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<p>According to crypto analyst <a href="https://twitter.com/luke_broyles/status/1719006185779552277" target="_blank" rel="noopener noreferrer nofollow">Luke Broyles</a>, even $3 million per bitcoin would represent just the beginning if adoption continues to grow exponentially. In a recent tweet thread, he laid out a case for why bitcoin’s upside remains virtually unlimited.</p>
<p>Despite bitcoin’s stellar performance in 2023, its market capitalization of roughly $500 billion remains tiny compared to the world’s largest asset classes, Broyles highlighted. With current adoption estimated at between 0.05% and 0.5% of the global population, 10% adoption would already represent a 100x increase in users.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="931" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-1024x931.png" alt="" class="wp-image-367212" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-1024x931.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-300x273.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-767x697.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-1536x1396.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-2048x1861.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-165x150.png 165w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-100x91.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-385x350.png 385w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764-788x716.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-764.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>At first glance, valuing bitcoin’s network 1:1 with its user base would put bitcoin at $3 million. However, Broyles argues this is far too conservative given that market cap trails price, not vice versa.</p>
<p>As evidence, Bank of America has estimated that each $1 chasing bitcoin historically added $118 to its market cap. This 118:1 ratio could expand radically, Broyles contends, especially if 100x more users are competing for dramatically fewer coins.</p>
<p>Rather than $3 million, Broyles speculates that $600 million per bitcoin would be plausible with 10% adoption and a 100x network value expansion. Despite sounding absurd today, this would be analogous to the internet’s value multiplying 100x from the 2000s as adoption hit 10% of the world.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="730" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-1024x730.png" alt="" class="wp-image-367220" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-1024x730.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-300x214.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-767x547.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-1536x1095.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-2048x1460.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-140x100.png 140w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-210x150.png 210w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-491x350.png 491w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765-788x561.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-765.png 773w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Pushing further, Broyles ponders an eventual 80% asset allocation to bitcoin as it becomes viewed as the lowest risk, highest upside investment on a long horizon. Appreciation would allow most holders to achieve this allocation without liquidating other assets.</p>
<p>Finally, Broyles notes that bitcoin could become the first ever “triple point” asset, serving as a store of value, a medium of exchange, and a unit of account simultaneously. This would concentrate global economic productivity and innovation into bitcoin as a perpetually scarce asset, unlike anything before.</p>
<p>Read also:</p>
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 <li><a href="https://captainaltcoin.com/top-5-cryptocurrencies-with-potential-to-outperform-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Top 5 Cryptocurrencies with Potential to Outperform Bitcoin</a></li>
 <li><a href="https://captainaltcoin.com/rollbit-rlb-surges-to-new-highs-as-analysts-eye-potential-rally-to-1-but-theres-a-catch/" target="_blank" rel="noopener noreferrer nofollow">Rollbit (RLB) Surges to New Highs as Analysts Eye Potential Rally to $1, but There’s a Catch</a></li>
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<p>In Broyles’ view, it’s not unrealistic for bitcoin to ultimately absorb over 95% of the world’s monetary value, pricing it entirely independently of fiat currencies. If so, today’s speculative highs will appear almost free in retrospect.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/3000000-per-bitcoin-is-still-absurdly-early-analyst-shares-catalyst-for-this-growth/">$3,000,000 per Bitcoin is Still “Absurdly Early”, Analyst Shares Catalyst For this Growth</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

$3,000,000 per Bitcoin is Still “Absurdly Early”, Analyst Shares Catalyst For this Growth

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