Economist and gold bug Peter Schiff has explained why the price of gold is rising, warning that bitcoin is a “gigantic bubble.” He expects gold to be in “double digits” by next year. Meanwhile, he said that bitcoin is in a bear market and the price of the cryptocurrency “is going much lower than this.” […]
Bitcoin News
Gold’s Price Surge to Nearly $2,200 Overshadowed by Bitcoin’s ‘Speculative Mania,’ Peter Schiff Claims
In a manner similar to bitcoin and the overall crypto market, gold’s value has climbed, nearly touching ,200 per ounce this week. This uptick is widely attributed to demand from central banks, with surveys indicating both Wall Street and Main Street anticipate higher prices in the upcoming week. At the same time, gold enthusiast Peter […]
Bitcoin News
Bitcoin ETFs Threaten Gold’s Dominance As Digitalization Trends Gain Momentum
In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.
Bitcoin ETFs Gain Ground on Gold ETFs
The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately billion in assets after only 25 trading days, while gold ETFs have accumulated billion in over 20 years of trading.
In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”
According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.
McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends.
Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.
Bitcoin Rally Driven By Institutional Demand
The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.
According to analyst Ali Martinez, as the price of Bitcoin continues to hover between ,800 and ,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.
However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.
As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start/end of a cycle top parabola (which occurred most frequently).
According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.
Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend.
Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.
While BTC is currently trading at ,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold’s Modest 9% Gain
Gold achieved a record high of ,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023.
Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge
Prominent gold supporter and economist Peter Schiff, along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to ,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin.
Gold’s current trading price has dipped by 5.33% from its record high of ,117 per ounce, and in the past month, its value has risen by 2.7% against the U.S. dollar. At present, from its recent peak of ,729, the price of bitcoin stands at ,976 per coin, marking a 1.68% decrease. However, bitcoin’s all-time high tells a different tale, having reached ,044 per coin on Nov. 10, 2021. Presently, its value is just over 36% below its apex price.
In the last six months, as well as year-to-date and over the past year, bitcoin has consistently outperformed gold in all metrics. Over the last six months, gold has seen a 2.2% increase, whereas bitcoin has soared over 69% in the same period. Since the start of 2023, gold has risen by 9.9% against the U.S. dollar, but bitcoin has leaped by 166%. Comparing twelve-month statistics, gold has increased by 12.04%, while bitcoin has surged by 155%.
When examining five-year gains, bitcoin substantially eclipses gold. In the last five years, the value of gold has increased just over 60% against the U.S. dollar, while bitcoin has skyrocketed by 1,145%. The data indicates that over this period, bitcoin’s gains were roughly 19 times greater than those of gold. Currently, the overall market capitalization of gold stands at .5 trillion, compared to bitcoin’s 0 billion, suggesting that gold’s market value is about 15.7 times larger than that of bitcoin.
While gold’s recent peak of ,117 per ounce is noteworthy, its performance pales in comparison to bitcoin’s robust growth. Despite gold’s steady gains, bitcoin’s dramatic 166% surge this year and 1,145% increase over five years highlight its significant edge as an investment asset. Although gold remains dominant in market capitalization, bitcoin’s trajectory suggests a shifting landscape in asset value appreciation.
What do you think about bitcoin’s market performance compared to gold’s performance in 2023? Share your thoughts and opinions about this subject in the comments section below.
NASA’s Psyche Mission Could Challenge Gold’s Scarcity With $10 Quintillion Asteroid Haul
Statistical forecasts suggest that the final bitcoin is expected to be mined by the year 2140, over a century from now, with an estimated 1,465,093.73 BTC still awaiting discovery. This finite supply is set to render bitcoin exceedingly rare. Meanwhile, NASA, the independent agency for space research under the U.S. government, has outlined plans to retrieve an asteroid valued at quintillion due to its abundance of valuable metals such as gold. According to NASA’s schedule, the asteroid retrieval could occur in late 2029 or early 2030, following the mission’s successful completion.
The Race for Space Gold: NASA’s Mission Could Redefine Scarcity
The prospect of gold’s scarcity diminishing in the next six years has gained plausibility after NASA provided a schedule for its Psyche mission, aimed at hauling the 16 Psyche asteroid back to Earth. Consequently, gold may shift from scarce to plentiful, pending NASA’s mission success. The journey commenced on October 13, 2023, with the Spacex Falcon Heavy launching from the Kennedy Space Center in Florida on a voyage to cover approximately 2.2 billion miles.
