Bitcoin enthusiast Willy Woo thinks Bitcoin could reach a million dollars per coin, but it needs a lot of money to get there. He says Bitcoin needs to attract about $5 trillion, which is about 1% of all the wealth in the world.
How Much Money Does Bitcoin Need?
Woo calculated this number by looking at how much money has already been invested in Bitcoin and how much it usually takes to move the price. He says that Bitcoin’s price usually goes up by a certain factor for every dollar invested. This factor is called the “MVRV Ratio.”
Woo says that based on past trends, the next time Bitcoin hits a new high, it will need about 3.5 times more money invested than its current market value. Since Bitcoin’s current market value is about $19.8 trillion, it needs about $5.66 trillion more to reach $1 million per coin.
Will Bitcoin Reach $1 Million?
While Woo thinks Bitcoin could reach $1 million someday, he doesn’t think it will happen in the current market cycle. He says it’s just too much money to attract right now.
Bitcoin is currently trading at around $63,000, and it’s down a little bit today.
