Bitcoin is a $1 Trillion Juggernaut, Americans View Crypto as Investments
The Bitcoin price broke above 53.5k last week, effectively becoming the first digital asset worth over $1 trillion. According to reports, there are slightly over 18.63 million BTC mined from the fixed total supply of 21 million. In a deflationary system and surging interest from retailers and institutions, the coin's valuation could continue printing higher, closing its gap with gold. Estimates place the yellow metal's market cap at slightly over $7 trillion.
Details: The Bitcoin price is grinding higher, drawing investors and enthusiastic analysts who project even higher valuations. Joining the fray—and re-asserting his previous call is Tim Draper, who maintains that the Bitcoin price will reach $250k. However, in the medium term, Anthony Pompliano, Anthony Scaramucci, and several analysts forecast the BTC/USD price to hit six figures above $100k by the end of 2021. More institutions are buying BTC to diversify their revenue streams, hedge inflation, and store value. Because of the deflationary feature baked-in Bitcoin and demand in the last few months, the BTC/USD price could well maintain its uptrend in the coming days.
Impact on the BTC Price: Bullish. The Stock-to-Flow (S2F) Model syncs with analysts' projections. Demand and default scarcity in Bitcoin also places the digital at an advantage, competing with gold as a store of value and fiat as a means of exchange.
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