Since its creation, Bitcoin has been seen as a viable alternative to traditional assets and most importantly, a potential replacement for gold.
There have been a lot of speculations claiming that one day Bitcoin could replace gold as a store of value.
News BTC analyzes what would happen to the value to BTC if it were to replace gold indeed.
Bitcoin could reportedly hit $350,000
According to HodlWhale which is a Seattle-based crypto investor, a world in which BTC would be able to absorb all the value of the gold in circulation would see BTC valued at $350,000.
NewsBTC says that this figure is not too far-fetched.
They explain that “all gold in circulation is currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation.”
They continue and explain that “If the latter was to fully displace the value of the first, Crypto Voices, industry analytics and research group, estimated that BTC would swell to a value of $450,000 — slightly above HodlWhale’s estimate.”
BTC to displace gold
A few days ago, Adamant Capital which is a Bitcoin-focused fund that’s led by investor Tuur-Demeester released an important report which highlighted the crypto market’s current status.
The report says that Bitcoin is expected to disrupt traditional assets such as stores of value and reserve assets.
Bitcoin expected to trade between $3,000 and $5,000
More than that, according to the report “During this accumulation phase, we expect Bitcoin to trade in a range of $3,000 to $6,000.”
This outlook for BTC is similar to the one of Peter Brandt, the veteran technical trader.
He called BTC’s crash back in January 2018, and he now said that BTC might be on the ideal track to begin a new parabolic bull run.