A crypto pundit and Bitcoin maximalist, Mark Harvey, has defined why he believes the foremost cryptocurrency Bitcoin, is much off from its true potential. Based on him, the crypto token could possibly be price near $17 million sooner or later.
Why One Bitcoin Might Price $17 Million
In a post shared on his X (previously Twitter) platform, Harvey made a powerful case for Bitcoin on why it may on why a value even higher than $17 million is probably going. He referred to Bitcoin’s use case as a store of value and the way it may additional chop into the market share of different asset courses. He famous Bitcoin’s “super upside” regardless of being a relative newcomer.
Bitcoin is alleged to have 0.1% of the $871 trillion that are invested in world belongings. Different world belongings that maintain a considerable market share embody gold and silver, bonds, equities, actual property, and fiat cash. Harvey believes that Bitcoin’s value may rally considerably because the foremost cryptocurrency turns into the most preferred option for folks to protect their cash.
Harvey acknowledged that the financial premium of these world belongings highlights how a lot they’re used as a retailer of worth. The crypto pundit asserts that Bitcoin has the potential to seize the financial premiums of different asset courses, which might see its value rise to $17 million with a market cap of $356.7 trillion.
In his opinion, that is very probably as a result of Bitcoin is a “superior type of property.” If it does occur, the crypto token may additionally find yourself capturing 41% of the $871 trillion in world belongings. Harvey additionally offered a extra possible situation as to Bitcoin’s future value. He famous that the crypto token may nonetheless rise to as excessive as $415,000 per token if it captures 1% of world belongings.
Is BTC Superior To Different Asset Lessons?
Harvey labeled Bitcoin as a “superior type of property,” and there’s proof to again up this assertion. As highlighted by the Director of World Macro at Constancy Investments, Jurrien Timmer, Bitcoin stands out compared to different asset courses.
Supply: Constancy Investments
Based on information from Constancy, the flagship cryptocurrency offered the very best risk-reward with a 58% return from 2020 to this 12 months. When it comes to drawdowns and rallies, Bitcoin additionally stood out with an 84% achieve from its 2-year low.
In the meantime, a recent report by Glassnode famous that Bitcoin continues to guide as one of many best-performing global assets, with a achieve of over 140% 12 months to this point (YTD). Particularly, Bitcoin has greater than doubled in relation to Gold.
BTC value stays above $43,000 | Supply: BTCUSD on Tradingview.com
Featured picture from Coin Tradition, chart from Tradingview.com