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The price of the bitcoin (BTC) cryptocurrency will exceed the $600 thousand mark. This opinion was expressed by the experts of Capriole Investments. They noted that the next decade could be as successful for the flagship digital currency as the 1970s were for gold.
In their opinion, a similar breakthrough will be marked on the chart of the bitcoin exchange rate against the US dollar (USD). The fact is that in 2024, digital gold will become the "hardest asset" in the world. Despite the fact that BTC quotes have fallen almost 80% below their last historical high, Capriole Investments is not bearish.
The reason lies in the financial history of the world economy of the last century. In the seventies of the last century, gold received the status of the safest tool for preserving the capital of that time. Its value has shown a huge increase over the course of a decade.
Capriole Investments assured that there was very little gold in those years (and BTC was even smaller compared to it) and it could make big movements through a decade of inflation and high interest rates. This is the main reason why the rapid growth in the value of bitcoin is predicted.
Given that bitcoin accounts for only 2.5% of the market capitalization of gold, its 80% drawdown in value is not critical in relation to the collapse of traditional markets. In addition, these indicators are comparable to the results of gold demonstrated in 1970 and 1975.
Capriole Investments noted that there are many attributes that distinguish BTC from gold. For example, fair decentralization, instant transfer capabilities and its use for micropayments. Thus, bitcoin is already mono considered stronger than gold. Experts recalled that in the 1970s, gold rose in price 24 times.
