CryptoQuant CEO Ki Young Ju, Bitcoin $98,402.6He identified a factor that could enable (BTC) to reach the $1 million level. In the statement he shared on the social media platform X (formerly Twitter), he stated that Bitcoin could achieve this goal after its market value surpasses gold.
Competition Between Bitcoin and Gold
According to Ju, Bitcoin, the crypto asset with the highest market value, reaching $ 1 million will happen after it surpasses gold. While the market value of gold was 1 trillion dollars in 2004, it has increased to 17.8 trillion dollars today.
Ju stated that it is inevitable for investors to switch from gold to Bitcoin as a safe haven. Assuming that the intrinsic value of gold is $1 trillion, he said that approximately $16.8 trillion is directed to gold as a safe asset demand.
“Bitcoin’s current market value is 2 trillion dollars, and if the demand for gold shifts to BTC, its unit price can reach 1 million dollars with a 750% increase. “Considering inflation, Bitcoin is almost certain to reach $1 million, and the uncertainty is just a matter of when.” -Ki Young Ju.
Ju emphasized that Bitcoin has not yet formed a bubble and has sustainable growth potential, despite passing the $100,000 level for the first time this week. He noted that with the increase in the realized cap, Bitcoin’s ceiling price increased from $129,000 to $146,000.
Future Expectations
Ju stated that Bitcoin could replace the role of gold in the market and the influence of crypto assets in financial markets will increase. He added that if Bitcoin reaches $1 million, this development could create significant opportunities for investors.
In light of these evaluations, it may be useful for investors to determine their strategies by taking Bitcoin’s potential into consideration. Bitcoin’s future price movements should be closely monitored with market demands and economic indicators.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
