Bitcoin

Million

A crypto pundit and Bitcoin maximalist, Mark Harvey, has explained why he believes the <a href="https://bitcoinist.com/bitcoin-short-term-holders-4-5-profits-nov-2021/" rel="nofollow">foremost cryptocurrency Bitcoin</a>, is far off from its true potential. According to him, the crypto token could be worth close to $17 million in the future.&nbsp; 
<h2 id="why-one-bitcoin-could-worth-17-million">Why One Bitcoin Could Worth $17 Million</h2> 
In a <a href="https://x.com/thepowerfulHRV/status/1732485803127742970?s=20" rel="nofollow">post</a> shared on his X (formerly Twitter) platform, Harvey made a strong case for Bitcoin on why it could on why a price even greater than $17 million is likely. He referred to Bitcoin’s use case <a href="https://bitcoinist.com/bitcoin-as-a-store-of-value-comparing-with-gold-and-fiat-currencies/" rel="nofollow">as a store of value</a> and how it could further chop into the market share of other asset classes. He noted Bitcoin’s “tremendous upside” despite being a relative newcomer. 
Bitcoin is said to have 0.1% of the $871 trillion which are invested in global assets. Other global assets that hold a substantial market share include gold and silver, bonds, equities, real estate, and fiat money. Harvey believes that Bitcoin’s price could rally significantly as the foremost cryptocurrency becomes the <a href="https://bitcoinist.com/bitcoin-price-all-time-countries/" rel="nofollow">most preferred option</a> for people to preserve their money. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-564341 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-5.png?w=460&amp;resize=460%2C274" alt="Bitcoin" width="460" height="274" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-5.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-5.png?w=460&amp;resize=460%2C274 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Harvey stated that the monetary premium of those global assets highlights how much they are used as a store of value. The crypto pundit asserts that Bitcoin <a href="https://bitcoinist.com/new-study-says-ethereum-may-become-a-better-inflation-hedge-over-bitcoin/#:~:text=Bitcoin's%20returns%20over%20the%20past,the%20best%20hedge%20for%20inflation." rel="nofollow">has the potential</a> to capture the monetary premiums of other asset classes, which would see its price rise to $17 million with a market cap of $356.7 trillion.&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-564342 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1-1.png?w=460&amp;resize=460%2C249" alt="Bitcoin 1" width="460" height="249" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-1-1.png?w=460&amp;resize=460%2C249 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
In his opinion, this is very likely because Bitcoin is a “superior form of property.” If it does happen, the crypto token could also end up capturing 41% of the $871 trillion in global assets. Harvey also provided a more probable scenario as to Bitcoin’s future price. He noted that the crypto token could still rise to as high as $415,000 per token if it captures 1% of global assets. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-564343 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-2-1.png?w=460&amp;resize=460%2C342" alt="Bitcoin 2" width="460" height="342" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-2-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-2-1.png?w=460&amp;resize=460%2C342 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<h2 id="is-btc-superior-to-other-asset-classes">Is BTC Superior To Other Asset Classes?</h2> 
Harvey labeled Bitcoin as a “superior form of property,” and there is evidence to back up this assertion. As <a href="https://bitcoinist.com/heres-why-bitcoin-exponential-gold-fidelity-exec/" rel="nofollow">highlighted</a> by the Director of Global Macro at Fidelity Investments, Jurrien Timmer, Bitcoin <a href="https://www.newsbtc.com/news/ethereum/ethereum-crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.">stands out </a>in comparison to other asset classes.&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-564345 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-3-1.png?w=460&amp;resize=460%2C268" alt="Bitcoin 3" width="460" height="268" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-3-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/12/Bitcoin-3-1.png?w=460&amp;resize=460%2C268 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1">Source: Fidelity Investments 
According to data from Fidelity, the <a href="https://bitcoinist.com/crypto-leaders-bitcoin-at-100000-by-2024/" rel="nofollow">flagship cryptocurrency</a> provided the best risk-reward with a 58% return from 2020 to this year. In terms of drawdowns and rallies, Bitcoin also stood out with an 84% gain from its 2-year low. 
Meanwhile, a <a href="https://insights.glassnode.com/the-week-onchain-week-49-2023/#:~:text=Bitcoin%20continues%20to%20lead%20as,of%20the%20digital%20asset%20industry." rel="nofollow">recent report</a> by Glassnode noted that Bitcoin continues to lead as one of the <a href="https://www.newsbtc.com/news/ethereum/ethereum-crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.">best-performing global assets</a>, with a gain of over 140% year to date (YTD). Specifically, Bitcoin has more than doubled in relation to Gold.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/h9TsknCM/" alt="Bitcoin price chart from Tradingview.com" width="2650" height="1530"> 
Featured image from Coin Culture, chart from Tradingview.com

Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17 Million

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