When it comes to predicting Bitcoin prices, we seem to encounter new and even more shocking things every day.To make a long story shortLuke Broyles stated that based on potential growth comparable to the early expansion of the internet, Bitcoin may reach $3 million per coin and mark BTC as the first three point asset
When it comes to predicting Bitcoin prices, we seem to encounter new and even more shocking things every day.
To make a long story short
- Luke Broyles stated that based on potential growth comparable to the early expansion of the internet, Bitcoin may reach $3 million per coin and mark BTC as the first three point asset.
- The price of Bitcoin in 2023 is influenced by ETF news, as well as various factors such as regulatory changes and geopolitical tensions that affect its future valuation.
Cryptocurrency analyst and Bitcoin advocate Luke Broyles believes that each coin of cryptocurrency has the potential to reach $3 million, with only 100 times what is needed starting today.
Broyles stated in the X theme that the market value of Bitcoin will remain at $500B until 2023. Although its performance outperforms most cryptocurrencies and assets today, it is still only a small fraction compared to the world's largest asset class.
To support his prediction, Broyles stated that it is too early to consider the adoption rate of Bitcoin (currently between 0.05% and 0.5%). If this number rises to 10%, it means that the price of cryptocurrency has increased by 100 times - even if 4% of the global population needs 1 million cong until supply runs out, the price of Bitcoin may skyrocket to astronomical numbers.
Bitcoin as the first three point asset in history
Broyers emphasized the "inherent" value of future technology, even with low adoption rates, similar to the internet in the late 1990s/early 2000s.
This sounds crazy until you realize that the internet development rate in the 2000s was 10%... compared to old media, the growth rate is amazing, but it's still too early, "Broyers said.
He stated that Bitcoin is the first three key asset in history, providing users with value storage, exchange media, and accounting units.
Throughout 2023, BTC has recovered at least 50% of the November 2021 ATH, with a current transaction price of $34501. According to CoinMarketCap data, the token has been in the consolidation area for the past 7 days. However, most price trends are driven by news of spot ETFs, and news of spot ETFs is gradually disappearing.
To achieve a level of over six digits in Bitcoin, several factors need to play a role, including regulatory effects, increased demand for risky assets due to rising inflation, tightening monetary policy by central banks such as the Federal Reserve, and geopolitical tensions.
Like Broyers, other analysts have also weighed the price forecasts for Bitcoin over the next few years, but they seem to agree that it is usually the catastrophe and social unrest that trigger the most attention to the asset.
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