Bernstein analyst Gautam Chhugani has predicted that Bitcoin will become the leading store of value over the next 10 years, replacing gold.
He believes that the flagship cryptocurrency will play a crucial role in corporate finance.
Bernstein has predicted that the Bitcoin price could potentially surge to as high as $200,000 next year.
After Bitcoin failed to gain traction as a means of payment, many of its proponents pivoted to the "digital gold" narrative, which has ended up being extremely successful.
In fact, this narrative was recently amplified by none other than Federal Reserve Chair Jerome Powell, who recently stated that he views Bitcoin as a digital version of the yellow metal. Powell's remarks helped to push Bitcoin above the $100,000 mark for the first time earlier this Thursday.
As reported by U.Today, cryptocurrency tycoon Mike Novogratz recently predicted that Bitcoin's market cap could surpass that of gold in just five years from now.
Alex DovbnyaBitcoin evangelist Adam Back has predicted that the bellwether cryptocurrency could achieve such a milestone during this year.
Gold and Bitcoin are currently valued at $17.9 trillion and $2 trillion, respectively.
Bitcoin recently surpassed silver, which is currently valued at $1.8 trillion.
Meanwhile, gold bug Peter Schiff has not warmed up to Bitcoin despite the recent rally to six digits. "While those selling Bitcoin are cashing out with huge gains, the windfall comes at the expense of buyers left holding the bag. The larger loss will be to society as a whole, as a result of all the capital wasted on this nonsense, that otherwise could have been used productively," he said.
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Vladislav Sopov
Dan Burgin