A lot of people are expecting a spot #Bitcoinโฏโฏโฏ approval by 2024.
Given that BlackRock and other big hedge funds have applied for them and they have a high ETF approval rate.
Some people are also comparing #BitcoinETF approval to that of Gold, which pushed Gold to a new ATH and beyond.
So let_s do some math and see what will happen if the Bitcoin ETF gets approved and BTC follows the same path as gold.
The first gold spot ETF in the US ๐บ๐ฒ was approved in November 2004, when gold was trading at $420 per ounce.
The market cap of gold in 2004 was around $2.16 trillion.
In September 2011, gold peaked at $1900/ounce, and its MCap at the time was around $๐๐.๐ ๐ญ๐ซ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ฅ
These are approximate numbers, as the exact total supply of gold is unknown, unlike BTC.
Now, let_s compare this with Bitcoin and see what will happen to the BTCโฏโฏโฏ price if it hits the $10.5 trillion MCap.
โผ๏ธ Current MCap of Bitcoin: $518B
โผ๏ธ Price: $26,700
To hit the $10.5T MCap
๐ฅ BTC needs to go up by ๐๐.๐๐ฑ, which will send its price to $๐๐๐,๐๐๐ ๐ค
One thing to note here is that when #Gold ETF was approved, its MCap was already $2.1T, while Bitcoin_s MCap is $517B.
But given the growth potential of BTC, it_s possible that BTC can hit $500k by 2030
And we could even see a bull market that will not be a typical 4-year cycle but a supercycle that could last more than 6-7 years.
If you liked this tweet, hit โค๏ธ and repost it.
This prediction is completely data-based.
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๐๐๐๐๐๐๐ ๐๐ $๐๐๐,๐๐๐ ๐๐ ๐๐๐๐ ๐ฅ๐
A lot of people are expecting a spot #Bitcoinโฏโฏโฏ approval by 2024.
Given that BlackRock and other big hedge funds have applied for them and they have a high ETF approval rate.
Some people are also comparing #BitcoinETF approval to that of Gold, which pushed Gold to a new ATH and beyond.
So let_s do some math and see what will happen if the Bitcoin ETF gets approved and BTC follows the same path as gold.
The first gold spot ETF in the US ๐บ๐ฒ was approved in November 2004, when gold was trading at $420 per ounce.
The market cap of gold in 2004 was around $2.16 trillion.
In September 2011, gold peaked at $1900/ounce, and its MCap at the time was around $๐๐.๐ ๐ญ๐ซ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ฅ
These are approximate numbers, as the exact total supply of gold is unknown, unlike BTC.
Now, let_s compare this with Bitcoin and see what will happen to the BTCโฏโฏโฏ price if it hits the $10.5 trillion MCap.
โผ๏ธ Current MCap of Bitcoin: $518B
โผ๏ธ Price: $26,700
To hit the $10.5T MCap
๐ฅ BTC needs to go up by ๐๐.๐๐ฑ, which will send its price to $๐๐๐,๐๐๐ ๐ค
One thing to note here is that when #Gold ETF was approved, its MCap was already $2.1T, while Bitcoin_s MCap is $517B.
But given the growth potential of BTC, it_s possible that BTC can hit $500k by 2030
And we could even see a bull market that will not be a typical 4-year cycle but a supercycle that could last more than 6-7 years.
If you liked this tweet, hit โค๏ธ and repost it.
This prediction is completely data-based.