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Is a 1 million dollar Bitcoin possible?

At the time of writing, Bitcoin is trading at just over $ 55,000, after hitting a record high of $ 61,800 a few days ago. With a return of 100% so far this year and 400% in 2020, more than one ventures to give predictions of all kinds about the price of BTC. Surely you have entered the content with the aim of obtaining the answer to the question in the title: Is a Bitcoin at 1 million dollars possible? I promise a responder in the next few paragraphs.

How much should 1 Bitcoin be worth to outperform gold as a store of value asset?

Bitcoin, a store of value asset

I consider it to be a store of value asset, since in its short life, it went through different financial crises, without going any further than the recent Coronavirus, and it has not only emerged gracefully, but also extremely strengthened. The numbers speak for themselves. If you are still not convinced that it is a reserve of value asset -the best there is according to who subscribes-, it is worth remembering the recent words of the president of the FED: Bitcoin is a substitute for Gold but not for the dollar. Jerome Powell, President of the FED Powell himself states that Bitcoin can be a substitute for Gold, although not for the dollar. It is obvious that it is far from replacing the greenback for multiple reasons, which I would give to write just one post about it. But the main one being the delay of up to 10 minutes to confirm a payment. Now the numbers are overwhelming: Gold has a market capitalization of 11.01 trillion dollars, while Bitcoin has 1.034 trillion. This means that BTC should multiply 10.64 times its value to equal Gold as the world's most valuable store of value asset. That would give a current value of 589K.


How far can the price of Bitcoin go?

Making predictions in the price of Bitcoin is very complicated, since being very close to its historical maximum, it is only possible to make projections based on the information we have, plus some of the market sentiment.

I will not be distracted and I will tell you what my Bitcoin projections are for the next few years.
Why until 2024? It is the date on which the next Bitcoin halving will occur, which according to estimates would be in the month of March. The 500K could reach them near the halving date. And then, given this projection, the way would be clear to quickly reach a million dollars.

I recommend that you follow me on Twitter to get updated projections about the possible trend of Bitcoin.
Other Bitcoin projections

Although there are hundreds of predictions about the future of Bitcoin, I keep these 2:

    PlanB: 288K for this year
    Citi: 318K end 2021

Why until 2024? It is the date on which the next Bitcoin halving will occur, which according to estimates would be in the month of March. The 500K could reach them near the halving date. And then, given this projection, the way would be clear to quickly reach a million dollars.

I recommend that you follow me on Twitter to get updated projections about the possible trend of Bitcoin.
Other Bitcoin projections

Although there are hundreds of predictions about the future of Bitcoin, I keep these 2:

    PlanB: 288K for this year
    Citi: 318K end 2021

Conclusions

Bitcoin has great potential for the future, there is no doubt about that, as it has proven to be a store of value asset. Now, if you decide to invest in it, you must be aware of its risk, especially in the short term. Volatility is the order of the day, this means that one day its value may be US $ 60,000 and the other US $ 43,000. If you can with so much adrenaline, welcome to the world of Bitcoin.

The information in this content is a personal opinion and should not be taken as investment advice.