TL;DR
- Adam Back, CEO of Blockstream, predicts Bitcoin (BTC) could flip physical gold’s market cap and potentially reach a price of $700,000, possibly during the next halving cycle in 2024.
- BTC’s current market cap stands at over $800 billion, far from gold’s $14 trillion, but it had previously surpassed $1.2 trillion at its peak in 2021.
- Other bullish forecasts for BTC come from notable figures like Robert Kiyosaki, Michael Saylor, and Cathie Wood, with predictions ranging from $120,000 to as high as $1 million in the coming years.
BTC to Explode by 1,500%?
The price of Bitcoin (BTC) has recently shot to $42,000, giving numerous analysts and experts the opportunity to outline a bright future for the primary cryptocurrency. One person who presented such a thesis is Adam Back – a popular British cryptographer and CEO of Blockstream.
According to him, BTC has a chance to “flip” physical gold as this development might happen during the upcoming halving cycle (scheduled for the spring of 2024). Having that said, Back set a possible future price tag of the astonishing $700,000 per single bitcoin.
“My call is Bitcoin should flip gold’s market cap within the next halving cycle. So, it’s a variable price target as it might start to drive capital flight from physical gold to digital gold, pulling down the price of gold. Timing of “probably within next few years” is secondary,” he argued.
It is worth noting that BTC has a long way to go before outpacing gold’s market capitalization of approximately $14 trillion. Currently, the market cap of the leading digital asset stands at over $800 billion, while during its prime in 2021, it surpassed $1.2 trillion.
More Bullish Forecasts
Other prominent individuals who have predicted that BTC would rise to a new all-time high in the near future include Robert Kiyosaki (author of the book “Rich Dad, Poor Dad”), Michael Saylor (Executive Chairman of MicroStrategy), Cathie Wood (CEO of Ark Invest), and others.
Kiyosaki has warned numerous times that the US dollar might be on the verge of collapsing, believing that such a catastrophe might lead to a Bitcoin rally. Moreover, he expects the asset to skyrocket to $120,000 in 2024.
Michael Saylor and Cathie Wood have predicted an even brighter future for BTC, suggesting its price could hit $1 million, albeit within a different timeframe.
Those curious to check additional forecasts coming from well-known individuals could take a look at our dedicated video below:
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