Source: dailyhodl.com
A popular crypto analyst thinks Bitcoin (BTC) could be worth millions of dollars within eight years under the assumption that people will continue to flock to the leading digital asset.
In a new YouTube video, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that Bitcoin’s diminishing returns have historically offered five times less return as each cycle passes.
But the analyst also references Metcalfe’s Law, which states that a network grows in value as the number of users gets bigger.
Assuming Bitcoin follows the line of internet and cellphone adoption, the InvestAnswers host says even the “conservative model” projects BTC’s price exploding by the year 2030.
“Not hopium, just math, and we do expect it to slow down, but the key takeaway here is if Metcalfe’s Law holds, the conservative model has Bitcoin reaching $3.4 million by the year 2030. That may seem completely impossible, completely ridiculous, outlandish, compared to where we are right now, but anyway, let’s go more into what’s happening. Again, this is about adoption, it’s an arms race, it’s game theory, whatever you want to talk about it.”
Bitcoin is trading at $19,738 at time of writing. The top-ranked crypto asset by market cap is up nearly 5% in the past 24 hours. A move to InvestAnswers’ target suggests an upside potential of over 17,125% for BTC in less than a decade.
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