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

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    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.

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