Analyst Believes Bitcoin Could Reach Several Millions Of Dollars In One Or Two Decades
The cryptocurrency market seems to have entered a new bullish phase in April. After a year-long bear market, Bitcoin has already surpassed $5,000 and analysts believe that it can reach $6,000 in the near future. For the long term, other experts think that Bitcoin can reach not $1 million dollars but almost $100 million.
Could Bitcoin Reach $100 Million?
Bitcoin has recently surpassed $5,000, the same price level as in November 2018. This allowed the market to change its sentiment for a positive one after a long period of time in which Bitcoin was in a bear trend. This is why there are some users that believe that a new bull market is starting.
There are some analysts such as Tim Draper or John McAfee that believe that Bitcoin will reach very high values between $250,000 and $1,000,000 in the next few years. However, the most bullish prediction is currently being made by the Twitter analyst and trader Moon Capital.
On Twitter, he wrote a thread in which he explains why Bitcoin will be the first world currency worth $98 million USD per Bitcoin. He expects this to happen between 10 and 20 years from now.
Bitcoin could reach this price if it maintains its cyclical behaviour with the technological and financial developments that are typical of this industry. In this way, the most popular digital asset could become the world’s currency and replace the global money supply. That would ultimately mean that Bitcoin would have a market capitalization of over $90.4 trillion.
Moreover, if Bitcoin is able to take over 90% of Gold’s market capitalization, it would already have $6.9 trillion more. In this way, Bitcoin would also capture investments from other financial markets that include bonds, stocks and equities. After all, Bitcoin would have a market capitalization of $294 trillion.
It is worth mentioning that Bitcoin is also a deflationary asset and that the number of coins issued will be reduced every four years. In just 17 years, each BTC block will be rewarding miners with just 0.390625 BTC. With an increasing demand for the digital asset, the price of the virtual currency could skyrocket. Nonetheless, it is not clear whether they will be reaching such a large number.
At the moment, the digital currency is being traded around $5,175 and it has a market capitalization of $91.31 billion.
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