Financial institution JPMorgan recently said that Bitcoin (BTC) could out perform gold. JPMorgan analysts, led by Nikolaos Panigirtzoglou, say that BTC could beat the yellow metal if ETF hedging eases. Bloomberg ETF analyst Eric Balchunas has predicted that BTC ETFs will triple gold in asset. Let’s discuss what the price of one Bitcoin (BTC) will be if its market cap equals that of gold.
Price Of One Bitcoin If It Equals Gold’s Market Cap?
Gold currently has a market cap of $30 trillion. Bitcoin (BTC), on the other hand, currently has a supply of about 20 million. If BTC’s market cap equals that of gold, the price of each BTC will reach $1.5 million ($30 trillion divided by 20 million). If successful, BTC’s price will have rallied by nearly 1900%.
Bitcoin (BTC) breaching the $1 million price level has long been predicted by industry experts. Binance founder Changpeng Zhao (CZ), Strategy founder Michael Saylor, and ARK Invest CEO Kathie Wood are among many who anticipate BTC to hit the $1 million to $1.5 million mark by the next decade.
Current Trend
Bitcoin (BTC) saw an upward momentum in late August and early September. The asset climbed to $81,000 before facing a correction. BTC’s price fell to the $75,000 price level after the US Senate voted against the highly anticipated CLARITY Act. Bitcoin (BTC) faces further challenges, given that the Federal Reserve has raised interest rates by 25 basis points. Higher rates often leads to investors moving away from high-risk assets, such as cryptocurrencies.
Also Read: Bitcoin Steady After Rate Hike: Is The Worst Over?
Despite the challenges, some experts anticipate the cryptocurrency market to gain momentum by the end of this year. Bernstein analysts predict Bitcoin (BTC) to reclaim the $100,000 price level by the end of 2026. BTC hitting $100,000 once again could trigger another bull run for the cryptocurrency market.