Bitcoin expert Willy Woo is predicting a massive surge in the price of Bitcoin, potentially reaching a value of over $700,000 per coin. He believes this could happen as global adoption of Bitcoin increases.
A Big Number, But How?
Woo says that Bitcoin could eventually capture 3% of the total value of all wealth assets in the world. This would put its market cap at a whopping $500 trillion, with each Bitcoin worth around $24 million.
However, he acknowledges that this is a very optimistic scenario. He believes a more realistic allocation of wealth to Bitcoin would be around 1% to 3%, which would still result in a price of $700,000 per coin.
The Adoption Curve
Woo believes that Bitcoin will reach six figures once global adoption hits somewhere between 16% and 50%. He says we’re currently at around 4.7% adoption.
He uses a chart comparing Bitcoin’s adoption to the internet’s adoption rate to illustrate this. The chart shows that as adoption increases, the price of Bitcoin is likely to follow a similar trajectory.
Beyond Fiat
Woo predicts that once Bitcoin’s market cap surpasses the value of all fiat currencies, investors will start looking for alternative investments that can outperform Bitcoin. He believes that companies that store their profits in Bitcoin will be among the top performers.
The Bottom Line
While Woo’s predictions are bold, they’re based on the idea that Bitcoin’s adoption will continue to grow. If this happens, the price of Bitcoin could indeed see a significant increase. However, it’s important to remember that these are just predictions, and the future of Bitcoin is uncertain.
