Matt Hougan is the chief investment officer at Bitwise. He believes that Bitcoin could eventually surpass gold’s $34 trillion value if widely adopted as a money and store of wealth.
Hougan said Bitcoin was a hot topic on Tuesday.BTCBitcoin (Bitcoin) is a digital currency that has the potential to be a competitor for gold. The recent war in Iran proved this. “currency-like manner,” referring to Iran’s proposed plan to charge A crypto toll can be paid by ships in the Strait of Hormuz.
“In a world where countries have weaponized their financial rails, Bitcoin is emerging as an apolitical alternative,” Hougan said.
“It tells you that Bitcoin’s total addressable market is probably a lot bigger than the… gold market alone.”
Hougan had previously stated that Bitcoin would reach $1,000,000 per coin in a decade if Bitcoin captured even just 17% market share for store of value. It would go higher if it became an international currency.
“If Bitcoin starts to take on a dual role as both a store of value, like gold, and an actual currency, like the dollar, we may need to revise our targets higher.”
Bitcoin currently trades around $74,500 and has a value of $1.4 billion. according CoinGecko is a great way to get started. Market cap of the gold market is $4,554 per ounce. estimated On Wednesday, there were more than 33.7 trillion dollars.
Related: Bitcoin bounces to $72.5K as markets react to US Strait of Hormuz blockade
Bitcoin has already been used as a form of store value by people living in economies with high levels of inflation.
Citizens of Argentina, TurkeyMany people in, Venezuela and other countries have suffered from persistent currency and inflation collapses. This has led many of them to turn to Bitcoin to protect their wealth.
Coinbase January Survey found The Argentinians ranked crypto technology and blockchain as a method to increase their independence financially. Nearly three-quarters of respondents viewed crypto as a tool to combat challenges such as inflation.
Bitcoin is also being adopted by corporations looking to improve their financial standing.
Companies both private and public tracked BitBo, collectively, hold over 1.5 million Bitcoins worth $116 billion.
Springer Nature, an academic publisher, has adopted Bitcoin as a method of payment. identifying BTC Map has data on more than 11,000 global merchants who accept Bitcoin.
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Source: cointelegraph.com
