Peter Brandt Says Bitcoin Would Reach $67,193 if its Composite Value is Equal to 33k Tonnes of Gold

In a recent tweet, Peter Brandt, a recognized trader, said that Bitcoin would be worth $67,193 if the composite value of Bitcoin equals the value of the 33k tonnes of gold held by the world’s central banks.

There have been different comparisons between Bitcoin and gold. Indeed, Bitcoin is sometimes called digital gold because it has similar properties to gold.

Another user showed him that there are some analyses related to Bitcoin’s stock-to-flow ratio that show that Bitcoin could reach $100,000 or even $1,000,000 in the future. However, Peter Brandt suggested that these are not good estimations for Bitcoin.

The Twitter user planB, who uploads content regarding Bitcoin’s future price, explained that Bitcoin is still undervalued compared to gold, silver, palladium and platinum. However, he said that this gap is currently closing. In this analysis, he shows that Bitcoin stock-to-flow (SF) is 25 and it has a market value of around $65 billion. Meanwhile, silver SF is 22 and it has a market value of $300 billion.

He went on saying that in the next halving Bitcoin SF will be equal to gold SF and gold’s market value is currently $8 trillion.

According to two users in this Twitter conversation, Bitcoin is equal more to a bar of gold than an ounce. Thus, Bitcoin should have been called “Bitbar.” Another user said hat Bit Gold was the precursor to Bitcoin after being suggested by Nick Szabo. Now, there are several individuals that believe that Bitcoin was designed based on it.

Bitcoin is currently being traded around $4163 and it has a market cap of $73 billion. There are other Bitcoin supporters that believe that the most popular digital asset could reach $1 million in the future. John McAfee said that it will reach that value as soon as December 2020.

Meanwhile, IBM’s Head of Blockchain Solutions, Jesse Lund, said that Bitcoin could also reach $1 million in the future. However, he did not provide any specific day for this to happen.

In Five Years Time, Buying Bitcoin at $1,800 or $3,000 USD Prices Won't Be Make or Break Investors

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,229FansLike
2,554FollowersFollow
4,043FollowersFollow

Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Brazil Tax Authorities Impose New Regulation to Fine Crypto Traders Who Do Not Report Their Transactions

Back in August this year, the Department of Federal Revenue rolled out various provisions and stipulations that require all Brazilian citizens to report transactions...

Monero (XMR) Hash Rate up 190% after the RandomX but All Red in Price Land

Most recently, the Monero network successfully upgraded to a new mining algorithm aiming to be ASIC-resistant, RandomX. This upgrade led to a surge of 190%...

SpaceChain’s New Milestone: First-Ever Demo of Blockchain Tech on the International Space Station

On Monday, December 5, 2019, community-based space and blockchain-focused platform, SpaceChain sent its blockchain hardware wallet technology to the International Space Station (ISS). As...

Ukrainian Government Finalizes Money Laundering Laws Based on the FATF Recommendations

The Ukranian government has finalized a money laundering law for virtual assets and virtual asset service providers based on the recommendations put forward by...

Telegram Under Scrutiny by the SEC for its $1.7 billion Token Sale; Former Chief Investment Advisor Issued a Deposition to Testify

According to the filings made through the U.S District Court in New York, SEC’s main agenda is to stop the launch of Telegram’s blockchain...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.