If 5% of Gold market comes into Bitcoin, we'll see $50,000/BTC
Here is a great video which aired on CNBC recently featuring Tom Lee, from Fundstrat Global Advisers, who discusses how little of the existing money supply in the world would drive Bitcoin through the roof. In comparison to fiat money, Gold holds a very small percentage of the market and if only 5% of that Gold market were to enter Bitcoin, we would see anywhere from $25,000-$50,000 per Bitcoin.
https://www.cnbc.com/video/2017/08/09/this-is-why-bitcoin-could-be-the-new-gold-tom-lee.html
With bitcoin derivatives such as options and futures trading coming into the market soon, Tom foresees a “potential for huge institutional sponsorship coming.”.
An interesting video. What's your take on the future potential of Bitcoin and other crypto currencies? Do you see Bitcoin hitting $50,000/BTC anytime soon?
Great post ! Very interesting to know this .. however I wonder if that price would still be possible with the competition bitcoin is facing from so many altcoins
Yeah I think it would probably still be pretty close, if not more, assuming we go through a currency crisis (ie. hyper inflation) during the next major stock market collapse.
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