BTC Price: Apollo Co-founder Eyes Whopping $3.5M Per Bitcoin, Here’s The Reason

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As a researcher with a background in financial markets and a keen interest in cryptocurrencies, I find Thomas Fahrer’s prediction intriguing, albeit ambitious. Based on his calculations, he projects that Bitcoin could reach a price of $3.5 million per coin by 2030 if it manages to secure a 5% share of the global assets market. While this is an impressive figure, I acknowledge the challenges in making such accurate predictions due to the volatile and unpredictable nature of both the cryptocurrency market and global economic trends.

On social media platform X, Thomas Fahrer, the co-founder of Apollo, which specializes in tracking the performance of Bitcoin ETFs, made a confident prediction. He forecasted that the price of a single Bitcoin could soar to an astounding $3.5 million by the year 2030. This optimistic view stems from Fahrer’s belief in substantial growth in global assets and the rising trend of Bitcoin being used as a valuable store of wealth.

Will Bitcoin Hit $3.5M?

As a researcher following the trends in digital currencies, I’ve come across Fahrer’s prediction that Bitcoin presently makes up only 0.1% of the global wealth. Yet, he envisions this percentage climbing to a significant 5% by the year 2030. His prognosis is founded on the belief that the current total asset value of around $900 trillion will increase to an estimated $1,500 trillion over the next decade.

As a crypto investor, I’d like to share an insight from Fahrer’s analysis: By 2030, he anticipates that Bitcoin will comprise around 5% of the world’s total asset value. To calculate the potential price based on this assumption, we first determine the value of 5% of the global assets, which amounts to $1,500 trillion. Then, we divide this figure by Bitcoin’s maximum supply of 21 million to find the estimated price per coin.

The calculation led to an estimated price tag of around $3.5 million per Bitcoin. Yet, Fahrer acknowledged the challenging nature of his prediction, conceding it might be seen as understating some aspects. He reasoned that global asset inflation could surpass the 7% yearly increase assumed in his analysis. Nevertheless, he also considered the possibility that Bitcoin’s market share may not rise to the anticipated 5%, but rather limit itself to a mere 1%.

Despite BTC only capturing a 1% market share, it’s reasonable to anticipate significant price growth. In such a case, Bitcoin could reach a worthwhile value of more than $714,000, which translates to an impressive 866% increase from its most recent high point.

As an analyst, I’ve been deeply intrigued by Fahrer’s latest findings, which were partially influenced by Michael Saylor’s recent presentation as CEO of MicroStrategy. In this talk, Saylor emphasized some striking market capitalization figures. Bitcoin currently holds a $1 trillion valuation, whereas gold boasts an impressive $16 trillion market size. Notably, the real estate sector completely dwarfs both with a staggering $330 trillion market value.

Current BTC Price Trend

As a researcher studying the cryptocurrency market, I can report that the price of Bitcoin experienced a significant rebound today, reaching an impressive milestone above $69,400. At the moment of writing this on June 3, the BTC price stood at $69,394.41, representing a daily increase of 2.19%. With this surge, Bitcoin’s market capitalization expanded to a remarkable $1.36 trillion. Additionally, the 24-hour trading volume for Bitcoin saw an astounding spike of 91.45%, reaching $24.56 billion during this recovery phase.

As a researcher studying the cryptocurrency market, I’ve observed an increase of 3.99% in the BTC futures open interest, which now stands at $35.73 billion within the past 24 hours, based on data from Coinglass. Short traders dominated the liquidations, resulting in approximately $15.16 million being wiped out. This situation sets the stage for a potential BTC price rally as these traders are expected to purchase back their positions to mitigate losses caused by the recent market surge.

In addition, an impressive 75,352 Bitcoins have been taken out of exchanges within the past week. Furthermore, approximately 300 Bitcoins were withdrawn just today. These withdrawals may result in a decrease in supply, possibly causing the Bitcoin price to rise.

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2024-06-03 15:55