A crypto market analyst outlines how bitcoin, the superior store of value, can overtake gold’s market cap and hit a $700,000 price by 2031.
Bitcoin is often compared to gold for the inherent properties that make it a strong store of value, particularly its scarcity. And, given that gold has a much larger market cap than BTC, the opportunity to displace the rare metal’s place in portfolios could drive the bitcoin price to some $700,000.
Perspective:
“It’s better than gold in every single way,” TheStreet Crypto’s George Tung, a markets analyst, explained in the video above. “It’s easier to transport, it’s easier to secure, you can actually use it and pay for things… As a store of value, as a medium of exchange, as a digital network, Bitcoin is better in every single way.”
This superiority led Tung to predict that the bitcoin price could hit $700,000 sometime in the next market cycle, or about eight years into the future.
More details: Gold’s position as the universal go-to store of value since before the digital age has driven it to a market capitalization of nearly $13 trillion. If the circulating bitcoin supply of 19.5 million coins was spread out across a similar market capitalization, each bitcoin would be worth more than $650,000.
“One day, when bitcoin catches up to gold in market cap, bitcoin will be worth $700,000,” Tung explained.
