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Bitwise Chief Investment Officer: Bitcoin will rise to $500,000 or more

Bitwise Chief Investment Officer: Bitcoin will rise to $500,000 or more

Cointime2024/11/13 01:44
By: Cointime
BTC-2.52%

the Chief Investment Officer of Bitwise stated that $500,000 per Bitcoin is the correct boundary between early and late stages of Bitcoin. Currently, the market size of gold is $18 trillion, while Bitcoin is around $2 trillion, making the market size of value storage about $20 trillion. When Bitcoin matures, it will at least share the market with gold. Currently, there are about 20 million Bitcoins in existence, with the remaining 1 million to be issued in the next century. Therefore, when Bitcoin reaches $500,000, it will occupy half of the market share.

Currently, governments hold about 20% of the world's gold reserves, while the proportion of those who hold all Bitcoin is less than 2%. To get Bitcoin closer to the $500,000 mark, we need to see this gap narrow. This is a daunting task, but we have seen some progress. Perhaps the biggest example here is the plan by Cynthia Lummis, a Republican Senator from Wyoming, to establish a national Bitcoin reserve in the United States, with the goal of using government funds to purchase more than $80 billion worth of Bitcoin. If we begin to see this happen, a $500,000 Bitcoin is entirely possible.

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.
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