Bitcoin Price is Up 140% Since 2018 Low, Trading at $7,350 as Hedge Fund Chief Calls for $500,000 USD
It’s been a steak of great news for the supporters and investors in Bitcoin, especially now that the price of BTC has rapidly edged up by approximately 140 percent as of records from December 15th to now when the BTC/USD exchange rate value was a mere $3,239. This is especially great when considering that Bitcoin, in December, had fallen to its lower supports of $3,200 by that point and everyone had counted the flagship crypto asset as good and gone.
The crypto has also managed to edge up to a record [recent] high of about $7,500 according to forecasts from Sunday this week, what has only happened once before back in August of 2018: which is over 9 months ago.
As of right now, Bitcoin is sitting strong at a valuation of $7,350, with the occasional edge up and down. This is in conjunction with a total market cap of $130.11 Billion.
Along with the optimistic growth rate seen by Bitcoin, Ethereum has also seen some pretty spectacular growth over the same stretch of time. ETH’s price has demonstrated the growth of over 150 percent over the same span as Bitcoin.
Ether has also managed to reach its 6 month high of $206 as of Sunday this week. According to the time of publishing, Ether has been trading at approximately $189 along with a total market capitalization of over $20.1 Billion.
Mark Yusko Believes Bitcoin Could Reach $500,000
Bitcoin (BTC) has entered a new bull market and crypto enthusiasts are currently very excited about the future of the digital currency. In general, Bitcoin bulls believe that Bitcoin could eventually reach $20,000 and surge up to $100,000.
However, Mark Yusko, the CEO of Morga Creek Digital said that the virtual currency could surpass $500,000.
During a recent interview with BloxLive TV, Yusko explained that the price of Bitcoin could eventually hit $500,0000 due to the fact that it has a very scarce supply. With increasing demand and becoming a safe-haven investment such as gold, the digital asset could experience a massive price surge in the future.
There is $7.4 trillion worth of gold in the world and that Bitcoin is a much better asset class than gold. As he explained, gold can easily be transferred among borders and can be divided into smaller parts.
On the matter, he commented:
“So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.”
Thus, Bitcoin, in a similar way as gold, is turning into a store of value and a safe-haven. There are several individuals that hold the most popular digital asset because it is not regulated. Governments do not have an influence on the network and cannot control it in any way.
There are several Bitcoin enthusiasts and supporters that are sure that Bitcoin will be replacing gold in the future. One of them is Brendan Blumer, the co-founder, and CEO of Block.one. In addition to it, Yusko compares Bitcoin to gold because investors tend to use the digital asset in times of uncertainty.
However, it is important to mention that Bitcoin could start to become a correlated asset as soon as it starts being traded as a traditional asset and as more investors enter the market. Until now, Bitcoin has been an uncorrelated asset.
Bitcoins are going to get lost in the future as well and investors have already lost several millions of BTC. This is also similar to what can happen to gold.
Currently, Bitcoin is being traded close to $7350 and it has a market capitalization of $130 billion. In the last few days, Bitcoin surged and surpassed $7,000 for the first time in more than 8 months.
Bitcoin’s price is $62,790.52 BTC/USD exchange rate today. The real-time BTC market cap of $1.17 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $31.76 Billion and live coin value change of BTC -0.77 in the last 24 hours.