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Bitcoin (BTC) for $500,000: Is This Reasonable or Absurd? Major Exchange Executive Asks

Wed, 03/22/2023 - 15:25
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Gamza Khanzadaev
OKX's Haider Rafique curious whether Bitcoin (BTC) price could reach half a million dollars by 2028
Bitcoin (BTC) for $500,000: Is This Reasonable or Absurd? Major Exchange Executive Asks
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The chief marketing officer at OKX, Haider Rafique, invited the public to vote on whether his five proposed possible future developments for Bitcoin (BTC) have merit or are absurd. Looking ahead, the majority of those voting at the time of writing see these developments as possible. This, given Rafique's calls, is still surprising.

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Is it reasonable or absurd?

Among the possibilities for the future, the crypto figure suggests that Bitcoin's price will absolutely peak at $500,000 or more. Understandably, after Balaji Srinivasan's multimillion-dollar bet, such predictions may seem understated to some. However, given the current number of BTCs in circulation, this price would bring the cryptocurrency's market capitalization to $9.66 trillion. In comparison, the market capitalization of gold is now around $12.84 trillion, according to various sources. Considering what Rafique included in his forecast, apart from the price, it does not seem at all impossible.

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The rest of Rafique's assumptions include such things as the retention of BTC by hundreds of large publicly traded companies on their balance sheets. In addition, the cryptocurrency will become a reserve currency for at least 50 nations, and the number of Bitcoin addresses will hit at least 2 billion. Finally, asks the author with his survey, is it possible that Bitcoin's market capitalization will exceed that of the top precious metals?

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.