The spacecraft is set to orbit the asteroid, nestled between Mars and Jupiter, for nearly two years. The 16 Psyche is a behemoth among asteroids, rich in precious metals, and classified as an M-type asteroid, indicating its metallic composition. Beyond its gold content, which runs into trillions of dollars, it contains other valuable metals like silver, cobalt, platinum, and the group known as the platinum-group metals, including rhodium, ruthenium, iridium, and palladium. The estimated worth of asteroid 16 Psyche stands at a staggering quintillion.
This figure dwarfs the global economic output and the cumulative value of Earth’s assets, presenting an almost inconceivable economic impact. NASA anticipates the mission’s conclusion between late 2029 and early 2030, although some projections extend to November 2031. This update on NASA’s ambitious Psyche mission timeline has been circulating on Reddit’s r/bitcoin, stirring discussions across social media and news outlets.
One person was skeptical and wrote, “Won’t be worth anywhere near that, prices would tank immediately and stay there.”
Another person suggested the asteroid’s value could be substantially higher, though considerable technical challenges remain. “Some people assume this is only for earth and will instantly flood the market when the reality is it could be worth far more due to the price it costs to bring metals into space,” the person said. “Mining would happen slowly over 100+ years so would not flood the market,” the individual added.
The supply limit of Bitcoin is hard-coded, yet it might come under siege in the years ahead. Bitcoin’s enduring social contract will need to stand firm against the whims of successive generations, with current discussions including talking about a “small tail emission” to be introduced to Bitcoin’s issuance.
However, for nearly a decade and a half, the set supply cap has stood unchallenged, with 19.53 million BTC mined out of a total of 21 million. Following a prolonged sequence of halvings, the final satoshi is anticipated to be mined by the year 2140. The reality is that the landscapes for both BTC and gold could undergo significant transformations by that time.
What do you think about NASA’s timeline prospects? Do you think it is fathomable? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin’s Spot ETF: Will BTC Mimic Gold’s 2004 Price Surge? Analyst Weighs In
A fresh perspective on Bitcoin has recently surfaced courtesy of prominent crypto enthusiast and YouTuber Lark Davis. Davis offers an interesting parallel between Bitcoin’s potential fate and gold’s historical performance, especially spotlighting the transformative year of 2004 for the latter.
Reflecting on gold’s journey in the early 2000s, a period marked by the introduction of a gold Exchange Traded Fund (ETF), Lark Davis suggests that Bitcoin may be on the brink of a similar breakout. While this is a bold claim, its rationale, centered on the anticipated launch of a Bitcoin spot exchange-traded fund (ETF), warrants a closer look.
Gold’s 2004 Surge: A Prelude To Bitcoin’s Future?
2004 was transformative for gold, with its price trajectory reflecting a notable paradigm shift. The catalyst for this change was the launch of the first gold ETF – SPDR Gold Shares (NYSE: GLD) by State Street Corporation.
A chart shared by Davis vividly encapsulates this: the price of gold began its ascent from a modest 0 per ounce towards the end of 2004 and reached a pinnacle of ,939 by 2011.
Although a decline to ,184 followed this meteoric rise, the overall trend showcased the profound impact of ETFs on asset prices. If history were to serve as a guide, Davis’s analogy suggests Bitcoin might follow a similar path.
A potential Bitcoin spot ETF could usher in a flurry of new investments, changing the market’s supply and demand dynamics.
As Davis showed from the gold example, introducing such an ETF for Bitcoin could potentially attract between billion and billion. Assuming today’s prices, this would be equivalent to newcomers snapping up approximately half of the available Bitcoin on exchanges.
Estimates are that a spot Bitcoin ETF would bring 20-30 billion of fresh cash into Bitcoin. That would buy about half of all coins on exchanges at current prices.
For reference here is what happened to gold when it got its first ETF approved on US markets.
History repeating? pic.twitter.com/CBNvZgMq18
— Lark Davis (@TheCryptoLark) September 4, 2023
‘Supply And Demand Don’t Lie’
While Davis’s projection is rooted in past trends, it’s crucial to understand the broader dynamics at play. His assertion that “supply and demand don’t lie” underlines the fundamental economic principle that when demand exceeds supply, prices generally rise.
The launch of a Bitcoin ETF would invariably boost demand by offering a more accessible and regulated way for investors to gain exposure to Bitcoin without owning the underlying asset directly. This surge in demand and Bitcoin’s capped supply might push prices higher, just as it did for gold in 2004.
