After soaring past $120,000, noted anonymous crypto analyst PlanB expects Bitcoin to hit $300,000 by 2026, based on the current bull market and historial trends. According to him, many people still underestimate Bitcoin’s rise, even though its total market cap of $2.41 trillion is just below Nvidia, Microsoft and Apple, in that order.
Even though almost 60% of crypto traders don’t think so, Plan B expects the most valuable digital asset to be worth upto $500,000 at the highest point in the next one and a half years.
This recent bull market isn’t the same as earlier ones, as most of them lasted about a year, with a mostly subdued growth. This time, the bull run has already lasted 18 months, even as the value has tripped since.
According to him, a large volume of bitcoins have moved from private wallets to ETFs and institutional holdings- ensuring the assets are held for longer.
For many investors, Bitcoin and other cryptocurrencies have become an alternative medium for capital appreciation, helping them diversify their holdings while getting sky-high returns.
Tom Lee, a celebrated investor and financial market analyst, has said that, based on the current trends, Bitcoin will replace gold eventually. Even as some institutions and governments now hold bitcoins as a reserve, this could eventually make Bitcoin an integral part of companies’ balance sheets. One day, banks will also hold bitcoin and other cryptocurrencies as assets alongside shares of various companies.
Even though Bitcoin’s current rally is quite slow, PlanB says it hasn’t reached its full potential yet. Once that happens, the conventional banking system would be forced to accept cryptocurrencies as an integral part of their systems, which has been dominated by the US Dollar, Euro and other currencies currently.
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