It’s hardly surprising that we’re seeing “astronomical” price predictions in the crypto world. Many traders make predictions based on certain data or based solely on their emotions. bitcoin They can make high predictions about crypto assets, especially their price. On the other hand, an astronomical prediction of Bitcoin price in a chart shared by a crypto researcher with 800,000 followers caused excitement in the community.
Crypto enthusiast and crypto researcher “Documenting Bitcoin” an astronomical estimate of 10 million dollars for Bitcoin in his post. shared. So what data did the analyst base this high estimate on? Here are the details.
The chart was created by someone named Croseus BTC, who is known for his support of cryptocurrencies. Bitcoin fans, who offered a detailed explanation for the amazing BTC price prediction in a January 2021 blog post, have generated excitement in the community at times.
Analyst; goldlisted the total market cap of assets such as real estate and stocks, and then ran a measurement of how much 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 the maximum supply of BTC being 21 million BTC, this means its price will be around $9.85 million per token.
“Those who deeply understand Bitcoin tend to see its potential as gold (~$13 trillion) at least…”
At the analyst’s $13 trillion market cap estimate, each BTC would be worth approximately $619,047.
Crypto traders have long been debating whether BTC can eventually surpass gold. financial services firm deVere Grouppublished a worldwide survey in November 2020 that measured the feelings of the Millennial generation about two entities.
“Over two-thirds (67%) of the 700+ Millennial customers surveyed said they think Bitcoin competes better against gold as a safe-haven asset.”
Nigel Green, CEO and founder of deVere Group, had this to say about the data:
“Bitcoin has been around for a little over a decade, but already accounts for more than 3% of the $9 trillion market cap of gold. Millennials will be an increasingly important market participant in the years to come, with the largest intergenerational wealth transfer estimated at more than $60 trillion from Baby Boomers (covering 1946-64) to Millennials.”
In order for BTC to take the high price tag of $10 million, it has to increase 400 times from its current valuation.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.