The Bitcoin price and value has increased substantially over the past few years. The fundamentals are strong and as the outlook is very bullish, it has caught the attention of mainstream media and other media outlets. Articles and Reports are flowing in which is gaining more support and adoption of Bitcoin as new money flows into the ecosystem.
“Just recently the first investor of Snapchat, Jeremy Liew said bitcoin is undervalued in a recent Business Insider presentation. During the presentation, Liew gave some fundamental reasons to why he thinks bitcoin will be worth $500,000 by 2030. Liew based his theory on factors like the rise of global remittances, economic uncertainty, and mobile penetration.
“Bitcoin is already simple to buy and hold, and as the asset continues to mature, we’ll continue to see an increase in the development and deployment of surrounding products,” Liew explains.”
“Reiterating my belief about BTC. It’s the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction” said Facebook investor and owner of the Golden State Warriors, Chamath Palihapitiya
As details in a recent article by Business Insider:-
Here are the basic model drivers Jeremy Liew (Snapchat) and Peter Smith (Blockchain.info) used:
- A bitcoin price of $1,000 in 2017.
- Network users will grow by a factor of 61 from now until 2030. “Put another way, we need a population of bitcoin users around a quarter of the Chinese population (or 5% of the global population) in 2030 to see bitcoin at $500k,” Liew and Smith told Business Insider.Bitcoin’s user network grew from 120,000 users in 2013 to 6.5 million users in 2017, or by a factor of about 54, and this could be just the beginning. Growth of that magnitude would mean 400 million users in 2030.
- The average value of bitcoin held per user will hit $25,000. “As institutional investor cash in bitcoin, sophisticated investors trading bitcoin, and bitcoin-based ETFs proliferate, we think the average bitcoin value held will increase to around $25k per Bitcoin holder,” Liew and Smith said. Currently, with bitcoin’s market cap of $16.4 billion, each of its 6.5 million users holds $2,515 worth of bitcoin on average.
- Bitcoin’s 2030 market cap is decided by the number of bitcoin holders multiplied by the average bitcoin value held.
- Bitcoin’s 2030 supply will be about 20 million.
- Bitcoin’s 2030 price and user count will total $500,000 and 400 million, respectively. The price was found by taking the $10 trillion market cap and dividing it by the fixed supply of 20 million bitcoin.
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