𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐓𝐎 $𝟓𝟎𝟎,𝟎𝟎𝟎 𝐁𝐘 𝟐𝟎𝟑𝟎 🔥🚀
A lot of people are expecting a spot #Bitcoin approval by 2024.
Given that #BlackRock and other big hedge funds have applied for them and they have a high ETF approval rate.
Some people are also comparing #BitcoinETF approval to that of Gold, which pushed Gold to a new ATH and beyond.
So let's do some math and see what will happen if the Bitcoin ETF gets approved and BTC follows the same path as gold.
The first gold spot ETF in the US 🇺🇲 was approved in November 2004, when gold was trading at $420 per ounce.
The market cap of gold in 2004 was around $2.16 trillion.
In September 2011, gold peaked at $1900/ounce, and its MCap at the time was around $𝟏𝟎.𝟓 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 🔥
These are approximate numbers, as the exact total supply of gold is unknown, unlike BTC.
Now, let's compare this with Bitcoin and see what will happen to the #BTC price if it hits the $10.5 trillion MCap.
◼️ Current MCap of Bitcoin: $518B
◼️ Price: $26,700
To hit the $10.5T MCap
🔥 BTC needs to go up by 𝟐𝟎.𝟐𝐱, which will send its price to $𝟓𝟒𝟏,𝟐𝟏𝟔 🤑
One thing to note here is that when #Gold ETF was approved, its MCap was already $2.1T, while Bitcoin's MCap is $517B.
But given the growth potential of BTC, it's possible that BTC can hit $500k by 2030
And we could even see a bull market that will not be a typical 4-year cycle but a supercycle that could last more than 6-7 years.
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Make sure to bookmark it, and we will see how it goes by 2030.
This prediction is completely data-based.#NFA #DYOR