The world of cryptocurrencies is in turmoil after a chart that predicts an astronomical price of Bitcoin (BTC) made the rounds on social media.
Documenting Bitcoin sharing with its 799,700 followers on Twitter, a chart listing an archive of valuable assets, claiming that BTC could reach a price of $ 10 million.
The cryptocurrency enthusiast says,
“Bitcoin has the potential to be worth over $ 10 million per coin.”
The chart was created by another cryptocurrency pseudonym, Croseus BTC. They provide a detailed explanation of BTC’s dramatic price prediction in a January 2021 blog post.
The analyst listed the total market value of assets such as gold, real estate, and stocks, then assessed the percentage of market share that Bitcoin could take from each. The analyst estimates that Bitcoin’s full market cap potential is around $ 206.9 trillion. With BTC’s maximum supply of 21 million tokens, this would bring the price to around $ 9.85 million per BTC.
“Those who deeply understand Bitcoin tend to see its potential at least as that of gold (~ $ 13 trillion) …”
With a market cap of $ 13 trillion, each BTC would be worth around $ 619,047.
Cryptocurrency traders have been wondering for years whether BTC could eventually outperform gold. Financial services firm deVere Group released a global survey in November 2020 to measure millennials’ feelings about the two assets.
“More than two-thirds (67%) of the more than 700 millennial customers surveyed said they believe Bitcoin competes better with gold as a safe haven.”
DeVere Group CEO and Founder Nigel Green said of the data,
“Bitcoin has been around for just over a decade, but it already accounts for over 3% of the market capitalization of $ 9 trillion in gold.
Millennials are set to become an increasingly important player in the market in the coming years, with the largest transfer of generational wealth ever recorded – which is expected to exceed $ 60 trillion – from baby boomers to Generation Y ”.
At the time of writing, Bitcoin is trading at $ 23,948.
BTC would have to do more than 400 times its current valuation to reach the high price of $ 10 million.
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