One Catalyst Could Trigger Bitcoin Explosion to $1,000,000, Says CryptoQuant CEO
The chief govt of crypto intelligence agency CryptoQuant is figuring out one catalyst that would ship Bitcoin (BTC) to a $1 million price ticket.
In a brand new thread on the social media platform X, Ki Younger Ju says that by the point the highest crypto asset by market cap reaches $1 million, it would have overtaken gold.
In response to Ju, the crypto king reaching 9 figures is inevitable as investor demand shifts from gold to BTC.
“In 2004, earlier than gold ETFs have been authorized, gold’s market cap was $1 trillion. Right now, it’s $17.8 trillion. If we assume gold’s intrinsic worth as a valuable metallic is $1 trillion, then round $16.8 trillion represents its demand as a safe-haven asset and a hedge in opposition to inflation.
Bitcoin’s present market cap is $2 trillion, and it might go up 750% if gold demand shifts to BTC. Contemplating inflation, Bitcoin reaching $1 million isn’t about if it would occur – it’s about when. Folks will begin discussing the gold flippening inside 5 years.”
Ju goes on to note that BTC has but to type a bubble, regardless of reaching the $100,000 milestone for the primary time ever earlier this week.
“Contemporary capital is fueling Bitcoin. Because the realized cap grew, the ceiling value elevated from $129,000 to $146,000 in 30 days. At $102,000 it’s removed from a bubble – it might want a 43% surge to hit the edge typically thought of a bubble.”
Bitcoin is buying and selling for $99,069 at time of writing, a 1.8% lower over the last 24 hours.
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