The cryptocurrency world is in turmoil after a chart predicting the astronomical price of Bitcoin (BTC) surfaced on social media.
Bitcoin documentation Share With 799,700 followers on Twitter, it is a graphic listing of a store of valuable assets, arguing that BTC could hit a price of $10 million.
Crypto lovers say,
“Bitcoin has the potential to be worth over $10 million per coin.”
The scheme was created by another crypto supporter, Croseus BTC. They provide a detailed explanation of their dramatic BTC price prediction in a blog post in January 2021.
The analyst listed the total market value of assets such as gold, real estate, and stocks, then assessed what percentage of market share Bitcoin could take from each. The analyst estimates that the entire market value of Bitcoin will be around $206.9 trillion. With a maximum supply of BTC 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 capitalization of $13 trillion, each bitcoin is worth about $619,047.
Cryptocurrency traders have been wondering for years if Bitcoin can finally outperform gold. Financial services company deVere Group released a global survey in November 2020 to gauge millennials’ feelings about these two things.
“More than two-thirds (67%) of the more than 700 millennial customers surveyed said they think bitcoin better competes with gold as a safe asset.
The CEO and founder of deVere Group, Nigel Green, said of the data,
“Bitcoin has been around for a little over a decade, but it already represents more than 3% of the $9 trillion market capitalization of gold.
Millennials are set to become an increasingly important player in the market in the coming years, with the largest generational wealth transfer ever – expected to exceed $60 trillion – from baby boomers to Generation Y.”
At the time of writing, Bitcoin was trading at $23,948.
BTC will need to do more than 400 times its current valuation to reach the high price of $10 million.
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