A crypto pundit and Bitcoin maximalist, Mark Harvey, has defined why he believes the foremost cryptocurrency Bitcoin, is much off from its true potential. In accordance with him, the crypto token could possibly be price near $17 million sooner or later. 

Why One Bitcoin Might Price $17 Million

In a publish shared on his X (previously Twitter) platform, Harvey made a robust case for Bitcoin on why it may on why a value even better than $17 million is probably going. He referred to Bitcoin’s use case as a retailer of worth and the way it may additional chop into the market share of different asset lessons. He famous Bitcoin’s “super upside” regardless of being a relative newcomer.

Bitcoin is alleged to have 0.1% of the $871 trillion that are invested in world property. Different world property that maintain a considerable market share embrace gold and silver, bonds, equities, actual property, and fiat cash. Harvey believes that Bitcoin’s value may rally considerably because the foremost cryptocurrency turns into the most most well-liked possibility for individuals to protect their cash.

Supply: X

Harvey acknowledged that the financial premium of these world property highlights how a lot they’re used as a retailer of worth. The crypto pundit asserts that Bitcoin has the potential to seize the financial premiums of different asset lessons, which might see its value rise to $17 million with a market cap of $356.7 trillion. 

Supply: X

In his opinion, that is very possible as a result of Bitcoin is a “superior type of property.” If it does occur, the crypto token may additionally find yourself capturing 41% of the $871 trillion in world property. Harvey additionally offered a extra possible state of affairs as to Bitcoin’s future value. He famous that the crypto token may nonetheless rise to as excessive as $415,000 per token if it captures 1% of world property.

Supply: X

Is BTC Superior To Different Asset Courses?

Harvey labeled Bitcoin as a “superior type of property,” and there’s proof to again up this assertion. As highlighted by the Director of World Macro at Constancy Investments, Jurrien Timmer, Bitcoin stands out compared to different asset lessons. 

Supply: Constancy Investments

In accordance with knowledge from Constancy, the flagship cryptocurrency offered the perfect risk-reward with a 58% return from 2020 to this 12 months. By way of drawdowns and rallies, Bitcoin additionally stood out with an 84% acquire from its 2-year low.

In the meantime, a current report by Glassnode famous that Bitcoin continues to guide as one of many best-performing world property, with a acquire of over 140% 12 months so far (YTD). Particularly, Bitcoin has greater than doubled in relation to Gold. 

BTC value stays above $43,000 | Supply: BTCUSD on Tradingview.com

Featured picture from Coin Tradition, chart from Tradingview.com