A crypto expert and Bitcoin maximalist, Mark Harvey, has explained why he believes main cryptocurrency Bitcoin, is far from its true potential. According to him, the crypto token could be worth almost $17 million in the future.
Why one Bitcoin could be worth $17 million
In a after Shared on his He referred to the use case of Bitcoin as a store of value and how it could further erode the market share of other asset classes. He noted the “huge upside” of Bitcoin despite being a relative newcomer.
Bitcoin is said to hold 0.1% of the $871 trillion invested in global assets. Other global assets that have a substantial market share include gold and silver, bonds, stocks, real estate and fiat money. Harvey believes that Bitcoin’s price could rise significantly as the top cryptocurrency becomes the most important most preferred option so people can keep their money.
Source: X
Harvey argued that the monetary premium of these global assets highlights how much they are used as a store of value. The crypto expert claims that Bitcoin has the potential to exploit the monetary premiums of other asset classes, whose price would rise to $17 million with a market capitalization of $356.7 trillion.
Source: X
In his opinion, this is most likely because Bitcoin is a ‘superior form of property’. If this does happen, the crypto token could also eventually capture 41% of the $871 trillion in global assets. Harvey also provided a more likely scenario regarding the future price of Bitcoin. He noted that the crypto token could still reach $415,000 per token if it captured 1% of global assets.
Source: X
Is BTC superior to other asset classes?
Harvey labeled Bitcoin as a “superior form of property,” and there is evidence to support this claim. If marked by the Director of Global Macro at Fidelity Investments, Jurrien Timmer, Bitcoin it’s noticable compared to other asset classes.
Source: Fidelity Investments
According to data from Fidelity, the flagship cryptocurrency delivered the best risk reward with a 58% return from 2020 to this year. In terms of declines and rallies, Bitcoin also stood out with an 84% gain from its two-year low.
Meanwhile, a recent report from Glassnode noted that Bitcoin still leads as one of the best performing global assets, with a gain of more than 140% year-to-date (YTD). Specifically, Bitcoin has more than doubled compared to gold.
BTC price remains above $43,000 | Source: BTCUSD on Tradingview.com
Featured image of Coin Culture, chart from Tradingview.com