Prominent Analyst: Inevitable Gold Flippening Puts Bitcoin’s Price at $350,000 BTC/USD Value Per Coin
- Bitcoin could eventually surpass gold as a store of value in the future
- If that happens the popular digital asset could reach $350,000
Bitcoin (BTC), the largest digital currency in the market, has been operating in a very positive way during the last months. The digital currency was able to grow 140% since the beginning of the current year. Some investors and analysts suggest that the digital currency could become “digital gold” and are inviting gold investors to place their funds on Bitcoin. Indeed, Grayscale Investments promoted a marketing campaign called” Drop Gold, Buy Bitcoin.” Is it possible for Bitcoin to become digital gold?
Bitcoin Could Become Digital Gold
Gold has been used by individuals and institutions around the world over the last thousands of years as a store of value. Even today, gold is used during times of economic crisis. However, if gold investors move to virtual currencies such as Bitcoin, the virtual currency could eventually reach $350,000 or even more.
According to the cryptocurrency analyst and trader, @Rhythmtrader, Bitcoin could surpass gold in the future. He said that this would happen because we are currently living in a digital time in which investors prefer to have virtual assets rather than traditional stocks.
Bitcoin and gold clearly share many similarities. Bitcoin and gold are scarce assets. In general, investors think about these assets as a store of value during periods of crisis. However, Bitcoin has yet to prove it is going to be useful during economic instability.
The virtual currency has a total supply of 21 million Bitcoin and there is a large number of gold investors that could eventually move to the virtual currency. Bitcoin has no physical footprint for storage and it can be easily sent in seconds compared to gold, which makes it faster and easier to be handled than the precious metal.
The analyst suggests that once Bitcoin overtakes gold, each BTC will have a price of $350,000, that means that the virtual currency would increase 3922%. Nonetheless, he didn’t provide any specific date about when this is going to be taking place.
Currently, each Bitcoin is being traded for $8740 and it has a market capitalization of $155 billion, according to CoinMarketCap. In the last 24 hours, Bitcoin grew 1.2% but its dominance in the market fell to 55% due to the price increase of other digital assets such as Bitcoin SV (BSV), EOS or Litecoin (LTC).