Billionaire investor and tech entrepreneur Chamath Palihapitiya has suggested that Bitcoin (BTC) could reach $1.14 million in the current cycle and replace gold in the long run.
Palihapitiya, in his statement, noted that Bitcoin has historically experienced price increases after halvings, and that this time, the market has experienced a “turning point” with the introduction of spot Bitcoin ETFs. According to the billionaire, ETFs are accelerating institutional adoption of Bitcoin, significantly impacting its price.
Palihapitiya specifically stated that his calculations were based on averages from past cycles and were not intended as “investment advice.” However, he stated that there was “very significant potential for value growth” when looking at the average of the second and third cycle data.
Palihapitiya also acknowledged that while many countries won’t consider Bitcoin their official currency, he said more countries will move toward a dual-currency model. In this scenario, the local currency would be used for daily transactions, but Bitcoin would be preferred as a permanent store of value.
“If these price levels are reached, Bitcoin will completely take over the role of gold,” Palihapitiya said, arguing that it is now inevitable for BTC to become a permanent store of value on a global scale.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/billionaire-entrepreneur-chamath-palihapitiya-says-bitcoin-will-replace-gold-shares-price-prediction/
