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Gold Bullion International co-founder Dan Tapiero believes that it’s only a matter of time before Bitcoin surges into the six-figure threshold as $15 trillion in institutional capital could flow into BTC, pushing the Bitcoin price as high as $500,000.
Speaking to Anthony Pompliano on the Pomp Podcast, Tapiero asserted that in terms of price appreciation, Bitcoin is king, even though he believes investors should own both gold and Bitcoin:
“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.”
He went on to add, “I don’t really think that anyone in the gold world […] they are not going to debate that.”
Tapiero believes that institutional investors and finance whales are likely to invest between 5% and 15% of their portfolios in Bitcoin, and noted that the sector was currently worth $100 trillion:
“That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.”
But gold is a store of value, and that is only one aspect of what Bitcoin is. Bitcoin is an entire network, and that’s why he believes it will be much bigger than gold:
“There is no question that Bitcoin is going to outperform gold.”
Other analysts are similarly bullish about Bitcoin, with Off the Chain Capital chief investment officer Brian Estes telling Reuters today that it “is not a stretch” for BTC to surpass $100,000 in one year, and predicted that it could go as high as $288,000 by the end of 2021.
CNBC host Jim Cramer also believes in the future of Bitcoin, as revealed on another podcast with Pompliano. Cramer, who was a Bitcoin skeptic during the 2017 bull market, recently stated that he had since realized that Bitcoin is a good hedge against inflation and also one that his kids can understand:
“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.”
In other trending Bitcoin News today:
Bitcoin Could Be On Track To $74,000, Trader Says As Cryptocurrency Approaches All-Time Highs
“It’s hard to give Bitcoin an intrinsic fundamental value because there’s pretty much a finite supply,” Todd Gordon, founder of TradingAnalysis.com, told CNBC’s “Trading Nation” on Tuesday.
Only 21 million bitcoins will ever be produced.
“The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five,” Gordon said.
Seeing as the first wave was a roughly 658% rally, Gordon’s target was a lofty one.
“I can’t believe I’m going to go out on CNBC and say this, but it’s about 74,000,” he said. “The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at 34,000.“
Another trader saw even loftier heights ahead for the crypto play.
“I’ve always had to own some,” Mark Tepper, president and CEO of Strategic Wealth Partners, said in the same “Trading Nation” interview.
“It’s like a FOMO concept for me,” he said. “If I never owned any and bitcoin hits 100,000 per coin, I’d probably cry myself to sleep every night for the rest of my life if I didn’t own some.”
“You can kind of compare this to Tesla,” he said. “Tesla’s up over 500% this year. In my opinion … I think bitcoin could potentially be the Tesla of 2021. It could, in my most bullish case possible, get to 100K by the end of next year. That’d be my bull case. I think my base case is a little closer to it doubling up to about 40K by the end of 2021.”
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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 is not too late for Bitcoin.. great alternative to gold… which i have always believed in
— Jim Cramer (@jimcramer) November 24, 2020
https://cointelegraph.com/news/2-counterarguments-for-cnbc-s-brian-kelly-who-sees-a-19k-bitcoin-top
https://www.cnbc.com/2020/11/24/bitcoins-on-track-to-74000-trader-says-as-crypto-nears-records.html
https://cointelegraph.com/news/no-debate-that-bitcoin-will-increase-20x-says-gold-industry-insider