Curious about how high Bitcoin's price could soar? Renowned analyst Willy Woo shares his predictions, suggesting Bitcoin could reach between $700,000 and $24 million.
Woo discusses the factors influencing these estimates, including global investment allocations and adoption rates. Additionally, he explores the future of investment interest in Bitcoin-related companies as BTC approaches its ultimate price.
Read on to uncover Woo's intriguing insights into Bitcoin's future value and market dynamics.
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BTC's Final Target Price: $700,000 to $24 Million
Renowned analyst Willy Woo, who has over 1.12 million followers on X, shared his thoughts on August 1, 2024, regarding the potential peak price of Bitcoin (BTC).
Woo stated that while no one can predict Bitcoin’s exact price, its upper limit can be estimated through a simple calculation.
He explained that if the total global wealth, estimated at $500 trillion, were to flow entirely into Bitcoin, the value of 1 BTC would be approximately $24 million.
To make a more realistic prediction, it’s crucial to consider how much global investors might allocate to Bitcoin. In his recent post, Woo hypothesizes that a 3% allocation is a reasonable figure.
According to him, if 3% of global portfolios were allocated to Bitcoin, the price of 1 BTC would reach $700,000.
When Will Bitcoin Price Exceed $700,000?
Woo also discussed when Bitcoin might reach its ultimate price range. He suggested that to predict the timing of Bitcoin reaching its final price, one should look at when Bitcoin's global adoption rate hits 16% to 50%.
Using a graph comparing the adoption rates of Bitcoin (yellow line) and the internet (red line), Woo noted that Bitcoin's current adoption rate stands at 4.7%.
After Reaching Its Final Price, Will Interest Shift to BTC-Related Companies?
Woo mentioned that once Bitcoin surpasses the market capitalization of all fiat currencies, interest in its final price might wane. At that point, attention could shift to investment opportunities that surpass Bitcoin.
He highlighted that companies storing profits in Bitcoin could become significant investment targets. MicroStrategy, which has been purchasing Bitcoin long-term, is a notable example, and Woo predicts more companies will adopt Bitcoin in the future.
Recently, several companies, including Japan’s listed firm Metaplanet, have adopted Bitcoin investment strategies. Therefore, future movements of such Bitcoin-adopting companies are worth watching.
Additionally, Woo expressed in May that Bitcoin could easily reach $1 million within the next decade, envisioning a future where Bitcoin becomes a global reserve currency.
>> Click here to read the latest article on price projections
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