Bitcoin has become a major topic of the day among several prominent figures and businesses in the crypto and financial sectors. While continuously flagged digital gold, the crypto king is predicted by many popular figures to reach the $1 million price mark in the following years.
A Bitcoin Million-Dollar Moment Imminent
After a period of steady upward movement that led to a new all-time high of $122,000, Bitcoin appears to have slowed down, now hovering near $117,000. BTC may have slowed down, but veteran market strategist and co-founder of Fundstrat Capital, Tom Lee, has rekindled optimism in the cryptocurrency market with a daring forecast.
Tom Lee offered his bold prediction for BTC in a recent interview with CoinDesk. In the interview shared by Trending Bitcoin on the X (formerly Twitter) platform, the chairman was seen predicting that BTC’s value could soar to the $1 million price mark.
Even though this forecast is expected to occur in the long term, some still consider the price level a daring and overly optimistic target for the digital asset. However, the founder remains unmoved or unhinged by this skepticism, stating that he is an adamant fan of the crypto leader.
Lee’s robust optimism toward Bitcoin is strengthened by the fact that the flagship asset is turning out to be the ultimate form of trust in the financial landscape. He also reiterated that Bitcoin is digital gold, reflecting its potential to match Gold, the current largest asset in the world.
According to Lee, Bitcoin, easily being considered digital gold, is likely to attract a market value similar to Gold. Gold’s market cap is now valued at a whopping $23 trillion, putting it at the top of the financial hierarchy. With BTC matching the market cap of Gold, Lee is confident that the crypto asset’s price should be worth $1 million in the following years.
Another key factor to drive BTC’s value remarkably higher is the future businesses that can be created on the network. Lee stated that many future businesses can be built on the leading network because of its stability.
$1 Million Value For BTC After New Act
Tatiana Koffman, a seasoned investor, author, and creator of the weekly newsletter MythOfMoney, has also predicted that Bitcoin might surge to the $1 million mark. In an interview with Schwab Network, Koffman expressed her strong belief in the asset hitting this level, while pointing to the Bitcoin Act.
According to the seasoned investor, the United States government is expected to purchase BTC steadily into its reserves following the Act. Also, Koffman believes that this move is likely to be adopted by other countries and corporations to create their treasury assets. As a result of this significant nationwide adoption, the investor contends that BTC could be worth between $500,000 and $1 million in the long term.
Speaking on the major drivers, Koffman has highlighted BTC’s limited supply. With only 21 million in circulation, she stated that the Bitcoin Act will allow the US government to buy about 200,000 BTC each year, thereby limiting supply and pushing prices higher.
Featured image from Pixabay, chart from Tradingview.com
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