However, as with all financial forecasts, there’s a degree of speculation involved. While the parallel between gold’s 2004 trajectory and Bitcoin’s potential future is compelling, only time will reveal the actual course of events.
Despite this forecast, Bitcoin has seen a slight dip over the past 24 hours, with a current market price of ,867, at the time of writing.
Featured image from iStock, Chart from TradingView
Amid Gold’s Recent Slide, Experts Predict a Shining Future with Potential Highs Beyond $2,500 by 2024
In recent times, gold and silver have faced a downtrend, with gold losing over 2% of its value in the past month and silver tumbling more than 5% against the U.S. dollar. Even amid gold’s rather uninspiring performance this last month, David Neuhauser, the founder of the investment company Livermore Partners, forecasts that gold’s worth could rise to ,500 by the close of 2024.
From Slump to Surge: Some Expect Gold to Bounce Back
Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting ,074 per ounce, while silver simultaneously reached a high of around per ounce on August 6 of the same year.
Since then, however, the luster has faded from these precious metals, and prices have slid downward. As of August 12, 2023, gold’s current trading price stands at ,913 per ounce, with silver trailing at .67 per ounce.
Earlier in the month, on August 1, the World Gold Council (WGC) published the latest Gold Demand Trends report, shedding light on gold’s performance in the first half of the year, buoyed by a high level of central bank acquisitions.
The WGC further elaborated that the half-year success of gold was bolstered by thriving investment markets and a resilient demand for jewelry. However, even amidst these favorable conditions, the report divulged that gold demand (excluding over-the-counter or OTC) experienced a 2% year-over-year dip to 921 tons during the second quarter.
“Inclusive of OTC and stock flows, total demand strengthened 7% y/y to 1,255t,” the WGC’s Gold Demand Trends Q2 2023 report clarified. Although gold and silver have lost ground in the past month and remain significantly below their 2020 peaks, some industry experts retain an optimistic outlook, foreseeing bullish trends toward the close of 2023 and 2024.
In an email sent to CNBC, Bart Melek, TD Securities’ managing director and global head of commodity strategy, shared his perspective that gold could rise above ,100 in the latter part of 2023 or the commencement of 2024. Melek attributed this optimistic projection to the U.S. Federal Reserve’s quantitative tightening, pinpointing it as the catalyst for the bullish forecast.
Additionally, Livermore Partners’ founder, David Neuhauser, conveyed to CNBC’s Lee Ying Shan that he foresees gold reaching the remarkable milestone of ,500 by the conclusion of the upcoming year. “2024 is when I see gold breaking out and reaching new highs and beyond,” Neuhauser said.
“My target is ,500 by the end of 2024 … Much of this has to do with the fact that recessionary forces may take hold beginning later this year and gain steam in 2024,” the Livermore Partners executive added.
In a report from Capital.com, ANZ research provided a prediction in May 2023, anticipating that gold could be trading at ,100 by the close of 2023, and near ,200 by September 2024. Furthermore, the same report reveals that Walletinvestor, an algorithm-driven price prediction platform, explains that the precious metal’s price will surge to ,289 by May 2028.
What do you think about the experts who believe gold has a bullish future ahead? Or do you see gold’s downtrend continuing? Share your thoughts and opinions about this subject in the comments section below.
Commodity Strategist Mike McGlone Predicts a Recession as Top Catalyst for Gold’s Rise Above $2,000
This week, Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his March outlook and noted that the “top catalyst” that could push gold above the ,000-per-ounce range is a recession. McGlone further explained in an update about bitcoin and the Nasdaq that a key ingredient to force the U.S. Federal Reserve to pivot its stance is “a sharp drop in the stock market.”
Mike McGlone Shares March Outlook for Precious Metals and Cryptocurrencies
Gold and silver prices were lower this past week, with gold close to dropping below the ,800-per-ounce range and silver clinging just above the -per-ounce range. The global cryptocurrency market capitalization today is .08 trillion, a decrease of around 1.57% over the last day. Earlier this week, Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his March predictions concerning assets like commodities, precious metals, equities, and bitcoin. Regarding bitcoin, McGlone questions whether the recent rally was hollow or an enduring recovery.
The Bloomberg analyst noted that “cryptos have never faced a U.S. recession, Fed tightening, and the bitcoin 50-week moving average below the 200-week.” McGlone detailed that at some point, most risk assets will bottom, but with the U.S. central bank still in tightening mode, most markets have bounced. “Bitcoin’s 50-week moving average has never crossed below its 200-week level amid the Fed’s tightening, and the crypto has bounced to this line in the sand at about ,000,” McGlone said. The macro strategist added:
Swift snap-backs are typical of bear markets and if bitcoin can sustain above ,000, it would signal divergent strength vs. central-bank.
