The article below was written by Greg Thomson, a cryptocurrency and blockchain journalist from Glasgow, Scotland who has a passion for unearthing the rarest stories from within the crypto landscape.
Who would have thought that Bitcoin and other cryptocurrencies would have the kind of effect they are having on the financial world after all the F.U.D. (Fear, Uncertainty, and Doubt) put out by that industry when commenting on Bitcoin over the years?
People normally fear things they know nothing about until they have conducted their own due diligence and can form an educated decision about the topic.
Individuals in the Financial Industry have a fiduciary responsibility and their words carry a lot of weight, but those words need to be carefully chosen and in line with what regulators are saying.
Without clarity from regulators, the Financial Industry could not officially support Bitcoin and cryptocurrencies.
As western countries pass legislation and regulations governing Bitcoin and other cryptocurrencies, individuals, banks, and financial institutions with fiduciary responsibilities can now participate in the crypto space.
What was once only talked about by those in the crypto space is now being discussed by giants in the financial world and that is the future price of Bitcoin.
Long before it was ok for the financial world to speak about, leaders inside the crypto space were talking about Bitcoin one day reaching $1 million dollars per coin in value.
Today, analysts at Ark Invest believe Bitcoin has the potential to reach the $10 trillion in Market Cap of gold and surpass it.
With Bitcoin currently hovering around the $60,000 per coin price, a 10X increase in price would place it in the $600,000 per coin range.
Some believe Bitcoin is 100 times better than gold and now you can see how not only Bitcoin at $600k per coin but Bitcoin at $1 million dollars per coin price is attainable.
How Does Bitcoin at $600k Per Coin Becomes Possible?
Bitcoin has a ceiling of 21 million coins and there are less than 2.4 million coins left to be mined with most of them being mined in the next seven years.
At the current rate of 6.25 Bitcoins being mined every 10 minutes, means 37.5 per hour, 900 per day, and 328,500 per year for the next three years.
On or about May 11, 2024, Bitcoin will go through another halving where the number of Bitcoins mined will be reduced to 3.125 every 10 minutes, 18.75 every hour, 450 per day, and 164,250 per year.
By approximately May 11, 2028, approximately 1,971,000 additional Bitcoins will be mined, bringing the total in existence to approximately 20,645,000.
We all know that the scarcer something is, the higher the perceived value.
In the case of Bitcoin, it may not be perceived value, but the actual value in less than 10 years.
What has also been talked about in the crypto space is that owning just 0.25 Bitcoin has the potential to make you a millionaire.
As more high net worth investors and financial institutions put their money into Bitcoin, the future possibilities where the price per coin ends up seems limitless.
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DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.
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Renowned stock picker believes Bitcoin will eclipse gold’s $10T market cap.
It seems $600,000 a coin is the minimum target for analysts over at Ark Invest, who believe Bitcoin will match and then surpass the market capitalization of gold.
- Ark Invest believes Bitcoin’s ( BTC) market capitalization will one day “comfortably eclipse” that of gold’s, and exceed $10 trillion, reports the London Times.
Headed up by veteran stock picker Cathie Wood, analysts at Ark believe Bitcoin’s $1-trillion value is set to rise tenfold in the coming years, as it moves from being a fringe asset to a mainstream financial tool.
The value of Bitcoin has doubled since January 2021 alone, compounding 500% gains made throughout 2020. As is normally the case, Bitcoin’s rising tide lifted all the boats in the wider cryptocurrency marina, sending many to new all-time highs in the process. With the global market cap now worth just under $2 trillion, the climb to the $10-trillion mark does not seem too far away.
Yassine Elmandjra, a crypto asset analyst at Ark, believes Bitcoin has the potential to surpass gold’s $10-trillion market cap:
“If you look at gold as a $10 trillion market cap, bitcoin is about 10 percent of that, and if we believe bitcoin is a 100 times better version than that, then it’s fairly safe to say that there’s a stark chance that bitcoin captures a lot of gold and market share, and more.”
But what about the effect of regulation on the future performance of Bitcoin? Elmandjra responded to claims by United States Secretary of the Treasury Janet Yellen that Bitcoin was inefficient, unstable, and often used for illegal activity.
“I really think that it’s just outdated arguments as a function of their complete lack of education, which is a function of just their lack of interest in learning about this,” said Elmandjra.