Bitcoin (BTC) price targets $ 1 million after COVID-19 and analyst explains why

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Vladislav Sopov
One of the main features used to assess each project and its assets is the Total Addressable Market (TAM). What asset can be a benchmark for Bitcoin (BTC)?

Content

  • Bitcoin (BTC) TAM to Triple
  • Not a Hopium

Mr. Qiao Wang, an angel investor and co-founder and product manager of Messari, recently explained that the correlation between Gold (XAU) and Bitcoin (BTC) market capitalizations could be adjusted as part of the quantitative easing policy ( QE) in progress in the United States. Federal Reserve

Bitcoin (BTC) TAM to Triple

Wang said net gold market capitalization (XAU) is generally used as a benchmark to measure the total addressable market (TAM) for Bitcoin (BTC). People mainly use these numbers because of the generalized bullish narrative around digital gold and its intrinsic value.

Wang said that with large amounts of financial injections in place to avoid a market depression, the US dollar is prone to inflation. As a result, the price of gold (XAU) is likely to rise rapidly and can literally “triple from here”.

That said, if we put the gold market capitalization (XAU) at $ 20 trillion, that breathtaking sum is the new total size of the Bitcoin Addressable Market (BTC). As a result, a “fair” price for a token of the flagship cryptocurrency is $ 1,000,000.

Not a Hopium

A seasoned analyst has stressed that this assessment should not trigger any kind of hopium. If it were that simple, hodlers around the world would benefit from a six-digit Bitcoin (BTC) price right now. Nevertheless, the new measures are really significant for Bitcoin price (BTC) according to Mr. Wang:

It is not meant to be hopium, but a reminder that TAM is a moving target.

In the midst of the bloodbath on the market caused by COVID19, Bitcoin prospectors (BTC) discuss here and there about “Gold 2.0”. Recently, Indian billionaire and Bitcoin investor (BTC), Chamath Palihapitiya, said it was too volatile to be valued at such a high number.

However, Palihapitiya also believes that “millions” for Bitcoin (BTC) is not an unattainable goal.



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