Bitcoin’s Price might hit the most anticipated $1 million mark in 2060-2080 due to inflation alone, according to crypto author and data analyst Andrey Ignatenko.
In an exclusive interview with UnoCrypto, Andrey Ignatenko said “The dollar inflation rate will have a positive impact on the price of Bitcoin. Even if there is no increase in demand for Bitcoin from buyers, its price will increase due to dollar inflation.”
He adds “And the higher the inflation rate, the faster the price will rise. According to my math, the price of Bitcoin could reach one million dollars between 2060-2080 due to inflation alone.”
The prediction comes at a time when Bitcoin prices have been hovering its crucial all time high of $73,000, making investors wonder if the currency can hit the $1 million mark by the end of next year itself.
Bitcoin $1 Million Not Likely By 2025
With many investors placing bets on weather Bitcoin could hit the $1 million mark by the end of 2025, it seems like many analysts and market participants are trying to weigh in on the possibility of that happening.
On being asked if this level is possible, Andrey Ignatenko says “Categorically no. In the next year (2025) this is highly improbable. What would Bitcoin’s market capitalization relative to US GDP be then? About 70%. Right now that number is about 5%. I don’t envision a situation where there would be a jump from 5% to 70% in 1 year. Neither gold, silver, nor the S&P500 stocks have shown such a rapid rise in 1 year.”
He adds “A similar price in 2030 is also unlikely. But I do not completely exclude the probability of such an event, as anything can happen in the future. But, if in 2025 the price for 1 bitcoin reaches 1 million dollars, it will be Nicholas Taleb’s Black Swan.”
Can Bitcoin Surpass Gold in The Future?
With Bitcoin being the center of attention in financial markets, Market participants are now wondering if the og-cryptocurrency can surpass Gold in the coming future
Andrey Ignatenko believes that “It won’t happen soon at all. Bitcoin has to confidently outperform silver and take its place above silver. Then it has to beat all other assets before it gets to gold. And the funny thing is that gold will run out before Bitcoin.”
According to official figures, there are 244,000 tons of gold explored. Of that, 13% is left to be mined. At a mining rate of 3,400 tons per year, all the gold will be mined in 9-10 years.
Ignatenko says that “All the bitcoin won’t be mined until 2140. I think the price of gold will show strong growth in the next 9-10 years. So Bitcoin has a lot of work to do to overcome the price of gold. And until Bitcoin has solidly established itself above the silver level, we shouldn’t even think about the gold level.”