Chamath Palihapitiya, a billionaire investor and technology visionary, has proposed that Bitcoin (BTC) could soar to $1.14 million during the current market cycle and ultimately take gold’s place as a store of value.
In his remarks, Palihapitiya pointed out that Bitcoin has historically seen price surges following halving events. He believes that the recent introduction of spot Bitcoin ETFs marks a significant turning point for the market. According to him, these ETFs are fostering greater institutional interest in Bitcoin, which is likely to have a profound effect on its valuation.
The billionaire clarified that his projections were derived from historical averages and should not be construed as “investment advice.” Nonetheless, he emphasized there exists “considerable potential for value appreciation” when analyzing data from previous cycles.
Palihapitiya also recognized that while many nations may not adopt Bitcoin as their official currency anytime soon, an increasing number are likely to embrace a dual-currency system. In this model, local currencies would facilitate everyday transactions while Bitcoin would serve as a preferred long-term store of wealth.
“Should these price milestones be achieved,” Palihapitiya asserted, “Bitcoin will entirely assume gold’s role,” suggesting it is now inevitable for BTC to establish itself as a global standard for value preservation.
*This does not constitute investment advice.