The crypto market, like any other financial market, is constantly subject to speculation about its future and about what the price of commodities and assets will be as time goes on. Bitcoin, in particular, has seen many predictions over the years from the earliest predictions that it will become worthless to constant speculation about the next bull or bear run and if cryptocurrency will ever meet or surpass its peak price of U$20,000. Even as a crypto price fluctuates over time, there are still predictions about what is its peak price will eventually become.
The latest of these predictions comes from Bobby Lee, who is the co-founder of the BTTC exchange and according to him, it will soon surpass the market cap of gold and be worth $1 million.
Seeing into the Future
These predictions came in a series of tweets in which Bobby Lee stated that cryptocurrency will surpass gold’s market cap in a number of years. For some perspective, the market cap of gold is $8 trillion while bitcoin’s is $160 billion which makes it roughly 50 times smaller than gold. However, Lee is optimistic that in the next 9 years, this trend will reverse on itself.
“I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000,” he wrote.
Lee bases this future price change on the consistent decrease in the supply of bitcoin via mining as by 2023, more halvings will take place in which the number of rewards given to miners will significantly decrease.
“By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than #gold!” He tweeted.
It is rather interesting that Lee made the comparison between bitcoin as gold as there has been a #dropgold campaign which encourages investors to put their wealth into bitcoin rather than gold as bitcoin allegedly has certain benefits that simply do not exist within gold and this has brought about a new debate about whether traditional stores of values are more beneficial or if the digital tokens will replace them as time goes on.