Bitcoin’s Market Cap Could Surpass Gold, Reaching $700k Per Coin
According to Blockstream CEO Adam Back, Bitcoin’s market cap could surpass that of gold in the next two years, leading to a price of $700,000 per coin. Back, who is considered one of the potential creators of Bitcoin, made this prediction in a recent post. He referred to Bitcoin as “digital gold” and highlighted its advantages over physical gold, such as portability and minimal storage costs.
Potential for Bitcoin to Replace Gold
Back’s prediction is based on the belief that investors will increasingly see Bitcoin as a store of value and trade in their gold holdings for the cryptocurrency. He also mentioned that some people have already started selling gold to buy Bitcoin. Back clarified that his prediction applies to any point within Bitcoin’s next halving cycle, which starts in April 2024.
Other Bullish Price Predictions
While Back’s prediction may seem bold, there are other prominent figures in the crypto community who have made similarly bullish forecasts. BitMEX co-founder Arthur Hayes believes Bitcoin could reach $1 million per coin by 2026, while ex-Blockstream CTO Samson Mow thinks it could happen within weeks of a Bitcoin spot ETF being approved.
More Modest Predictions from Investment Analysts
Outside of the crypto community, investment analysts have also offered relatively bullish outlooks for Bitcoin. Standard Chartered reiterated its $120,000 price target by the end of 2024, while Bernstein estimates a price of $150,000 by mid-2025 due to supply constraints after the halving and potential ETF approval.
Hot Take: Bitcoin Could Overtake Gold Soon
Blockstream CEO Adam Back predicts that Bitcoin’s market cap will surpass that of gold in the next two years, leading to a price of $700,000 per coin. This forecast is based on the belief that Bitcoin’s advantages over physical gold, such as portability and minimal storage costs, will attract more investors. While some may consider this prediction bold, other prominent figures in the crypto community have made similarly bullish forecasts. Investment analysts have also offered relatively positive outlooks for Bitcoin. Overall, the potential for Bitcoin to replace gold as a store of value is an ongoing topic of discussion within the crypto industry.
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