Avik Roy, the president of a nonprofit think tank, said Senator Cynthia Lummis’ idea that Bitcoin could eliminate federal debt is an “overselling” of what Bitcoin can do.
Gold news
The United States government has the highest gold reserves in the world, with over 8,000 tons of the precious metal on its balance sheet.
Bitcoin bulls have sealed BTC price all-time highs in US dollar terms but have yet to match macro asset records from 2021.
Bitcoin’s recent surge over $90,000 has pushed its market cap past Saudi Aramco, solidifying its position among top global assets.
BTC price strength is already nailing new record highs against major fiat currencies, but gold is now the holy grail for Bitcoin bulls.
If Bitcoin matures as a store-of-value asset and governments continue to debase their fiat currencies, its price will surge well into six-figure territory, predicts Bitwise CIO Matt Hougan.
The investment manager’s long term model puts BTC’s price at roughly $3 million by 2050.
Institutional adoption, US government overspending and future economic stimulus packages are just a few reasons why analysts believe Bitcoin price is on the path to $100,000.
Bitcoin’s upcoming price recovery will be driven by a handful of unique factors.
Spot Bitcoin ETFs have had four consecutive days of inflows, resulting in over $20 billion in cumulative flows since their launch in January.