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A $1 million Bitcoin price could be in our future a lot sooner than you think. The reality is that BTC is already in heavy use today as a store of value, and this underlying utility of Bitcoin could potentially take its price to $1 million per coin.
The size of the global bond market was recently estimated at $119 trillion. Remember, not all coins are for sale, meaning the total value of the Bitcoin market would be far greater than $20.9 trillion if all of this money were to move into the crypto asset.
Some estimates put the effect of new buy orders on Bitcoin’s market cap at 25x the value of the purchases, so from this perspective, $1 million looks quite conservative.
In other trending Bitcoin News today:
Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October.
In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.
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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.
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