The crypto world is abuzz after a chart predicting an astronomical Bitcoin (BTC) price made the rounds on social media.
Documenting Bitcoin shared with their 799,700 Twitter followers a chart listing store-of-value assets, making the case that BTC could perhaps reach a price tag of $10 million.
The crypto enthusiast says,
“Bitcoin has the potential to become worth over $10 million a coin.”
Source: Documenting Bitcoin/Twitter
The chart was created by another pseudonymous cryptocurrency supporter, Croseus BTC. They provide a detailed explanation for the spectacular BTC price prediction in a January 2021 blog post.
The analyst listed the total market value of assets like gold, real estate and stocks, then gauged what percentage of market share Bitcoin might take from each. The analyst believes full potential of Bitcoin’s market cap stands at around $206.9 trillion. With BTC’s maximum supply being 21 million tokens, that would bring the price to about $9.85 million per BTC.
“Those who deeply understand Bitcoin tend to view its potential as at least that of gold (~$13 trillion)…”
At a $13 trillion market cap, each BTC would be worth approximately $619,047.
Crypto traders have pondered for years whether BTC could eventually overtake gold. Financial services firm deVere Group released a worldwide survey in November of 2020 gauging the Millennial generation’s sentiments about the two assets.
“More than two-thirds (67%) of the 700+ Millennial clients surveyed said that they think Bitcoin competes better against gold as a safe-haven asset.”
deVere Group CEO and founder Nigel Green said of the data,
“Bitcoin has been around a little more than a decade, but already accounts for more than 3% of gold’s $9 trillion market cap.
Millennials are to become an increasingly important market participant in the coming years, with the largest-ever generational transfer of wealth – predicted to be more than $60 trillion – from Baby Boomers to Millennials taking place.”
At time of writing, Bitcoin is trading for $23,948.
BTC would need to do more than 400x from its current valuation to fetch the hefty $10 million price tag.