Bitwise Chief Investment Officer: Bitcoin will rise to $500,000 or higher
The Chief Investment Officer of Bitwise stated that $500,000 per Bitcoin is the correct dividing line between its early and later stages. Currently, the gold market size has reached $18 trillion, while Bitcoin is around $2 trillion. This makes the value storage market size approximately $20 trillion. When Bitcoin matures, it will at least share this market equally with gold. There are currently about 20 million Bitcoins in existence, with the remaining 1 million to be issued over the next century; so when Bitcoin reaches $500,000 it will occupy half of the market share. Today, governments worldwide hold about 20% of global gold reserves; by comparison less than 2% hold all Bitcoins. To get Bitcoin close to a price point of $500k we need to see this gap narrow - perhaps one of the biggest examples here being Republican Senator Cynthia Lummis from Wyoming's plan for America to establish a national bitcoin reserve aiming to purchase more than $80 billion worth of bitcoins using government funds. If we start seeing such situations occur then a bitcoin price tag of half a million dollars could very well become reality.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
This Analyst Just Discovered What’s Really Going On With XRP
Mare Group issues 500,000 shares for 2025-2027 stock option and stock grant plans
Dark Defender Here’s Why Ripple CEO Can’t Say a Price for XRP
Defence Therapeutics completes $9.6 million private placement at $0.55 per unit