February 6, 2023

Taylor Daily Press

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This is how Bitcoin could reach $600,000

According to business firm Capriole Investment, it cannot be ruled out bitcoin (BTC) The price of (BTC) will rise all the way to an astronomical $600,000 over the next decade. According to the company, this could happen because bitcoin is overtaking gold as a major asset reserve assets takes over. This would be hell of a business, but according to the company, bitcoin has some significant fundamental advantages over the precious metal that make this possible.

“There are many other features that make bitcoin distinct from gold, such as fair decentralization, the ability to transfer instantly, and its use for micropayments. But most importantly, bitcoin is harder than gold.”

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the Bitcoin rate Currently very deep red. Closely related b high all the time About a year ago until nearly 80%. However, the future looks very bright for the cryptocurrency king. This has to do with the history of the financial world.

in a newsletter Capriole Investments reports that they are most interested in the period circa 1971, when the dollar separated from gold. At that time, gold turned into an insane store of value and remains so to this day. Capriole Investment believes that something similar could also happen with bitcoin.

“Since gold was so much smaller in the 1970s (and Bitcoin is smaller now by comparison), it has the potential to make huge strides through a decade of inflation and high interest rates. This is one of the reasons we think Bitcoin will do the same and more over this decade.” Capriole writes

Bitcoin 600 thousand dollars

Bitcoin’s market cap is currently only a fraction of the gold’s market cap. About 2.5% to be exact. Even at the height of the bull market, Bitcoin was only 10% as large as gold. According to Capriole, this means that the potential for a strong rally in bitcoin is huge. Similar demand for bitcoin as gold means a significant increase in the price of bitcoin, according to Capriole

“Bitcoin has more growth potential than gold because it is smaller. Similar demand for both assets will result in 40x more price change for Bitcoin.”