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Determining the true Bitcoin value can be more complicated than simply looking at the current BTC market price.
“Most Bitcoins already cost at least $100,000, but probably more like $10 million,” said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweet.
While the Bitcoin price sits around $12,000 at this time, many folks in the crypto industry likely value the asset at a much higher price tag.
If someone buys a BTC at $10,000, but is unwilling to sell it until the asset reaches $100,000, then the price tag of that Bitcoin is naturally much higher than its current market value.
This then begs the question: How many Bitcoin are currently worth $100,000?
At the start of the year, 64% of Bitcoin’s circulating supply had remained in the same wallets since 2018, which seems to suggest that most BTC has a higher valuation than current market prices indicate.
According to Goldstein, many of Bitcoin’s largest bag holders value the asset between $100,000 and $10 million.
These numbers sit in line with a bevy of price predictions from various authorities over the years.
On March 5, 2020, Bitcoiner Max Keiser predicted Bitcoin shooting up to $100,000 in 2020 as fueled by COVID-19 repercussions.
Other notable names across the industry also predicted prices above $100,000 for Bitcoin at some point, including Morgan Creek Digital co-founder Anthony Pompliano, BTC stock-to-flow model creator PlanB, and cryptographer Adam Back, among others.
In other trending Bitcoin News today:
Million-Dollar Bitcoin Whale Says Traders Should Track Two Altcoins in Addition to BTC
An outspoken Bitcoin whale who rarely shows affection for anything other than BTC says two crypto assets have potential.
The pseudonymous trader known as Joe007 says UNUS SED LEO (LEO) may be a solid pick for investors looking to diversify their crypto portfolio.
“In a sane world, extremely low correlation by LEO would make it a desirable diversification instrument when it comes to constructing crypto portfolios. But of course, crypto traders are too busy chasing the latest shitcoin-du-jour pump to even take a notice.”
LEO is an ERC20 utility token that operates on the Ethereum and EOS blockchains.
LEO holders enjoy multiple benefits on the crypto exchange Bitfinex including taker fee reduction, lending fee reduction, and discounts on crypto and fiat deposits and withdrawals.
Joe, who is known for placing large bets on the crypto exchange Bitfinex, says another coin on his list is Binance Coin (BNB).
The trader says the token offers a use case that sets it apart from other crypto assets.
Binance Coin is a utility token issued by crypto exchange Binance. BNB holders get discounts when using the coin to pay for trading fees on Binance and Binance DEX.
Holders can also use BNB to pay for goods and services to select merchants.
Because demand for both BNB and LEO is driven in part by the performance of their respective crypto exchanges, Joe says they have an additional potential use case aside from simply being a digital form of money.
“I wouldn’t consider LEO or BNB shitcoins, actually – as they are not trying to be money (‘coins’) in the first place. If anything, they are equity-like centralized crypto assets.”
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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.
Show Notes / Resources:
It’s an interesting thought experiment. What is the closest price it would take for you to sell all your bitcoins right now, on the condition you could never own any ever again?
— Senuto Cryon (@senutocryon) August 18, 2020
Most bitcoins already cost at least $100k, but probably more like $10 million.
— Michael Goldstein (@bitstein) August 18, 2020
ICYMI: #bitcoin is nicely moving away from 200 week moving average. 200WMA is currently $6400, is increasing $200 per month, and has never decreased. Best of all, BTC monthly close has never been below 200WMA. pic.twitter.com/c21W1kVDiv
— PlanB 🔴 🔴 🔴 (@100trillionUSD) August 19, 2020
https://dailyhodl.com/2020/08/18/crypto-strategist-says-this-large-cap-altcoin-is-about-to-outperform-bitcoin-with-175-upside-potential/
https://dailyhodl.com/2020/08/19/million-dollar-bitcoin-whale-says-traders-should-track-two-altcoins-in-addition-to-btc/
https://cointelegraph.com/news/98-of-all-bitcoin-is-now-worth-more-than-when-you-bought-it
https://cointelegraph.com/news/a-critical-mass-of-long-term-btc-hodlers-seem-to-be-making-100k-inevitable
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