{"id":630345,"date":"2024-07-18T09:00:28","date_gmt":"2024-07-18T09:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=630345"},"modified":"2024-07-18T08:22:02","modified_gmt":"2024-07-18T08:22:02","slug":"bitcoin-price-skyrocket-to-750000-expert","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-skyrocket-to-750000-expert\/","title":{"rendered":"Bitcoin Price Set To Skyrocket To $750,000, Says Expert"},"content":{"rendered":"

In a forecast shared via a YouTube video<\/a>, Joe Burnett, Senior Product Marketing Manager at Unchained Capital, articulates a strong case for Bitcoin reaching a valuation of $750,000. According to Burnett, the market may be substantially underestimating Bitcoin\u2019s potential this cycle, often losing sight of its broader context within the global financial ecosystem.<\/p>\n

Why Bitcoin Could Soar To $750,000<\/h2>\n

Burnett begins by addressing a common oversight in market analysis, which typically juxtaposes Bitcoin’s current cycle against historical performances without accounting for its evolving market context. “I think it’s possible that many people are underestimating Bitcoin this cycle,” Burnett stated, emphasizing the necessity to perceive Bitcoin through the lens of its relative position in the total global wealth.<\/p>\n

A key component of Burnett\u2019s argument is the HODL model created by the Rational Root, which he discussed extensively on the podcast \u201cWhat Bitcoin Did.\u201d The model pinpoints a critical inflection in 2020, coinciding with Bitcoin’s third halving<\/a>\u2014an event that reduces the number of new bitcoins generated and thus awarded to miners for verifying transactions.<\/p>\n

Related Reading: Watch Out Bears: Bitcoin\u2019s Rally To This Mark Could Trigger $19 Billion Short Squeeze<\/a><\/div>\n

Burnett elucidates, “This model is fascinating because it shows a logical inflection point that occurred in 2020 around the third halving. It highlights that illiquid supply<\/a> as a percentage of total supply held at an all-time low percentage, and it’s been slowly climbing ever since.” According to him, this reflects a shift towards Bitcoin being increasingly held by long-term holders rather than circulated by miners and speculators.<\/p>\n

Post-2020, Burnett argues, Bitcoin has entered a new phase characterized by a diminishing supply of liquid coins. \u201cUntil the third halving, Bitcoin was really just in the process of distributing coins via proof of work mining; almost 90% of all coins were mined by 2020,\u201d he explains. The subsequent reduction in new coin generation post-halving has spurred a gradual transition from a freely circulating supply to a more tightly held asset.<\/p>\n

Burnett\u2019s forecast also leverages a comparative analysis with gold<\/a>, traditionally viewed as a robust store of value. He challenges this notion by highlighting the flaws in gold\u2019s economic mechanics, particularly its annual supply increase of 1% to 2% which introduces continuous sell pressure. \u201cGold has a negative feedback loop considering it’s not perfectly scarce like Bitcoin. Hundreds of billions of dollars of new gold are mined annually,\u201d Burnett points out, arguing that this diminishes gold\u2019s appeal as an investment.<\/p>\n

Related Reading: Silicon Valley Using Trump For A Bitcoin Pump Play? Mark Cuban Weighs In<\/a><\/div>\n

Conversely, he describes Bitcoin\u2019s halving events as a “positive feedback loop,” where the decrease in new supply every four years inherently drives price appreciation, stimulating new waves of adoption. \u201cThe amount of new Bitcoin being mined gets cut in half. This repeats until no newly released Bitcoin are mined,\u201d he adds, suggesting a built-in scarcity that bolsters its value over time.<\/p>\n

Zooming out to a global scale, Burnett references the near quadrillion-dollar total global wealth, within which Bitcoin’s current market cap is just a fraction. He contends that Bitcoin\u2019s market share is poised for significant expansion, potentially commanding a sizable portion of global wealth.<\/p>\n

This stands in sharp contrast to more conservative expectations by various experts which barely see Bitcoin crossing the $100,000 threshold in the near future. \u201cWith all that being said, the \u2018concept of diminishing returns\u2019 could very easily be flawed. We live in a world with nearly 1 quadrillion dollars of total global wealth and Bitcoin is 0.1% of that,\u201d Burnett states.<\/p>\n

