Expert Echos Exciting Outlook: Bitcoin Could Be Worth $350,000 BTC/USD If It Displaces Gold
Bitcoin (BTC) has been expanding around the world as a digital currency that can be used for payments or to store value. The cryptocurrency has also experienced different periods of price increases and bear markets. However, enthusiasts are always wondering how far Bitcoin could grow in the future.
Could Bitcoin Reach $350k?
According to the crypto expert and investor on Twitter HodlWhale, if Bitcoin absorbs gold’s value in the market the digital currency would reach a price of $350,000. There are some experts that believe that Bitcoin could eventually replace gold in the market as a store of value. Nonetheless, taking gold’s dominance in the market is not something easy to do.
At the moment, gold has a market capitalization of $7.83 trillion, while Bitcoin has just around $90 billion. If Bitcoin displaces gold as a store of value, the digital currency could increase its price and reach $450,000 according to the research group Crypto Voices.
If #Bitcoin were to displace the value of gold the current value of a single Bitcoin would be $350K. Bitcoin has the ability to displace value across many financial and technology markets. $BTC is greater than #Gold #BTC350K
— HodlWhale (@HodlWhale) April 19, 2019
At the same time, a few days ago, Adam Capital released a report related to the current situation of the virtual currency market. According to it, large investors are accumulating digital assets as fast as they are able and the market is currently showing a positive sentiment. Moreover, they explained that Bitcoin is expected to be disrupting traditional assets as a store of value.
There are different fundamentals behind Bitcoin that are also expanding and looking very positively. We can mention that the number of transactions processed by the Bitcoin network is reaching new highs. A few days ago, Bitcoin processed 400,000 transactions, the same value seen during the bull market experienced in 2017.
In addition to it, the Lightning Network (LN) is expanding. According to 1ml, here are more than 8,000 nodes and 38,600 channels. Furthermore, the network capacity has reached 1,062 BTC. The Lightning Network is expected to help Bitcoin scale and process a large number of transactions without congesting the main network.
Moreover, Tyler and Cameron Winklevoss said that Bitcoin is better than gold because it is portable compared to gold bars or large sums of gold. Additionally, Bitcoin is also backed by the current digital society.
At the time of writing this article, Bitcoin is being traded around $5287 and it has a market capitalization of $93 billion. What does the crypto community think about the bitcoin price prediction of BTC/USD exchange rate value reaching $350,000 if it can tap into gold's 7 to 8 trillion dollar market cap?
Live Bitcoin (BTC) Price:
1 BTC/USD =$24,109.3021 change ~ -0.28%