As the crypto market evolves, only time will tell if Bitcoin can truly reach $1 million by 2029, altering how investors view and interact with digital assets.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce recently made a bold prediction that Bitcoin‘s price could surge to an astonishing $1,000,000 by 2029.
Bitcoin’s Valuation Model and Current Market Price
In a recent interview with CNBC, Boring discussed the current market conditions of Bitcoin, suggesting that its actual value might be higher than its current market price. According to Boring, her team utilizes four different valuation models to assess the true worth of Bitcoin, and based on these models, Bitcoin’s real value is estimated to be between $100,000 and $210,000 per token.
Elaborating on her bold prediction of Bitcoin reaching $1 million by 2029, Boring outlined a strategic approach. She pointed out that around 40% of US households currently own some form of cryptocurrency. To achieve the $1 million target, Boring’s goal is to raise this adoption rate to an ambitious 90% by 2029.
Boring highlighted the scarcity of Bitcoin as a key factor in determining its value. As adoption increases and a larger percentage of the population holds Bitcoin, the limited supply of the cryptocurrency is expected to drive up its value. Boring’s calculation suggests that once the 90% adoption rate is achieved, the value of each Bitcoin could escalate to $1 million.
Meanwhile, Bitcoin is trading for $42,814 at the time of writing, a fractional increase of 0.03% in 24 hours. Therefore, a climb to Boring’s aim would result in a 2,200% gain for the flagship digital asset.
It is worth mentioning that Perianne Boring is not alone in her bold prediction for Bitcoin’s future price. Cathie Wood, the CEO of ARK Invest, also foresees a monumental rise, anticipating Bitcoin to reach $1 million by 2024. Wood’s confidence is rooted in her belief that Bitcoin will revolutionize the financial sector, attract institutional investments, and establish itself as a digital store of value, similar to gold.
Mike Novogratz, the founder of Galaxy Digital Holdings Ltd (TSE: GLXY), is another prominent figure in the cryptocurrency field with a bullish perspective. Novogratz forecasts that Bitcoin will reach $500,000 by 2024, citing increased institutional interest in cryptocurrencies and the market’s maturity. He sees Bitcoin becoming a global asset class in the not-too-distant future.
As the crypto market evolves, only time will tell if Bitcoin can truly reach $1 million by 2029, altering how investors view and interact with digital assets.
BTC’s Hash Rate and Price Correlation
Amid these predictions, the Bitcoin network’s hashrate has reached record levels. On Christmas Day, the hash rate peaked at 544 exahashes per second (EH/s), according to an earlier report by Coinspeaker.
This unprecedented level of computational power is indicative of the growing strength and security of the Bitcoin network. Excitingly, the surge in hash rates throughout the year, a 130% increase since January, has closely mirrored Bitcoin’s price, which experienced a gain of over 150% during the same period.
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