Lark Davis: Bitcoin Price To Hit 6-Digits In The Coming Years
According to popular cryptocurrency analyst and trader, Lark Davis, Bitcoin is set up to reach a six-digit price as its fundamentals continue to grow at an increasing rate.
In a recent tweet the trader tells his nearly 400K Twitter followers that the number one cryptocurrency will soon soar and exceed the price of half a million dollars in the coming years.
“Bitcoin will go on to rival the market cap of gold this decade. That is a 15X from the current price, which will give a per unit price of $550,000 per BTC.”
As support to his statement, Davis refers the Mexican billionaire Ricardo Salinas Pliego that the flagship crypto asset is the “gold for the internet era.”
Bitcoin is the new gold, the gold for internet era. One of the world's richest men Ricardo Salinas Pliego agrees https://t.co/3DBHuwxCYr
The crypto analyst adds that some of Bitcoin’s advantages over gold include its scarcity and divisibility.
“Another mega important aspect is that Bitcoin has a verifiable and fixed max supply. For gold, there is no way to audit all the existing mined gold on earth, let alone the unfound gold on earth, and the total amount of gold in the universe…. which will be a lot…
Bitcoin can be divided into 100 million individual units with ease. That is 1.00000000. Gold, in theory, can be divided into tiny fractions, but unless you are carrying a bag of gold dust, this is hard to do. Standard units of gold are the ounce, which cannot be easily divided.”
The analyst also points out that he’s seeing widespread Bitcoin adoption as the leading cryptocurrency has an edge over gold in terms of use case.
“Bitcoin is increasing in adoption at an exponential rate. Merchants worldwide accept BTC and more are joining all the time. Gold is primarily a tool for investors, central banks and industry. Paying for things in gold is almost non-existent.”
While to many it may seem a bit late to hop on the BTC bandwagon after the all-time high of $64,000, Davis emphasizes that Bitcoin is still in its early days.
“Imagine being able to buy gold before it became worth a 10 trillion dollar market cap. That is Bitcoin now.”
