A crypto pundit and Bitcoin maximalist, Mark Harvey, has defined why he believes the foremost cryptocurrency Bitcoin, is much off from its true potential. In keeping with him, the crypto token may very well be value near $17 million sooner or later.
Why One Bitcoin May Value $17 Million
In a publish shared on his X (previously Twitter) platform, Harvey made a robust case for Bitcoin on why it may on why a worth even better than $17 million is probably going. He referred to Bitcoin’s use case as a retailer of worth and the way it may additional chop into the market share of different asset lessons. He famous Bitcoin’s “large upside” regardless of being a relative newcomer.
Bitcoin is claimed to have 0.1% of the $871 trillion that are invested in international property. Different international property that maintain a considerable market share embody gold and silver, bonds, equities, actual property, and fiat cash. Harvey believes that Bitcoin’s worth may rally considerably because the foremost cryptocurrency turns into the most most well-liked choice for folks to protect their cash.
Harvey said that the financial premium of these international property 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 lessons, which might see its worth 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 international property. Harvey additionally supplied a extra possible situation as to Bitcoin’s future worth. He famous that the crypto token may nonetheless rise to as excessive as $415,000 per token if it captures 1% of world property.
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 International Macro at Constancy Investments, Jurrien Timmer, Bitcoin stands out compared to different asset lessons.
Supply: Constancy Investments
In keeping with information from Constancy, the flagship cryptocurrency supplied the very best risk-reward with a 58% return from 2020 to this yr. By way of drawdowns and rallies, Bitcoin additionally stood out with an 84% acquire from its 2-year low.
In the meantime, a latest report by Glassnode famous that Bitcoin continues to guide as one of many best-performing international property, with a acquire of over 140% yr thus far (YTD). Particularly, Bitcoin has greater than doubled in relation to Gold.
BTC worth stays above $43,000 | Supply: BTCUSD on Tradingview.com
Featured picture from Coin Tradition, chart from Tradingview.com