Home / Business / The Bitcoin price will reach $ 500,000 exceeding the gold in 2028

The Bitcoin price will reach $ 500,000 exceeding the gold in 2028



Bitcoin (BTC) will exceed the activation of the gold market and could eventually be worth $ 1 million, according to Bobby Lee, a well-known industry figure.

In a tweet series on November 10, Lee, who founded the Chinese cryptocurrency exchange, BTCC, and now runs a Bitcoin wallet startup, was the last voice in the growing debate on Bitcoin against gold [19659003] Read: BTC's market capitalization will amount to USD 8 billion

The market value of gold is USD 8 billion, while Bitcoin is only USD 1

60 000 million. Although it is currently about fifty times smaller, Lee believes a reversal could occur as early as 2028.

"I predict #flipping will occur within 9 years and $ BTC will skyrocket beyond $ 500,000." he wrote.

Like many, Lee based his argument for Bitcoin's success on lowering the offer by halving block rewards. He noted that over the next decade, the amount of Bitcoin released to miners in each block will be halved three times. Lee added:

"By 20, the new daily output will be ~ 255 BTC – an annual inflation of less than 0.5%. Sharer than the #oro!"

Printing money could get BTC a million dollars

Their argument matches the predictions of a well-established model that tracks the price of Bitcoin – Stock-to-Flow. The product from social media analyst PlanB also uses the instrument's new offering of Bitcoin against its existing stock to predict its future value.

As Cointelegraph reported, the calculations point to a BTC / USD price of only $ 8,300 up to the Next halving in May 2020. After that, however, the situation should change rapidly, with $ 100,000 about two years later .

Lee also joined PlanB to predict Bitcoin prices much higher during the latter part of the next decade or thereafter. While the former believes that a $ 1 million price is possible if global money pressure continues, PlanB said that cash printing could ultimately prevent the Stock-to-Flow model from working. [19659002] "I would like the model to hold 1 or 2 or maybe three halves more. Especially since BTC is measured at $ …. who knows what will happen to $ if the Fed continues to do more QE (cash printing)," said he in a Twitter exchange at the end of last month.

Bitcoiners Fight Against Gold Believers

Bitcoin's idea of ​​using gold as an alternative value server still has its major downsides. Among the most voting are Peter Schiff, the goldbag who has become famous for his disdain for Bitcoin and its advocates in social media.

Last week, Schiff claimed that China could back up its digital currency issued by the state, which was a "bearish" sign for Bitcoin.

Before that, he predicted that BTC / USD would never reach $ 50,000, while gold would exceed $ 5,000.

Equally high about Bitcoin is Max Keizer, RTs who continue to defend the superiority of cryptocurrency in conventional media.

In a section of his Keizer report last week, he said that Bitcoin's self-financing ability did it automatically. more suitable for transactions than gold or fiat currency.

You may be interested in:


Source link