The prediction has to do with a Bitcoin event called halving.
As the rate of crypto assets advances to climb in recent months an expert forecasted that the most prominent coin; Bitcoin (BTC), will eventually hit the ‘One Million’ mark on its current path.
Addressing on Yahoo Finance Live, CoinDesk Learn Editor Ollie Leech stated that he believed the coin is on a path toward continued financial viability.
“Bitcoin is going to $1 million USD a coin,” he told the outlet. “I actually believe that it will, at some stage, with just the scarcity aspect alone, it makes it an incredibly exciting asset to hold.”
“Bitcoin is uncontested,” he added.
As claimed by Leech, the timing of Bitcoin’s price surge may happen after 2024. This is when the amount of bitcoins miners receive is cut in half during an event called “halving.” The most recent halving occurred on May 11, 2020, according to Investopedia. Both recent halvings have correlated with significant spikes for the coin.
“The year after halving always seems to create a huge rise,” Leech stated. “I don’t know when [bitcoin will cross $1 million USD] but it will likely be after 2025.”
Crypto Will Overshadow Market Caps
Bloomberg strategist Mike McGlone is not unique in his beliefs; as a lot of investors consider the crypto economy will ultimately surpass PM market caps.
Fundstrat Global Advisors’ lead digital asset strategist David Grider recently announced that his firm maintains that bitcoin (BTC) can penetrate six-digit prices. Concurrently, Fundstrat also believes Ethereum (ETH) could breach the $10.5K per unit range.
AS per statistics, the entire crypto-economy at $2.22 trillion is worth beyond silver’s absolute market valuation of around $1.47 trillion. Bitcoin valuation simply is coming close to eclipsing silver. This places bitcoin in the eighth spot of the most valued assets in the world. This would place gold as number one.
The shiny yellow metal has an evaluated market cap of around $11.382 trillion at current prices per ounce of .999 fine gold. Yet, while BTC has gained close to 73% of silver’s market cap, the crypto asset also now commands more than 9% of gold’s overall valuation.
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