Even though Bitcoin has crashed recently and the prices are much lower than its all-time high, people are optimistic. Especially, hodlers who have been in the game for a long time are confidently holding on to their coins. One such hodler is Tyler Winklevoss who has been holding for a very long time and he says that Bitcoin is still going to $500k. In the recent Bitcoin conference in Miami, Tyler also added that Bitcoin can easily topple gold’s market cap in this decade and a 10x from here seems obvious.
Is expecting Bitcoin to reach $500k practical?
Yes, it is very practical. I say this because the price of Bitcoin is currently at $33k which is almost 50% less than its ATH. Even at this price people are holding and buying and waiting for the next big move. Even if the prices go down from here on, the market is going to rise again in the next 3 years when the halving happens.
In every cycle, the price of Bitcoin has grown over 10-20x and then consolidated quite a bit. And by that number, we can easily have a $200k-$300k price target by 2024. Another important thing to consider is the simple demand-to-supply economics of Bitcoin. Since it is limited in quantity and the usage of Bitcoin is slowly increasing, the price is going to surge eventually. Famous personalities, politicians, companies, and sports teams, all are embracing this new technology.
If you call it a cult then the number of followers is rising every day and it seems that the rise will continue to happen. Even Paul Krugman said that Bitcoin is a cult that can last indefinitely.
What are your thoughts on Tyler Winklevoss saying that Bitcoin is going to $500k? And do you think that this a practical prediction? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.