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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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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.