tl;dr
According to a top analyst at Fidelity, Bitcoin is expected to capture a significant portion of the market share from gold. Jurrien Timmer, Fidelity’s director of global macro, shares a chart examining the value of "monetary gold" and estimates that Bitcoin will eventually capture around a quarter o...
According to a top analyst at Fidelity, Bitcoin is expected to capture a significant portion of the market share from gold. Jurrien Timmer, Fidelity’s director of global macro, shares a chart examining the value of "monetary gold" and estimates that Bitcoin will eventually capture around a quarter of the monetary gold market. This would result in a market cap of $1.5 trillion for Bitcoin, equating to a price per Bitcoin of around $76,000. Timmer also assumes that the value of gold will be "much higher" by the time Bitcoin reaches that level. As of now, Bitcoin is trading at $56,306, up over 9.30% in the last 24 hours.
A top analyst at the investment giant Fidelity, Jurrien Timmer shares a chart examining the value of "monetary gold." The term refers to the gold that’s explicitly held by central banks and private investors as a monetary asset and isn’t used for jewelry or industrial purposes. Timmer estimates that Bitcoin will eventually capture around a quarter of the monetary gold market, resulting in a market cap of $1.5 trillion for Bitcoin. This equates to a price per Bitcoin of around $76,000. Timmer also predicts that the value of gold will be "much higher" by the time Bitcoin reaches that level. With Bitcoin currently trading at $56,306, up over 9.30% in the last 24 hours, it seems Timmer's predictions are already gaining traction.
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