Since its birth, Bitcoin (BTC) has been lauded as an alternative to traditional assets day in and day out. Most notably, the cryptocurrency is. in the eyes of some pundits, a replacement to gold, specifically the metals store of value capabilities. But if Bitcoin takes over golds hegemony, what would happen to the value of BTC?
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The Case For A Six-Figure Bitcoin
According to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.
This figure isnt exactly baseless. As reported by NewsBTC on an earlier date, all gold in circulation is currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation. If the latter was to fully displace the value of the first, Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of $450,000 slightly above HodlWhales estimate.
reference:
https://www.newsbtc.com/2019/04/20/bitcoin-displacing-gold-entirely-value-btc-350000/