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Bitcoin pro Matt Hougan believes Bitcoin could skyrocket into six figures without the US dollar self-destructing. This could happen as Bitcoin matures as a ‘new reliable asset’ and as governments continue to devalue their currencies, leading more people to the Bitcoin market. Hougan also posits that if Bitcoin maintains its current percentage of gold’s value and demand triples, it could be worth around $200,000 per Bitcoin. He expects these factors to catapult Bitcoin’s value into seven-figure range. Bitcoin’s value is also being buoyed by shaky global economy and faltering dollar value.

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There’s a pretty good chance that Bitcoin could skyrocket well into six figures and it won’t even require the US dollar to self-destruct, according to Bitcoin pro Matt Hougan. He recently told his followers in an online post on October 29th, how this could actually be possible.

Apparently, when you invest in Bitcoin you’re betting on two things at once, Hougan explained. Firstly is that more people are going to catch onto Bitcoin as a ‘new reliable asset’ while governments continue to mess up their own currencies, leading more folks to enter the Bitcoin market.

Hougan also believes that these are two different arguments, but each can seriously impact the price of Bitcoin. As of now, Bitcoin is worth about 7-8% of the total value of gold, which sounds puny until you realize that’s a massive $1.43 trillion. And according to Matt, Bitcoin could even climb up to grab about half of the market value of gold, which would make each Bitcoin worth around $400,000!

But there’s more. Because governments keep messing up their own currency supplies through printing more money, more and more investors are shifting towards stable assets. So, if Bitcoin keeps its 7% slice of gold’s value and demand for Bitcoin triples, that could make each Bitcoin worth around $200,000.

Now, here’s the real kicker. Both of these factors play off each other, says Matt. Bitcoin maturing and the stable asset market growing could easily catapult Bitcoin into the seven-figure range!

The demand for these ‘stable’ assets is already climbing, especially with the world economy looking shakier with tension in the Middle East causing prices to grow. Just on October 29th, gold prices hit a new record of $2,778 per ounce!

To add fuel to the fire, the dollar’s value has been dropping, something that’s expected to be a normal part of US policy in the future. Economists Marc Fasteau and Ian Fletcher believe that the US should actively support new tech, protect against subsidized competition, and work to drop the dollar’s value to be competitive in the global market.

And just to put icing on the cake, it looks like Bitcoin is about to hit a new record. It was just shy of reaching its peak last March in late October, when it reached $73,562. It’s since dipped a bit, trading at $72,392 when we last checked.

Source: Cointelegraph