Jesse Myers believes that Bitcoin has the potential to increase its market capitalization by 500x due to its inherent scarcity and other characteristics.
As it eats up 25 percent of the world’s wealth, a single coin could reach more than $10 million, according to a new analysis.
In a blog post on February 16, fund manager and expert Bitcoin consultant Jesse Myers revealed his “excessive” price target for BTC.
Myers: “Bitcoin Could Grow 500x in Next Decade”
While bitcoin may suffer from “brutal” volatility, Myers said Hodler and critics are not in doubt about its long-term price direction.
Analyzing Bitcoin’s value proposition, he argues that Bitcoin’s ability to appreciate over time means it is destined to absorb value from other asset classes.
Such assets, which are characterized by increasing appreciation and scarcity, act as “digital gold”.
“Bitcoin is unpredictable. The value increases over time. Gold preserves purchasing power very well, while Bitcoin increases purchasing power,” he wrote in his blog.
“Bitcoins are designed to increase scarcity, so the value stored in bitcoins will increase over time. yes.”
Such an idea is not new. It is at the heart of many popular ideas about Bitcoin, including Saifedeen Amos’ book The Bitcoin Standard.
On the other hand, to put it into numbers, Myers estimates the amount allocated to BTC in 2023 at 0.05% of total assets, or $400 billion.
“That’s 1/2000th of his global property value,” the post continued.
“With that in mind, we have to ask ourselves an important question: As long as Bitcoin continues to work (which is guaranteed to keep increasing in value every four years), will you eventually find that more than 0.05% of the world’s capital wants it? ?Would there be such assets? I think the only logical conclusion is yes.
This realization means that Myers’ estimate of $10 million per bitcoin is a “conservative estimate.”
“Overall, my personal assessment of where Bitcoin’s cap is is just…very high.
“My conservative estimate is that the price of Bitcoin is probably too high: 10 million dollars per Bitcoin in today’s dollars. I think the biggest chance of eating 25% of the world’s value is ridiculous. That means it can double. ”
ARK Bitcoin “Bear Case” Will Be $258,000 By 2030
“Ridiculous” or not, Myers isn’t going to stop at bitcoin’s extremely high valuations for the next few decades.
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He is challenged to reach $1 million before this is over. For example, ARK Invest remained firm on this exact prediction throughout the 2022 bear market crash.
In its “Big Idea 2023” outlook released at the end of January, the investment giant described the long-term opportunities as “enhancing”.
The company’s 2030 “bear case” shows BTC/USD still at $258,000 by the end of the decade.