Investment firm Grayscale, which specializes in crypto-currencies, has just delivered an optimistic forecast, to say the least, for the future evolution of the bitcoin price. Without announcing any precise figures, it foresees a simply colossal growth potential for the leading crypto.
Will bitcoin rival gold as a safe haven?
In a recent in-depth analysis, Grayscale compares bitcoin to gold in monetary terms. With a total capitalization estimated almost 13,000 billion, gold is still the world’s leading safe-haven asset.
Grayscale esteem that bitcoin (BTC), currently capitalized at over $500 billion, could take a significant share of this market in the years to come. This is because the company is betting that BTC will capture at least 10% of total investment demand for physical gold.
This scenario, would then almost triple (~x2.6) the current valuation of the leading crypto and propel it beyond $1,500 billion in market cap.
Towards a BTC price close to the previous ATH according to Grayscale
What would such a theoretical capitalization mean in terms of the price of 1 bitcoin? Bearing in mind that the price of bitcoin (BTC) is currently hovering around $28,000, this would again give us a potential BTC price of over $74,000!
Of course, such a scenario isn’t crazy, since bitcoin has already reached 10% of gold’s market cap in february 2021. But this bullish forecast, however slight, gives an idea of the ultimate potential Grayscale sees if bitcoin (BTC) were to establish itself as the world’s benchmark store of value in place of gold. According to Grayscale, everything hinges on the growing adoption of the leading crypto as a means of exchange and settlement. This would reinforce the asset’s status as a must-have digital store of value and trigger a massive influx of investment. Enough to dethrone gold, according to the wildest analysts.
Although totally theoretical, Grayscale’s bold prediction reflects the exaggerated expectations that some enthusiasts are placing on bitcoin’s future. It remains to be seen whether these wildly optimistic forecasts will ever materialize, or whether they are just utopian. And what about you, reader? Do you think that BTC will assert itself as a safe haven in the future?
