OP you are limiting Bitcoin's potential by thinking it can only be as valuable as gold and therefore only attain a price of $650k.
Bitcoin is much much more useful than Gold. I mean if it wasn't, there wouldn't be much reason for it to exist.
Gold has a little bit of its market value in its use in electronics. Gold has a lot of its market value in jewelry and other uses of it for aesthetic or ceremonial purposes. But I believe most gold is stored in vaults and used simply as a store of value. Bitcoin doesn't have the electronics and aesthetics/ceremonial uses like Gold does, it only has the monetary use. But Bitcoin is orders of magnitude better in its monetary use case than Gold is.
Aristotle defined what money is. He came up with these 4 necessary criteria:
- a store of value
- portable
- divisible
- durable
The only money that meets these criteria is precious metal. Oil does not meet all 4. Neither does land. And neither does currency, because central banks print it to infinity so it ends up losing all of its value.
BTC outperforms gold in the sense that it scores better for being divisible. It's easier.
However as part of durability, BTC will not erode over time but I am extremely worried about hackers and governments taking down exchanges and basically stealing all of our BTC via the law or via raw theft.
I don't even know if it is safer to leave BTC on something like Binance or on a ledger, because both are attacked by hackers and by the government. That is hard to overcome.
I am currently checking out videos of ledger users and the amount of threats is ridiculous.
Thieves presenting themselves as Ledger staff. Address poisoning. Spam that results in a drained account if you click on it.
It never stops.
And if Ledger gets hacked again, everything is gone.