Bitcoin price target if its market cap matched that of gold
The post Bitcoin price target if its market cap matched that of gold appeared on BitcoinEthereumNews.com.
Bitcoin price may be on the verge of a big breakout to its all-time high, and analysts from Fundstrat, Ark Invest, Standard Chartered, and BlackRock expect it to keep rising in the coming years. One key theme among most analysts is that Bitcoin (BTC) is the digital version of gold, a top safe haven. Like gold, Bitcoin is a scarce resource with high demand, which explains why analysts see it as a store of value. Bitcoin has been one of the best-performing assets ever, as its price has moved from below $1 in 2009 to $104,000 today. Its market cap has jumped to over $2 trillion, a trend that may continue if analysts’ estimates are accurate. The continued Bitcoin price surge may also see it blast past gold in terms of market cap over time. Data shows that gold is the most valuable resource globally, with a market cap of $22 trillion, while Bitcoin is currently the fifth most valuable. This performance is notable, considering that gold has been in use for millennia, while Bitcoin is only about 16 years old. As such, all factors constant, there are odds that Bitcoin will flip gold over time as institutional and sovereign demand rises. The first phase of the Bitcoin price surge was mostly driven by retail investors, as companies remained skeptical. It has now moved into the institutional adoption phase, as companies like Tesla, Coinbase, Strategy, and Block buy in. The next phase could see countries start buying Bitcoin. El Salvador was the first country to do so, currently holding 6,174 coins worth $640 million. Donald Trump has promoted the idea of a Strategic Bitcoin Reserve, while some U.S. states are considering the same. More countries like the Czech Republic and Poland are also reportedly thinking about adding BTC to their…
