A Bitcoin expert is making some bold predictions about the future of the cryptocurrency. Joe Burnett, a marketing manager at Unchained Capital, believes Bitcoin could reach a whopping $750,000 per coin.
Why So High?
Burnett says most people are underestimating Bitcoin’s potential. He thinks the market is missing the bigger picture – how Bitcoin fits into the global financial system.
He points to a model called the HODL model, which shows a significant shift in Bitcoin ownership. Since 2020, more people are holding onto their Bitcoin for the long term, rather than trading it. This means there are fewer coins available for sale, which could drive up the price.
Burnett also compares Bitcoin to gold. He argues that gold isn’t as scarce as Bitcoin because new gold is mined every year. This constant supply keeps the price down. Bitcoin, on the other hand, has a limited supply, and it gets even scarcer every four years when the “halving” event happens. This makes Bitcoin more valuable over time.
A Big Picture View
Burnett thinks Bitcoin’s market share is only going to grow. Right now, it’s a tiny fraction of the total global wealth. He believes it could eventually become a significant part of the global financial system.
He’s not alone in his optimism. Some experts believe Bitcoin could reach $100,000, but Burnett thinks that’s too conservative. He says if Bitcoin reaches the same market size as gold, it could be worth $750,000.
Will It Happen?
Only time will tell if Burnett’s prediction is accurate. But his analysis highlights some key factors that could influence Bitcoin’s future price.
