Willy Woo has forecasted that Bitcoin’s market cap hitting $1 Trillion will result in more capital moving from Gold to BTCHis comments were in response to MicroStrategy raising $400M to buy more BitcoinA $1 Trillion market cap puts Bitcoin at around $54,000More companies are accumulating Bitcoin and will continue adding it to their treasuries
Veteran Bitcoin analyst Willy Woo, has forecasted that capital will move from Gold into BTC once the latter’s market cap hits $1 Trillion. According to Mr. Woo, Bitcoin hitting the milestone of $1 Trillion in market cap, will be a wake-up call for investors who will then shift some of their focus and capital away from Gold and into BTC. Mr. Woo’s forecast was as follows.
In the bigger picture gold is a tiny little macro bucket. It shouldn’t be revered as big. [Bitcoin] Breaking $1T will be a wake up call (10% of gold), then it’s all on. Capital will flow out of the gold bucket and into the Bitcoin bucket.
A market cap of $1 Trillion puts the value of Bitcoin at around $53,863 using a circulating supply of 18,565,618 BTC. To note is that Bitcoin has been predicted to hit $50k sometime next year by the team at Bloomberg.
MicroStrategy Raises $400 Million to Buy More Bitcoin
Mr. Woo’s comments were in response to a Tweet by fellow Bitcoin analyst Joseph Young, who was musing on the effects of MicroStrategy recently raising $400 million to buy more Bitcoin. According to Joseph Young, such a move would most likely ‘eat’ into the market cap of Gold. Below is the initial tweet by Mr. Young.
this has gotten me to think more about where bitcoin would be in 2025.
this thought is scarily optimistic. how much % of gold’s market cap would bitcoin consume?
10% of gold’s market cap would value bitcoin at $42k, and that’s not too crazy in my opinion. https://t.co/u6D4lafMi0
— Joseph Young (@iamjosephyoung) December 8, 2020