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Bitcoin (BTC) bulls estimate that the bitcoin price of each coin could hit $20,000 very soon thanks to rising demand.
But there are some who believe that the BTC price could very well go on to hit 6-figures in the future, including Morgan Creek Digital CEO Mark Yusko.
In a recent interview, Yusko said that the price of Bitcoin could eventually hit $500,000 thanks to its scarce supply, increasing demand, and advantages over a safe-haven investment such as gold.
According to Yusko, there’s $7.4 trillion worth of gold in the world.
He believes that bitcoin is a much better asset than gold because it can be transferred easily and divided into smaller parts.
To arrive at his forecast, Yusko equated the gold market’s value to that of the digital asset. He said:
“So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.”
Another Bitcoin bull John McAfee recently shared on Crypto Twitter:
“In 5 years BTC is up 4082.52% in last 52 weeks it’s up 129.10% in the last month it’s up 10.33% & last 5 day’s its up 1.71%. Fuck FIAT”
In other BTC news today, the Bitcoin price still has potential to dive to $5,500, yet macro uptrend still intact.
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Show Notes / Resources:
the golden cross is here for 2020 but it still might dive 5.4-5.6k (0.786 Fib), unless we start closing weekly 8k+I wouldn’t mind cheap ₿₿₿ for Christmas personally🎅🎁Reminder:
Decembers have almost always provided us with extremes and pivots. U ready for when it comes? pic.twitter.com/XFk6ORaZbH
— Crypto₿irb (@crypto_birb) December 14, 2019
In a period where: —political tensions escalate between US and China, —global equity markets fall sharply—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000
Crypto showing its value as an uncorrelated asset.
— Thomas Lee (@fundstrat) May 9, 2019
One other clue that we use to determine this, especially in channels, is the ability for price to leave the channel on these climaxes. See here for the example of $BTC when it hit the top after it’s markup.Price leaves the channelVolume is huge
Wyckoff clues say top pic.twitter.com/KPVHUYpgB9
— Cold Blooded Shiller (@ColdBloodShill) December 7, 2019
https://www.ccn.com/bitcoin-price-500000-beats-gold-mark-yusko/