With the Bitcoin halving finally out of the way, the coin has entered into a phase of steady growth. However, most people in the crypto industry would agree that it is too early for this to be the beginning of the expected bull run.
In other words, Bitcoin has yet to have an actual reaction to the halving, and only after that can the expected rally finally start. This has given prominent investors some additional time to speculate on what might happen with the coin’s price, and one new prediction came as quite an optimistic one.
Bitcoin Price Speculation: Can Bitcoin Hit Half a Million Per Coin?
The new prediction comes from Real Vision’s founder and acting CEO, Raoul Pal. Pal is also a major Bitcoin supporter, who believes that the coin has the potential to reach $476,000.
Of course, he doesn’t expect it to happen overnight, but he thinks that this is some limit that BTC might reach in the long term. He is, of course, not alone in thinking this. Morgan Creek Digital’s Mark Yusko made similar predictions in the past, too.
Right now, however. Bitcoin’s price sits at around $9.484, currently seeing a minor correction after previously hitting a major resistance at $9,600. The coin’s price then dropped to $9,250, only for it to start climbing again and make another move towards the $10k barrier.
Of course, considering the predictions given by Pal, Yusko, and even high-profile investor, Max Keiser, these are all only minor fluctuations that do not matter in the long run. After all, if Bitcoin’s endgame lies at $500,000, then these minor changes do not really matter. The investors see BTC reaching half a million under two scenarios.
One of them would be for it to overtake the gold market, while the other one would be for the coin to operate in an extremely strong ecosystem. Pal noted that he believes that BTC will, in fact, become a major ecosystem, which would allow it to reach a market cap of $10 trillion.
Right now, with the BTC market cap sitting at $177 billion and having nearly 18.4 million units in circulation, BTC only takes around 2.2% of gold’s $8 trillion market. However, if Pal is correct, then the coin still has a very long way to go. That would also indicate that it is, indeed, still in its early stages.
BTC Comes as a More Convenient Asset than Gold
As for why would BTC go against gold, it is rather simple Gold may be one of the best hedges against volatility, but it also has limitations, like transporting difficulty and fungibility. Bitcoin, on the other hand — while the slowest blockchain out there, still manages to complete transactions extremely quickly in comparison.
It can be sent from anywhere in the world to anywhere else within minutes. In other words, it is simply more convenient to use.
Not to mention that it sits on an unknown hidden potential, and that it dominates the crypto market for well over 11 years now. It is the one coin that all platforms, merchants, and the majority of investors are focusing on. There is no lack of Defi platforms that are using Bitcoin, simply because it is the most popular digital currency out there.
So far, Defi platforms range from trading platforms, derivatives, lending, insurance, and crowdfunding. We are also witnessing the rise of betting platforms like AlphaPlay. This site allows players to bet against each other on which cryptocurrency will make the most gains or the least losses within an interval of 5 minutes. Currently, the platform enables one to bet on four top cryptocurrencies i.e., Bitcoin, Ether, Tron, and EOS.
To raise funds, the platform is holding a token sale for the Alpha Gambling Loyalty program, which runs from April 26 to August 8, 2020, where Alpha ERC20 tokens on sale. Token owners are receiving 6% of the platform’s turnover as bonuses. 90% of the turnover is for grabs by all as prizes, and the remaining 4% is to reward users that invite friends on the platform. New users can try to bet without registration with 1000$ demo money.
Large Bitcoin Price Predictions Show Great Interest
With the number of hedge fund managers, institutions, investors, and others currently out there, exploring alternatives to traditional assets — especially due to fears of the USD failing because of excessive money printing — Bitcoin comes as an obvious solution. Bitcoin is gaining more and more attention, and entire studies are written about it, and its influence on other assets, portfolios, correlation with other investment products, and more.
One example is an essay published by Xapo CEO, Wences Casares, which says that every portfolio should have some exposure to Bitcoin. The essay predicts that BTC price can hit $3 million if only 3 billion people — less than half of the world’s current population — were to start using it.
In other words, there is no lack of major price predictions by experts. And, while this is all still just theory and speculation, and BTC is far from making it a reality just yet — it certainly can become the future. Also, if nothing else, it shows that people are becoming truly excited about the project and its potential.