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.
#bitcoin (red) is undervalued to gold, silver, palladium, platinum (blue) based on stock-to-flow (SF). Silver SF is 22 and market value $300bn, bitcoin SF is 25 and market value only $65bn. But the gap is closing! Next halving bitcoin SF = gold SF .. market value gold is $8trn 🚀 pic.twitter.com/XbjJh7uMOc
— PlanB (@100trillionUSD) February 20, 2019
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.
Bit Gold was the precursor to Bitcoin, Nick Szabo made it and a lot of people think Bitcoin was designed based on it, fun fact.
— Genghis Khan Sperm Shot (@GenghisSperm) February 24, 2019
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.