In a recent video analysis, popular crypto influencer Bitboy Crypto discussed the remarkable growth of Bitcoin in 2023, which has seen the number of millionaires double and added over 50,000 new Bitcoin millionaires since the start of the year.
Bitcoin’s Impressive Run in 2023
As we enter the second quarter of the year, Bitcoin has already gained over 80% year-to-date, an impressive surge that has sparked renewed optimism around the cryptocurrency.
Bitboy Crypto’s analysis highlights that just halfway through April, over 50,000 new Bitcoin millionaires have emerged. He also breaks down the number of addresses holding various amounts of Bitcoin, emphasizing the substantial increase in wallets holding significant amounts of digital asset.
Bitboy Crypto’s Theory on Bitcoin’s All-Time High
Bitboy Crypto shared his theory on Bitcoin’s all-time high, suggesting that the real intrinsic value of Bitcoin peaked on April 13th, rather than on November 9th. He argues that the $63,000 Bitcoin at that time held more purchasing power and was more valuable than the $69,000 Bitcoin later in the year, due to inflation.
Bitboy believes that, at $63,000, Bitcoin could buy more goods and services, such as eggs, lumber, used vehicles, and even larger houses, than it could at $69,000. Interestingly, the expert discussed his price prediction for Cardano (ADA), a popular cryptocurrency with a market cap that reached $95 billion at its all-time high.
He stated that most online price predictions for Cardano seem too conservative, with estimates ranging from $1.54 to $1.95 by 2025. Bitboy Crypto thinks that these projections underestimate the potential growth of Cardano, especially given its relatively low inflation rate of 3.6%. Cardano and Bitcoin were trading at $0.44 and $30,461 respectively at the time of writing.
Source: https://coinpedia.org/bitcoin/bitboy-crypto-breaks-down-the-great-bitcoin-wealth-explosion-of-2023/