Regarding gold, the precious metal has a good chance of reaching ,000 per unit if the U.S. economy slides into a recession, McGlone opined. “The greatest potential for economic contraction from the yield curve in about 30 years and the Federal Reserve still tightening could guide most metals lower and gold higher in 2023,” the strategist wrote. “A U.S. recession is a top catalyst that may push the metal’s price above ,000 an ounce.” Moreover, the chances of a recession look likely according to McGlone’s data.
“Based on the highest probability of recession from the three-month to 10-year Treasury curve in our database since 1992,” the strategist said. “A key factor that may be different this time is the easing from the Fed that markets were accustomed to until the inflation of 2022.” Furthermore, McGlone thinks that gold’s jump may not happen until the Fed decides to pivot on monetary tightening policies. “One of the best performers on a 12-month basis, the precious metal may be sniffing out an eventual Fed pivot due to recession,” McGlone’s March outlook concludes.
Do you think the U.S. economy will slide into a recession, and if so, what impact will it have on the price of gold and other assets like cryptocurrencies? Share your thoughts in the comments section below.
Bitgesell, the New Digital Gold’s First Halving Just Happened
Bitgesell, the evolutionary successor of Bitcoin, has recently concluded its halving event, today March 28th, 2021. Triggered by the blockchain hitting block 52500, the first annual halving event on Bitgesell ecosystem has reduced the block reward from the previous 200 BGL to 100 BGL as the blockchain moves ever closer toward becoming an ideal store of value in the crypto world.
The Bitgesell halving event marks a significant step towards achieving an efficient deflationary economic model compared to its parent — Bitcoin. Created by Emma Wu in 2020, the Bitgesell project takes the best elements of Bitcoin and marries it with new features that put it years ahead of the flagship cryptocurrency.
What Makes Bitgesell the New Digital Gold?
Bitcoin and Bitgesell’s similarities are limited to the POW consensus algorithm and the shared maximum token supply of 21 million. Beyond that, Bitgesell is a completely different beast with features aimed at improving usability, environmental friendliness, and increasing the value of BGL exponentially.
The BGL ecosystem has tweaked the intrinsic asset model of Bitcoin to accelerate progress by a factor of 4. The project started with an emission rate 4 times higher than Bitcoin, i.e., 200 BGL per block, and reward halving on an annual basis compared to the 4-year interval with Bitcoin. At this rate, the last BGL will be mined in 2054 as against 2140 for BTC. Not to mention, it is much easier to mine BGL than BTC as it uses an energy-efficient advanced SHA-3 based Keccak hashing algorithm with 0.4MB block size instead of SHA-2 standards.
Furthermore, the Bitgesell ecosystem comes with SegWit implementation right out of the box, along with a token burn mechanism that permanently removes 90% of transaction fees from circulation. As a result, the supply of BGL will continue to become scarcer every day, which translates to increased demand and a higher token valuation.
Thanks to the Deflationary Model, Bitgesell Takes a Shot at Mars!
The intrinsic asset model implemented by Bitgesell makes it a highly deflationary mainstream cryptocurrency. Working in its favor is the limited supply, annual halving, and the token burn process. As a result, the overall supply of BGL will progressively reduce to less than 21 million.
Bitgesell’s deflationary model directly correlates with participation, as any increase in BGL adoption or transactions will contribute towards scarcity, making it an ideal asset for long-term hodlers. If BTC’s performance over the years is any indication, BGL will be outperforming it by many times in the future.
When it comes to deflationary assets, crypto market dynamics indicate that halving and token burn events positively affect the token value. The price movement of BTC post-halving, BNB, and more recently CRO following token burn events, prove the point. Listing on major exchanges and trading platforms will also play a crucial role in driving BGL prices. Currently, users can trade BGL on DigiFinex, on HotBit and on Crex24.
Birth of an Idea: Silvio Gesell’s Economic Theory Meets Satoshi Nakamoto’s Digital Gold
The creator of Bitgesell, Emma Wu, draws inspiration from the German theoretical economist and entrepreneur Johann Silvio Gesell who championed the idea of “Freigeld.” Gesell believed that the answer to global economic problems was to use money as an instrument of exchange and not a store of wealth. If money were to come with an expiry date, people would not hoard; instead, will put it to use by spending or lending it to others at no extra cost. Wu has combined the concept of Freigeld with digital gold and supported it with a highly deflationary mechanism to create a true store of value in the crypto space.
