For the former CEO of MicroStrategy, bitcoin will replace gold as a store of value within the next decade. Additionally, it estimates that its market capitalization will reach $10 billion. US dollars.
in 2022 September 24 11:23 a.m
Bitcoin This week saw a sharp move as traders braced for a Federal Reserve “slap” that could lead to a fall. “worse than 2008”.
Bitcoin price has fallen below $20,000 for bitcoin after attempting to break above psychological levels earlier this month, pushed below by a surprise warning from the Biden administration.
Now, Michael Saylor, president and co-founder of MicroStrategy, a software company that has turned bitcoin into an acquisition tool, has predicted that bitcoins outperforms gold in ten years what could give bitcoin a price of $500,000 and a $10 trillion market cap (despite one Wall Street CEO calling it “dangerous”).
“The next logical stop for bitcoin is to replace gold as a non-sovereign store of value,” Saylor told MarketWatch this week, adding that gold is a $10 trillion asset. “Bitcoin is digital gold, it is 100 times better than gold and if He bitcoins reaches the value of gold, it amounts to $500,000 per bitcoin.”
When will bitcoin overtake gold
Without naming the exact date, Saylor said he expected it to happen within the next ten years, and predicted it “Institutionalize” Bitcoinfirst regaining its position as a $1 trillion asset and then to $10 trillion.
In recent months, the world’s largest asset manager, Blackrockopened access to bitcoins for institutionsand investment giant Fidelity is reportedly considering offering bitcoin trading services to its 34.4 million retail investors.
But Saylor cautioned that he does not have a short-term price forecast, saying that you have no idea what the price of bitcoin will be in 12 months. However, he pointed to extreme price volatility across asset classes due to the Fed’s tightening policy.
Bitcoin price has touched $20,000 per bitcoin several times. I think it is stableSaylor said, pointing to the four-year moving average of bitcoin’s price for a potential bottom.
The role of the Fed
However, traders focused on the short-term outlook for bitcoin prices are concerned that the Fed’s historic rate hike program could bring more pain to the bitcoin and crypto market.
“More pain is experienced by short-term investorsbecause the market…