Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17 Million
07 Dezembro 2023 - 2:00PM
NEWSBTC
A crypto pundit and Bitcoin maximalist, Mark Harvey, has explained
why he believes the foremost cryptocurrency Bitcoin, is far off
from its true potential. According to him, the crypto token could
be worth close to $17 million in the future. Why One Bitcoin
Could Worth $17 Million In a post shared on his X (formerly
Twitter) platform, Harvey made a strong case for Bitcoin on why it
could on why a price even greater than $17 million is likely. He
referred to Bitcoin’s use case as a store of value and how it could
further chop into the market share of other asset classes. He noted
Bitcoin’s “tremendous upside” despite being a relative newcomer.
Related Reading: Crypto Analyst Predicts Dogecoin Price Pump Of
Epic Proportions To $0.7, Here’s When Bitcoin is said to have 0.1%
of the $871 trillion which are invested in global assets. Other
global assets that hold a substantial market share include gold and
silver, bonds, equities, real estate, and fiat money. Harvey
believes that Bitcoin’s price could rally significantly as the
foremost cryptocurrency becomes the most preferred option for
people to preserve their money. Source: X Harvey stated that the
monetary premium of those global assets highlights how much they
are used as a store of value. The crypto pundit asserts that
Bitcoin has the potential to capture the monetary premiums of other
asset classes, which would see its price rise to $17 million with a
market cap of $356.7 trillion. Source: X In his opinion, this
is very likely because Bitcoin is a “superior form of property.” If
it does happen, the crypto token could also end up capturing 41% of
the $871 trillion in global assets. Harvey also provided a more
probable scenario as to Bitcoin’s future price. He noted that the
crypto token could still rise to as high as $415,000 per token if
it captures 1% of global assets. Source: X Is BTC Superior To Other
Asset Classes? Harvey labeled Bitcoin as a “superior form of
property,” and there is evidence to back up this assertion. As
highlighted by the Director of Global Macro at Fidelity
Investments, Jurrien Timmer, Bitcoin stands out in comparison to
other asset classes. Related Reading: Bitcoin Pushes Into
Extreme Greed, What You Should Expect From Here Source: Fidelity
Investments According to data from Fidelity, the flagship
cryptocurrency provided the best risk-reward with a 58% return from
2020 to this year. In terms of drawdowns and rallies, Bitcoin also
stood out with an 84% gain from its 2-year low. Meanwhile, a recent
report by Glassnode noted that Bitcoin continues to lead as one of
the best-performing global assets, with a gain of over 140% year to
date (YTD). Specifically, Bitcoin has more than doubled in relation
to Gold. BTC price remains above $43,000 | Source: BTCUSD on
Tradingview.com Featured image from Coin Culture, chart from
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