Topic: [2019-04-21] Bitcoin Displacing Gold Entirely Would Value BTC At $350,000: Is It - page 2. (Read 314 times)
April 21, 2019, 07:50:31 AM
That's interesting, people here were quite often saying that Bitcoin can reach hundreds and thousands or even millions of dollars per BTC, but this comparison with gold really adds some perspective. I think Bitcoin is very far from being as good as gold in terms of store of value/asset/money, so $350,000 or similar price levels wouldn't be sustainable in the near future. The current ATH of $20,000 is already 5.7% of gold's marketcap, which is a pretty good result for an asset that was only 8 years old at the time.
April 20, 2019, 07:46:56 PM
Since its birth, Bitcoin (BTC) has been lauded as an alternative to traditional assets day in and day out. Most notably, the cryptocurrency is. in the eyes of some pundits, a replacement to gold, specifically the metal’s store of value capabilities. But if Bitcoin takes over gold’s hegemony, what would happen to the value of BTC?
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According to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.
This figure isn’t exactly baseless. As reported by NewsBTC on an earlier date, all gold in circulation is currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation. If the latter was to fully displace the value of the first, Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of $450,000 — slightly above HodlWhale’s estimate.
reference: https://www.newsbtc.com/2019/04/20/bitcoin-displacing-gold-entirely-value-btc-350000/
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