As the cryptocurrency market develops, only time will tell if Bitcoin can actually reach $1 million by 2029, changing the way investors view and interact with digital assets.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce, recently made the following bold prediction: bitcoinBy 2029, the price could soar to $1,000,000.
Bitcoin valuation model and current market price
In recent years interview Boring discussed Bitcoin’s current market situation with CNBC, suggesting that Bitcoin’s actual value could be higher than its current market price. According to Boring, her team utilizes four different valuation models to estimate the real value of Bitcoin, and based on these models, the real value of Bitcoin is estimated to be between $100,000 and $210,000 per token.
Boring outlined his strategic approach, detailing his bold prediction that Bitcoin will reach $1 million by 2029. She pointed out that about 40% of U.S. households now own some form of cryptocurrency. To reach the $1 million goal, Boring’s goal is to increase this adoption rate to an ambitious 90% by 2029.
Boring emphasized Bitcoin’s scarcity as a key factor in determining its value. As adoption increases and more of the population holds Bitcoin, the value of Bitcoin is expected to rise due to the limited supply of the cryptocurrency. According to Boring’s calculations, if adoption reaches 90%, the value of each Bitcoin could rise to $1 million.
Meanwhile, Bitcoin is trading at $42,814 at the time of writing, up slightly by 0.03% in 24 hours. Therefore, achieving Boring’s goal could result in a 2,200% profit on its flagship digital asset.
It is worth mentioning that Perianne Boring is not alone in making bold predictions about the future price of Bitcoin. Cathie Wood CEO Ark Investalso predict The massive rise is expected to see Bitcoin reach $1 million by 2024. Wood’s confidence is rooted in her belief that Bitcoin will revolutionize the financial sector, attract institutional investment and establish itself as a digital store of value similar to gold.
Mike Novogratzfounder Galaxy Digital Holdings Ltd (TSE: GLXY) is another prominent figure in the cryptocurrency space with an optimistic outlook. Novogratz predicted that Bitcoin will reach $500,000 by 2024, citing growing institutional interest in cryptocurrency and market maturity. He believes Bitcoin will become a global asset class in the near future.
As the cryptocurrency market develops, only time will tell if Bitcoin can actually reach $1 million by 2029, changing the way investors view and interact with digital assets.
BTC hashrate and price correlation
Amid these predictions, the hash rate of the Bitcoin network has reached record levels. According to previous reports, the hash rate peaked at 544 exahashes per second (EH/s) on Christmas Day. report With coin speaker.
This unprecedented level of computational power signals the growing strength and security of the Bitcoin network. Interestingly, the surge in hashrate throughout the year, up 130% since January, has been closely mirrored by the price of Bitcoin, which has experienced a rise of over 150% over the same period.
next