Ju Ki-young "Bitcoin (BTC), Surpassing $1 Million is Not Impossible… Will Overtake Gold"
JH Kim
Summary
- Ju Ki-young, CEO of CryptoQuant, mentioned the possibility of Bitcoin reaching $1 million.
- He predicted that Bitcoin will surpass the market capitalization of Gold.
- He stated that the current safe asset demand for Gold could shift to Bitcoin.
Ju Ki-young, CEO of CryptoQuant, stated on the 6th (local time) via X (formerly Twitter) that "when Bitcoin (BTC) reaches $1 million, it will surpass the market capitalization of Gold."
He explained, "Before the approval of the Gold ETF in 2004, Gold's market cap was $1 trillion, but now it amounts to $17.8 trillion. Assuming the intrinsic value of Gold is $1 trillion, the remaining $16.8 trillion represents the demand for Gold as a safe asset and inflation hedge."
He continued, "Bitcoin's current market cap is $2 trillion, and if the demand for Gold shifts to Bitcoin, a 750% increase is possible," emphasizing that "considering inflation, the surpassing of $1 million by Bitcoin is not a matter of possibility but of timing."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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