With the current threat to the economy, an ex-chief of a famous outfit has said that Bitcoin could sell for USD500,000. With just four and half months gone in 2020, a lot of things have happened in the crypto market, especially to Bitcoin, as well as the American economy and not leaving out the global space. Some analysts have argued that digital assets might be under severe threats with the recent trend in the world.
Economy might affect Bitcoin price for either good or bad
Blockchain capital chief, Spencer Bogart, told Bloomberg some weeks back that the crypto market might be under serious risk due to the crumbling economy. The recent Coronavirus pandemic has put the world under siege with most financial outfits forced to liquidate, and the global economy is crippling.
With the Coronavirus still damaging the global economy, a wall street chief has stated that the pandemic will surely push the price of Bitcoin above USD20,000 in the coming weeks. The manager further noted that bitcoin could sell for USD500,000 per coin, which most analyst thinks is an exaggerative prediction.
Bitcoin could sell for USD500,000 and achieve USD10 trillion easily
An Executive of Real Vision who used to work with Goldman Sachs, Raoul Pal, granted an interview that was anchored by Max Keiser. In the interview, they talked about events that have unfolded as regards the crypto industry.
When asked what he thinks about Bitcoin equalling Gold’s market capitalization, he said:
With the way everything is going in the world today, I think Bitcoin can achieve that feat.
If Bitcoin eventually makes a USD10 trillion market cap, then a coin would cost nothing less than USD500,000 per coin. Pal further stated that Bitcoin had a bright future even before the start of the pandemic. This recent trend only means Bitcoin could sell for USD500,000.