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Bitcoin (BTC) has continued its price fluctuations in the last month, dropping 4% within the last seven days. Notwithstanding this volatility, Dan Tapiero, the founder of 50T Funds, has made a bold prediction about the future price of the asset. Tapiero believes Bitcoin could hit $1 million in the next 10 years.
Dan Tapiero predicts Bitcoin market cap could hit $20 trillion
According to Tapiero, despite Bitcoin’s huge potential, there is still a wide gap in the adoption of the digital asset. Globally, BTC has not been fully adopted and recognized by the traditional financial system, a development that is slowing its growth and price value.
He noted that gold faced similar sidelining as a monetary asset, particularly after the U.S left the "gold standard" in the 1970s. However, the precious metal has now regained its role as a store of financial value.
Notably, the central banks of different nations are diversifying their reserves and using gold as a store of value. "Physical Gold is only being re-monetized for real now," Tapiero stated.
According to a recent Bloomberg report, China is aiming to become a custodian of foreign sovereign gold reserves. The country seeks to become less dependent on the U.S. fiat currency and shore up its own asset reserve.
Tapiero believes that just like gold, Bitcoin is undergoing a growth arc and is still in its early stage of adoption, even after 15 years of existence. He insists that once traditional finance starts using Bitcoin as a core monetary asset, the value will soar astronomically.
He believes that the Bitcoin price could reach $1 million per coin in the next 10 years, with an over $20 trillion market capitalization. According to his analysis, this is not impossible considering that even at that amount, Bitcoin will only account for 2% of all global assets, which could have hit $1 quadrillion by then.
Can Bitcoin replicate gold’s longevity?
It is worth mention that Tapiero’s analysis and predictions assume that Bitcoin will not succumb to several technological innovations that might emerge. It is based on the assumption that the digital asset would have the longevity of gold and not be replaced.
However, if Bitcoin follows the precedent laid by physical gold, the asset has the potential to increase in value.
Other notable voices have also been bullish about the value Bitcoin could hit in the near future. Jack Dorsey, former CEO of Twitter, had in September 2024 predicted that Bitcoin could hit $1 million by 2030.
Dorsey’s belief might be one of the catalysts for his push that BTC fulfill the original idea of the peer-to-peer everyday cash payment system, as envisioned by Satoshi Nakamoto’s whitepaper.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team