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Wednesday, June 29, 2022

Bitcoin On Track For Explosive Rally To $50k – Top Investor

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The leading theory behind ambitious price predictions for Bitcoin (BTC) between $50,000 and $100,000 is that Bitcoin will account for a significant portion of gold’s market share.

High-profile investors predict that Bitcoin will inevitably compete against gold to become an established store of value.

Chris Burniske, partner at Placeholder formerly of Ark Invest, said:

“Why Bitcoin above $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50,000 and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.”

Gold is a universal store of value that investors typically turn to in times of global economic uncertainty and financial turmoil.

The perception of Bitcoin as a store of value and a hedge against inflation is improving with growing institutional adoption, showing a glimpse into how BTC can co-exist with gold.

Similarly, in 2019, the Winklevoss twins emphasized during an interview with CNBC’s Seema Mody that Bitcoin is highly undervalued until it hits a $7 trillion market cap.

The Winklevoss twins, who famously own over a billion dollars in cryptocurrencies, said that people are becoming increasingly comfortable with Bitcoin as it builds more trust.

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