A popular crypto analyst claims that Bitcoin (Bitcoin) could be worth millions of dollars within eight years, assuming people continue to flock to major digital assets.
In a new YouTube video, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that Bitcoin’s declining returns have historically provided only one-fifth as each cycle goes by.
However, the analyst also cites Metcalfe’s Law, which states that a network’s value increases as the number of users increases.
Assuming Bitcoin follows the trend of internet and mobile phone adoption, the host of InvestAnswers says that even “conservative models” predict BTC’s price to explode by 2030. increase.
“It’s just math, not hopium, and we expect it to slow down, but the takeaway here is that if Metcalfe’s Law holds, Bitcoin will reach $3.4 million by 2030, according to conservative models. It may seem completely impossible, completely silly and outlandish, let’s take a closer look at what’s going on anyway, compared to the current situation. But this is about adoption, it’s an arms race, it’s game theory, whatever you want to talk about it.”
Bitcoin is trading at $19,738 at the time of writing. The top-ranked crypto asset by market capitalization is up nearly 5% in the last 24 hours. The move towards InvestAnswers target suggests that BTC could rise by more than 17,125% within the decade.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/BayB4y/NadiaArts