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

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

Bitget2024/11/13 02:51

The Chief Investment Officer of Bitwise stated that $500,000 per Bitcoin is the correct dividing line between its early and later stages. Currently, the gold market size has reached $18 trillion, while Bitcoin is around $2 trillion. This makes the value storage market size approximately $20 trillion. When Bitcoin matures, it will at least share this market equally with gold. There are currently about 20 million Bitcoins in existence, with the remaining 1 million to be issued over the next century; so when Bitcoin reaches $500,000 it will occupy half of the market share. Today, governments worldwide hold about 20% of global gold reserves; by comparison less than 2% hold all Bitcoins. To get Bitcoin close to a price point of $500k we need to see this gap narrow - perhaps one of the biggest examples here being Republican Senator Cynthia Lummis from Wyoming's plan for America to establish a national bitcoin reserve aiming to purchase more than $80 billion worth of bitcoins using government funds. If we start seeing such situations occur then a bitcoin price tag of half a million dollars could very well become reality.

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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.

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