Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitwise Chief Investment Officer: Bitcoin will rise to $500,000 or more

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

CointimeCointime2024/11/13 01:44
By:Cointime

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.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Will there be a Solana ETF by the end of 2025?

Cboe BZX filed four applications for spot Solana ETFs earlier this week.The approval path for additional spot crypto ETFs should become clearer with a pro-crypto White House administration.

The Block2024/11/23 18:22

Changes at the SEC start well ahead of Inauguration Day

One federal judge’s rulings this week found that the SEC had overstepped its authority and must vacate the Dealer Rule

Blockworks2024/11/23 18:22