Bitcoin Price has been reasonably stable over the last week, after briefly dropping below $30,000 earlier. Despite a drop near $29K, the market has recovered with great ease. On Sunday, it breached $34K, resuming its upward trend.
On the fundamental development front, Bitcoin is killing it. NYDIG, Q2 Partner is going to Offer Bitcoin Services To 18.3 Million Bank Customers, El Salvador announced National Bitcoin Wallet, Plans To Distribute $117 Million In BTC To Citizens, and NYC Mayoral Lead Wants City To Be Center For Bitcoin.
Not to forget, Bitcoin lost half its value from last month’s high of $64,804 in just a month. This high volatility makes one eager to know what’s in store for BTC in the coming years. Will it skyrocket way past its highs or fall to the dumps.
Recently, Popular Crypto analyst and trader Lark Davis has pondered on this. He believes Bitcoin is set to reach a six-figure price as its fundamentals continue to grow at an exponential rate.
In a recent tweet, he mentions, the flagship crypto is In the following years will skyrocket, surpassing half a million dollars. According to him, Bitcoin will compete with the market cap of Gold this decade. The price of BTC will 15X and hit the value of $550,000 per token.
Davis backs up his opinion by citing Mexican entrepreneur Ricardo Salinas Pliego’s recent declaration that Bitcoin is “gold for the digital era.”
Bitcoin Vs Gold
Davis goes on to explain how Bitcoin is better than Gold in terms of scarcity and divisibility in his long thread of tweets.
As he makes his case, he says, The maximum supply of Bitcoin is verifiable and fixed. There is no way to audit all of the existing mined gold on the planet, let alone the hidden gold and the total amount of gold in the universe, in the case of gold.
“Bitcoin can be divided into 100 million individual units with ease. That is 1.00000000. Gold, in theory, can be divided into tiny fractions, but unless you are carrying a bag of gold dust, this is hard to do. Standard units of gold are the ounce, which cannot be easily divided.”
Davis also mentions that he’s seeing broad Bitcoin acceptance, claiming that the leading cryptocurrency has a use case advantage over gold. While traders worldwide can accept BTC as currency, Gold is only a tool for investors, central banks, and industries.
While it may appear that it is too late to join the Bitcoin bandwagon after it reached an all-time high of $64,000, the prominent analyst emphasizes that Bitcoin is still in development.