cryptonewsland.com
- Analysts foresee Bitcoin price surge to $800,000 post-halving event.
- Bitcoin’s reduced issuance brings it closer to gold’s value proposition.
- Bitcoin emerges as scarcer asset than gold, signaling potential price surge.
Bitcoin’s price could skyrocket to $800,000, according to analysts, as the cryptocurrency’s recent halving event reduces its issuance, bringing it closer to achieving gold’s value proposition and a market cap of $17 trillion.
In the aftermath of Bitcoin’s fourth-ever halving event, analysts have observed that Bitcoin’s “steady-state issuance rate” has now dipped below that of gold for the first time. This development has prompted renewed comparisons between Bitcoin and the precious metal.
“Gold’s market cap is around $17 trillion, while Bitcoin’s is about $1.3 trillion, representing a potential increase of about 13x,” explained Aaron Arnold. “That would project Bitcoin’s price to soar to just over $800,000. While this may not happen immediately, it’s a realistic possibility within the next decade.”
Aaron Arnold’s assessment is based on data from Woo Charts, which measures gold’s market cap. Currently, Bitcoin’s market cap stands at approximately $1.25 trillion.
Bitcoin is often likened to digital gold due to its programmed scarcity and its function as a store of value. Over its 15-year history, Bitcoin has steadily approached gold in terms of market cap, and the recent halving event has further highlighted the similarities between the two assets.
“This Bitcoin halving marks a significant milestone, as it brings Bitcoin’s annual inflation rate below that of gold,” remarked Austin Arnold. “This means that Bitcoin now stands as the first hard money asset to be scarcer than gold.”
As Bitcoin continues to evolve and mature, analysts anticipate that its scarcity and value proposition will drive its price to new heights, potentially surpassing even the most optimistic projections in the coming years.