Bitcoin, often hailed as the digital equivalent of gold, has sparked the curiosity of investors and analysts alike. As the cryptocurrency market evolves, whispers of Bitcoin surpassing gold’s market cap are gaining traction.
In a recent post on X, Crypto Rover, a seasoned crypto YouTuber, hinted at a striking possibility: should Bitcoin match gold’s current market capitalization, its value could skyrocket to an astounding $813,054 per coin.
If #Bitcoin flips Gold one day.
One $BTC would be valued at $813,054. pic.twitter.com/zgsNc67gxK
— Crypto Rover (@rovercrc) August 13, 2024
Gold vs. BTC Market Tokenomics
As of press time, gold, long considered a safe haven, was traded at $2,497, reflecting a 0.43% decline in a single day. The precious metal ranks firmly as the largest global asset with a market capitalization of over $16.768 trillion, as observed on CompaniesMarketCap.
On the other hand, the BTC token exchanged hands at $59,255, marking a 0.13% increase in the last 24 hours. With a circulating supply of 19,739,831 tokens, the largest asset in the crypto industry holds an intraday market cap of $1.169 trillion.
Now, suppose Bitcoin were to match gold’s market cap; its value would surge massively, potentially peaking at around the $813K threshold, as indicated by Crypto Rover. This hypothetical scenario would firmly establish BTC as a dominant player in the global financial market.
Can Bitcoin Hit the $813K Mark?
While this may seem like a lofty goal, given the asset’s history of volatility and rapid price increases, it’s not entirely unimaginable. According to the Changelly blog, this theoretic event is anticipated to occur by June 2031, when the token is projected to peak at $837K. This would highlight an increase of over 1,262% from its present value.
Adding to the sentiment, many other prominent figures in the crypto space have also expressed optimism about BTC’s potential to reach new heights in the coming years. For instance, during a recent Bitcoin conference in Nashville, former US president Donald Trump boldly claimed that Bitcoin is on track to outshine silver and gold, declaring it unprecedented in history.
🚨 BREAKING:
It’s only a matter of time, @realDonaldTrump says $BTC will surpass the gold value and market capitalization. pic.twitter.com/KXfAAZAWjl
— FOMO (@magFOMO) July 27, 2024
Not to be outdone, Bitcoin shares a key characteristic with gold—a limited supply. This scarcity suggests that the value will likely climb even higher as the available quantity diminishes.
Also Read: Peter Brandt Warns of Potential 40% Drop in Ethereum Prices
Source: https://www.cryptonewsz.com/bitcoin-must-breach-813k-equal-gold-market-cap/