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Veteran Investor says Bitcoin’s price hike to $ 467,000 is “attainable.”

May 15, 2020

Raoul Pal, CEO and founder of Real Vision, believes the price of Bitcoin (BTC) can reach $ 476,000 long term. Pal is not alone in this belief, while hedge fund managers like Mark Yusko of Morgan Creek Digital has made similar predictions in the past..

Currently, Bitcoin is priced at $ 9,700, and high-profile investors like Max Keizer and Mark Yusko believe that Bitcoin can reach up to $ 500,000 in the long term in two simple scenarios. one Bitcoin has to outperform the gold market, and the other one requires Bitcoin to operate in a strong ecosystem.

Pal said:

If it becomes an ecosystem and we believe that it will and will bring the entire ecosystem with it, then I think a figure of $ 10 trillion is easily accessible in this process.

Veteran Investor says Bitcoin’s price hike to $ 467,000 is “attainable.”Veteran Investor says Bitcoin’s price hike to $ 467,000 is “attainable.”

According to CoinMarketCap data Bitcoin’s current market cap is $ 177 billion. The number is achieved by multiplying the current offer of 18,377,331 BTC at the market price.

The total gold market cap is estimated at $ 8 trillion, which means that Bitcoin’s market cap is only 2.2% of gold. This shows that Bitcoin is still in an early growth phase.

Bitcoin against traditional assets. Source: howmuch.net

Why should Bitcoin compete against gold?

A growing number of hedge fund investors, institutions and managers are actively looking for alternatives to traditional assets to save assets and the Fed’s aggressive fiscal policy continues to raise concerns about the future development of the US stock market.

Investors fear that the Federal Reserve’s current policy of printing record amounts of cash will result in a long-term devaluation of the dollar.

For example earlier this week Paul Tudor Jones, one of the leading hedge fund managers in the United States with a net worth of over $ 4 billion, He said he invested at least 1% of his portfolio in Bitcoin to hedge inflation.

Experienced investors like Peter Schiff often argues that gold is one of the best hedge against volatility on the market, and although it does, there are limitations such as fungibility and easy transportation of the asset..

For nature Bitcoin is a blockchain network operated by node operators, miners and developers. Every transaction set up in the network is like data that is confirmed and verified by the miners.

Such as, It’s transparent, quick, and easy to send transactions on the Bitcoin network to transfer values, while with gold, the physical properties limit portability.

Industry executives issue high estimates for the Bitcoin price

In a recent article, Xapo CEO Wences Casares pointed out that medium and large wallets should at least have some risk to Bitcoin.

In the long term, Casares said that if more than 3,000 million people use BTC, the price of Bitcoin could reach $ 1 million.

Casares said:

My preferred method of guessing how Bitcoin’s price can develop is much more prosaic. I have found over time that the price of Bitcoin fluctuates around $ 7,000 x how many people own Bitcoins. If this constant is true and 3 billion people ever own Bitcoin, it would be worth ~ 21 billion US dollars (~ 7 billion x 3 billion US dollars) or 1 million US dollars for Bitcoin.

Forecasts between $ 500,000 and $ 1 million anticipate a future in which Bitcoin is widely recognized alongside gold as one of the top value stores, and billions of people use it regularly to transfer value.

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