The crypto community has seen many bullish predictions about Bitcoin and this time from Bobby Lee, CEO of Bitcoin wallet startup Ballet Crypto and board member of Bitcoin Foundation.
In a series of tweets on November 10, Bobby lee, co-founder and former CEO of China’s first crypto exchange BTCC, said that Bitcoin market capitalization will surpass market capitalization of gold and could have price of USD $500,000 after 9 years.
In his first tweet, he said that Bitcoin was designed in such a way that it would become stronger and stronger with each passing day. Bobby Lee wrote:
“Bitcoin was designed to be SUPER valuable over time.
First 10 years, there were only 2 block reward halving, but the next 10 years, there‘ll be 3 (that’s 50% more)!
By 20th year, daily new output will just be ~255 BTC — yearly inflation of less than 0.5%. More scarce than gold!”
In second tweet posted about 20 minutes later, he said that at the moment, gold’s market cap is $8 trillion, while Bitcoin is just $160 billion which is fifty times smaller. According to him, flipping will happen by 2028 and Bitcoin could ultimately be worth $1 million.
His tweet reads:
“Gold is at about $8 trillion today, which is 50x the worth of Bitcoin.
I predict the flipping will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million!”
According to a crypto news outlet, his predictions use a well established model called charting the Bitcoin prices, also known as stock-to-flow. Like the product of social media analyst PlanB, this model also uses Bitcoin’s new supply versus its existing stock to forecast its future value. Bobby Lee also used PlanB in predicting this far high prices of the asset
Besides Bitcoin enthusiast like Bobby Lee who are in line with the idea of Bitcoin usurping gold as an alternative store of value, the crypto asset also has its disparager. One of them is Peter Schiff, a gold bug and well known opponent of Bitcoin, who in a tweet on August 20, said that BTC prices will never make it to $50,000. He wrote:
“From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.”