One Catalyst Could Trigger Bitcoin Explosion to $1,000,000, Says CryptoQuant CEO

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Daily Hodl2024/12/05 16:00

By:by Daily Hodl Staff

The chief executive of crypto intelligence firm CryptoQuant is identifying one catalyst that could send Bitcoin ( BTC ) to a $1 million price tag.

In a new thread on the social media platform X, Ki Young Ju says that by the time the top crypto asset by market cap reaches $1 million, it will have overtaken gold.

According to Ju, the crypto king reaching nine figures is inevitable as investor demand shifts from gold to BTC.

“In 2004, before gold ETFs were approved, gold’s market cap was $1 trillion. Today, it’s $17.8 trillion. If we assume gold’s intrinsic value as a precious metal is $1 trillion, then around $16.8 trillion represents its demand as a safe-haven asset and a hedge against inflation.

Bitcoin’s current market cap is $2 trillion, and it could go up 750% if gold demand shifts to BTC. Considering inflation, Bitcoin reaching $1 million isn’t about if it will happen – it’s about when. People will start discussing the gold flippening within five years.”

Ju goes on to note that BTC has yet to form a bubble, despite reaching the $100,000 milestone for the first time ever earlier this week.

“Fresh capital is fueling Bitcoin. As the realized cap grew, the ceiling price increased from $129,000 to $146,000 in 30 days. At $102,000 it’s far from a bubble – it would need a 43% surge to hit the threshold often considered a bubble.”

One Catalyst Could Trigger Bitcoin Explosion to $1,000,000, Says CryptoQuant CEO image 0

Source: Justin Bennett/X

Bitcoin is trading for $99,069 at time of writing, a 1.8% decrease during the last 24 hours.

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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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