The crypto world is in turmoil after a chart predicting an astronomical Bitcoin (BTC) price made the rounds on social media.
Bitcoin Documentary share with their 799,700 Twitter followers, a graph listing store of value assets, arguing that BTC could possibly reach a price of $10 million.
The crypto enthusiast says,
“Bitcoin has the potential to be worth over $10 million per coin.”
The chart was created by another pseudonymous cryptocurrency supporter, Croseus BTC. They provide a detailed explanation of the dramatic BTC 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 Bitcoin could take from each. The analyst estimates Bitcoin’s full market capitalization potential to be around $206.9 billion. With the maximum supply of BTC being 21 million tokens, this would bring the price to around $9.85 million per BTC.
“Those who consider Bitcoin justified tend to view its potential as at least that of gold (~$13 billion)…”
With a market capitalization of $13 billion, each BTC would be worth around $619,047.
Crypto traders have been wondering for years if BTC could eventually overtake gold. Financial services company deVere Group released a global survey in November 2020 gauging millennials’ feelings about the two assets.
“More than two-thirds (67%) of over 700 millennial customers surveyed said they believe Bitcoin better competes with gold as a safe-haven asset.”
deVere Group CEO and Founder Nigel Green said of the data,
“Bitcoin has been around for just over a decade, but already accounts for more than 3% of gold’s $9 billion market capitalization.
Millennials are set to become an increasingly important player in the market in the coming years, with the largest generational wealth transfer on record – expected to exceed $60 trillion – from baby boomers to Generation Y.”
At the time of writing, Bitcoin is trading for $23,948.
BTC would need to do more than 400 times its current valuation to reach the high price of $10 million.
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
check the price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/vlastas