Bitcoin began to “aim” again at the level of $ 47,000, but the world is still talking about how much Bitcoin will cost in the future. For example, Creek Capital CEO Mark Yusko announced that digital gold will grow to $ 250,000 over the next 5 years, adding to a collection of crazy predictions. Yusko compared Bitcoin to major companies such as Facebook, Amazon, Netflix and Google, claiming that these companies reached $ 1 trillion more slowly than Bitcoin. To be honest, we do not understand how Bitcoin can be compared to large companies. Bitcoin is just a piece of code that does not do any good on its own, it is a cryptocurrency that was originally created as an alternative to fiat money outside the control of central banks and governments. Companies, on the other hand, are specific assets, production facilities, buildings, real estate, money, assets, goods, and intellectual property. That is, everything that, unlike bitcoin, has its own value and cannot fall in price to 0.
Also, Mr. Yusko compared “digital gold” with ordinary gold and said that if all the gold produced in the world is worth about 4 trillion dollars, then Bitcoin should also grow to this mark (in terms of capitalization). Thus, each coin will have to be worth about $ 250,000. It doesn’t matter that if 4,000,000,000,000 (dollars) are divided by 21,000,000 (coins), you get the number $ 190,000. We, in turn, also want to remind you that all forecasts from the category “Bitcoin will cost a million dollars, because it is” digital gold “and it is better than Apple shares” are, of course, very interesting, but this does not mean that in reality everything will be so. Recall that it is beneficial for everyone who already owns bitcoin, especially bitcoin whales, if the cryptocurrency continues to grow. And this can only be achieved if the flow of new investors or investments is inexhaustible. This is where regular predictions come from that Bitcoin will be worth $ 100,000 or $ 250,000 in order to attract as many new traders and investors as possible. There are no specific mathematical calculations and analysis in these forecasts.
Technically, Bitcoin has completed the uptrend on the 4-hour timeframe. The cue ball quotes have consolidated below the uptrend line, and, from our point of view, this is a rather powerful signal to continue the downward movement. The bulls are still not strong enough for the growth of bitcoin to continue and the cryptocurrency to renew its highs. Now Ethereum is “on horseback”, which just yesterday set a new cost record and, according to experts, is ready to grow to $ 10,000 per coin.