He concludes with a quote from Michael Saylor: \u201cAll your models will be broken,\u201d and added \u201canything below the size of gold is absurdly early. Gold parity is now at about $750,000 per Bitcoin, meaning if the market size of Bitcoin just reached the market size of gold.\u201d<\/p>\n

At press time, BTC traded at $<\/p>\n

\"Bitcoin
BTC trades below the key resistance area, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a forecast shared via a YouTube video, Joe Burnett, Senior Product Marketing Manager at Unchained Capital, articulates a strong case for Bitcoin reaching a valuation of $750,000. According to Burnett, the market may be substantially underestimating Bitcoin\u2019s potential this cycle, often losing sight of its broader context within the global financial ecosystem. Why Bitcoin Could Soar To $750,000 Burnett begins by addressing a common oversight in market analysis, which typically juxtaposes Bitcoin’s current cycle against historical performances without accounting for its evolving market context. “I think it’s possible that many people are underestimating Bitcoin this cycle,” Burnett stated, emphasizing the necessity to perceive Bitcoin through the lens of its relative position in the total global wealth. A key component of Burnett\u2019s argument is the HODL model created by the Rational Root, which he discussed extensively on the podcast \u201cWhat Bitcoin Did.\u201d The model pinpoints a critical inflection in 2020, coinciding with Bitcoin’s third halving\u2014an event that reduces the number of new bitcoins generated and thus awarded to miners for verifying transactions. Related Reading: Watch Out Bears: Bitcoin\u2019s Rally To This Mark Could Trigger $19 Billion Short Squeeze Burnett elucidates, “This model is fascinating because it shows a logical inflection point that occurred in 2020 around the third halving. It highlights that illiquid supply as a percentage of total supply held at an all-time low percentage, and it’s been slowly climbing ever since.” According to him, this reflects a shift towards Bitcoin being increasingly held by long-term holders rather than circulated by miners and speculators. Post-2020, Burnett argues, Bitcoin has entered a new phase characterized by a diminishing supply of liquid coins. \u201cUntil the third halving, Bitcoin was really just in the process of distributing coins via proof of work mining; almost 90% of all coins were mined by 2020,\u201d he explains. The subsequent reduction in new coin generation post-halving has spurred a gradual transition from a freely circulating supply to a more tightly held asset. Burnett\u2019s forecast also leverages a comparative analysis with gold, traditionally viewed as a robust store of value. He challenges this notion by highlighting the flaws in gold\u2019s economic mechanics, particularly its annual supply increase of 1% to 2% which introduces continuous sell pressure. \u201cGold has a negative feedback loop considering it’s not perfectly scarce like Bitcoin. Hundreds of billions of dollars of new gold are mined annually,\u201d Burnett points out, arguing that this diminishes gold\u2019s appeal as an investment. Related Reading: Silicon Valley Using Trump For A Bitcoin Pump Play? Mark Cuban Weighs In Conversely, he describes Bitcoin\u2019s halving events as a “positive feedback loop,” where the decrease in new supply every four years inherently drives price appreciation, stimulating new waves of adoption. \u201cThe amount of new Bitcoin being mined gets cut in half. This repeats until no newly released Bitcoin are mined,\u201d he adds, suggesting a built-in scarcity that bolsters its value over time. Zooming out to a global scale, Burnett references the near quadrillion-dollar total global wealth, within which Bitcoin’s current market cap is just a fraction. He contends that Bitcoin\u2019s market share is poised for significant expansion, potentially commanding a sizable portion of global wealth. This stands in sharp contrast to more conservative expectations by various experts which barely see Bitcoin crossing the $100,000 threshold in the near future. \u201cWith all that being said, the \u2018concept of diminishing returns\u2019 could very easily be flawed. We live in a world with nearly 1 quadrillion dollars of total global wealth and Bitcoin is 0.1% of that,\u201d Burnett states. He concludes with a quote from Michael Saylor: \u201cAll your models will be broken,\u201d and added \u201canything below the size of gold is absurdly early. Gold parity is now at about $750,000 per Bitcoin, meaning if the market size of Bitcoin just reached the market size of gold.\u201d At press time, BTC traded at $ Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":630353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,435,656,679,6848,1122,1144],"class_list":["post-630345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Price Set To Skyrocket To $750,000, Says Expert<\/title>\n<meta name=\"description\" content=\"Joe Burnett, Senior Product Marketing Manager at 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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