Learn more about Bitgesell at – https://bitgesell.ca/
Technical Expert Outlines Bitcoin Path To Gold’s Nearly $10 Trillion Cap
Bitcoin was designed to share several key similarities with gold, but the end result was an all-digital asset that does what the precious metal does best even better and then some.
Eventually, the first-ever cryptocurrency could share a similar-sized market cap as the precious metal has currently, and one of the crypto community’s best chartists has outlined the path on how Bitcoin could get there and when.
The Clear Path For Crypto To Match The Precious Metal King’s Market Cap
Bitcoin is a difficult asset to assign a fair market value. Its value is primarily speculative in its current state, making is susceptible to violent price swings as price discovery takes place.
Related Reading | Bitcoin Spike Above K Rejected At First Weekly Bear Market Resistance From 2018
The network effect of Bitcoin as a technology slowly being adopted keeps its price growing exponentially over a logarithmic growth curve.
This makes charting Bitcoin in log scale the preferred choice for crypto analysts performing technical analysis.
Charting crypto in linear scale doesn't make sense given the price projections experts predict | Source: BTCUSD on TradingView.com
Glancing at a Bitcoin price chart on a linear scale looks like a classic bubble up until recently. But the switch to log scale instead shows a clearly tightening curved channel.
The volatility between the top and bottom bands reduces over time as the technology is increasingly adopted.
One top pseudonymous crypto analyst who is an advocate of charting Bitcoin in log scale and proponent of lengthening market cycle theories in the first-ever cryptocurrency has used this tightening channel to forecast when
Bitcoin might match the market cap of gold. He has in the past used it to successfully time Bitcoin’s bottom around ,200, and the peak in 2019.
The precious metal’s market cap is trillion according to the analysts, but conflicting reports from Fidelity Digital Assets claim it to be as high as trillion recently, in a report highlighting how Bitcoin might perform next to stocks, metals, and more.
Regardless of the exact figures, Bitcoin would need to pull a “40x” to reach the market cap of gold, give or take a few billion. And when this will happen, will be some time between 2030, and 2040 according to the lowest and highest boundaries of the analyst’s log chart.
Charting Bitcoin in log scale demonstrates the network effect in action | Source: BTCUSD on TradingView.com
Bitcoin: Digital Gold Is Better Than The Original In Every Way, Here’s Why
The same log growth is visible on the XAUBTC price chart putting Bitcoin up directly against the original safe haven asset.
The gold versus BTC price chart also shows the cryptocurrency’s network effect in action, rapidly outperforming gold in the 12 short years the Bitcoin core code has been running.
How the cryptocurrency stacks up against the original safe haven asset | Source: BTCXAU on Investing.com
Digital gold beats regular gold in just about every way and recently has been proving its value during the pandemic.
The no contact necessary asset can be stored without taking up any space, free of the reach of thieves or the government, and it could in theory hold value better than both fiat and gold in the long term.
Its lack of a physical state would have saved the Dutch a fortune and a ton of time. Recently, the Dutch Central Bank moved 14,000 gold bars and boxes and boxes of gold coins.
It took 22 hours and armed forces to move it securely only 20km. Planning it and coordinating such action also would have taken a significant amount of time and effort.
Related Reading | Bitcoin Experts Claim Post-Halving Performance Is More Bullish Than Pre-2017
Had it been Bitcoin instead, it would have moved at a fraction of the cost, a fraction of the time, required only the security the blockchain network provides, and when it arrived, it would need to space to store it.
Planning it would require just a thought, and executing the transaction just a few clicks.
In a recent scenario where billion in BTC was sent related to a Silk Road wallet, for example, the transaction fee was roughly worth of Bitcoin or 0.00087980 BTC.
The transaction is also completely verifiable for authenticity without the need for a detailed inspection. Bitcoin does this for you, whereas you can be certain the gold was inspected closely for any evidence of tampering or counterfeits, even despite the armed convoy.
As more investors, hedge funds, institutions, and even eventually central banks realize these benefits and the cost and time savings that cryptocurrency can afford them, there will be no stopping capital from gold to further flow into Bitcoin, and help to achieve the nearly trillion target the chart maps out.
A trillion market cap, at the circulating supply of BTC, would take the asset’s price to around 0,000 per BTC.
The total amount lines up with several top experts outside of the analyst we’ve put a spotlight on here, such as Tim Draper and Max Keiser.
Featured image from Deposit Photos, Charts from TradingView.com via Dave the Wave Twitter