The anticipated price and worth of Bitcoin in the future is a subject of intense discussion, with differing viewpoints among various groups. However, a widely held belief persists: Bitcoin‘s value will significantly increase from its current level. This optimistic outlook is shared by Anthony Scaramucci, CEO of Skybridge Capital, who forecasts that Bitcoin’s market capitalization will eventually surpass half of gold’s market cap.
Batting For Bitcoin To Capture 50% Of Gold Market Cap
Anthony Scaramucci, the CEO of Skybridge Capital, has repeatedly expressed his advocacy for Bitcoin and publicly shared his positive views on the cryptocurrency. Most recently, he shared his perspective on Bitcoin’s potential future price movement.
In a conversation with CNBC, Scaramucci shared his belief that the value of Bitcoin will ultimately hit $170,000. Furthermore, he predicted that Bitcoin’s market capitalization would eventually surpass half of gold’s valuation.
The CEO points out that Bitcoin’s value has risen due to increased regulatory certainty and the green light given to several Spot Bitcoin ETFs. These successful ETFs are the reason behind Scaramucci’s conviction that Bitcoin could eventually match half of gold’s worth.
Gold ETF required one year to amass $10 billion in investments. In contrast, Bitcoin managed to reach the same milestone within three months, implying it needed only a quarter of the time gold did. Scaramucci further points out that the upcoming halving event will decrease Bitcoin’s supply even more.
The CEO goes on to argue that Bitcoin is poised to function as a valuable asset akin to gold, leading to an increase in its value and potential competition with the precious metal. Ultimately, Bitcoin’s expanding worth may reach approximately half of gold’s total market value.
Where Will BTC Trade At This Valuation?
The value of all existing gold is around $15.7 trillion, which is twice the estimated worth of Bitcoin at approximately $7.85 trillion. Currently, Bitcoin’s market cap stands at about $1.4 trillion, with each coin priced around $72,000. Consequently, if Bitcoin’s market cap reached $7.85 trillion, its price would significantly increase.
Having a limited circulation of 21 million coins, the market value of Bitcoin reaching $7.85 trillion would result in an astonishing price of approximately $378,000 per Bitcoin. This price jump signifies a significant increase of five times the current rates. Furthermore, if Bitcoin accounts for roughly half of the entire crypto market capitalization and altcoins persistently grow in tandem with it, the overall value of the crypto market could effortlessly surpass $14 trillion, intensifying the rivalry against gold.
Scaramucci has been non-specific about the timeframe for this event and urges caution among investors, emphasizing that it won’t occur immediately and may involve significant market fluctuations.
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2024-04-08 18:04