way, I think Bitcoin’s full potential is to eat up ~25% of the world’s value… while today it’s only 0.05%. That’s absurd. That means I think Bitcoin can 500x in the coming decades, in real (inflation-adjusted) terms.”
ARK Bitcoin “bear case” to reach $258,000 by 2030
“Absurd” or not, Myers is far from alone in seeing skyrocketing Bitcoin price valuations coming true in the coming decades.
Related: Bitcoin Needs to Leverage $1T Central Bank Liquidity to Beat Sellers – Research
Some are even calling for the $1 million mark to be reached before the end of this one – ARK Invest, for example, continued to stick to that very prediction throughout the 2022 bear market decline.
In its “Big Ideas 2023” outlook released at the end of January, the investment giant described long-term opportunities as “strengthening”.
The firm’s “bear case” for 2030, it revealed, still puts BTC/USD at $258,000 by the end of the decade.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
