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In the rapidly evolving world of cryptocurrency, a prominent Bitcoin advocate has made a significant prediction, suggesting that the demand for Bitcoin is poised to escalate dramatically. This assertion aligns with the expectations of several crypto experts who foresee Bitcoin reaching the coveted six-figure mark. The term “OG,” which stands for “original gangster” or “original gangsta,” is used to describe individuals who are exceptional, unique, or embody an “old-school” ethos. An OG Bitcoin supporter has expressed confidence that the digital currency is on a path to outshine traditional assets such as gold, the US dollar, and other significant investments in the near future.
Rising Over Gold and the Greenback
Erik Voorhees, CEO of ShapeShift and an early Bitcoin investor, has voiced his belief that Bitcoin will surpass major assets in the coming months. He has highlighted the cryptocurrency’s “high potential” to eclipse foundational assets like gold, the US dollar, and even oil. In a thought-provoking post, Voorhees illustrated that when the demand for gold, oil, or the US dollar increases, their supply can be expanded accordingly. For instance, more gold can be mined, more oil can be extracted, and more US dollars can be printed. However, Bitcoin stands apart from these assets due to its capped supply of 21 million coins, as designed by its creator, Satoshi Nakamoto. This limited supply aspect positions Bitcoin uniquely in the market.
Bitcoin-Gold Relationship
Max Keiser, another notable figure in the Bitcoin community, has identified a correlation between the price movements of gold and Bitcoin. Keiser has observed that for every $1 increase in gold prices, Bitcoin tends to rise by $20. This relationship suggests that as gold prices reach unprecedented levels, Bitcoin prices might follow suit, potentially leading to a significant surge in Bitcoin’s value.
Expecting A Bitcoin Surge
Voorhees has urged the cryptocurrency community to closely monitor Bitcoin, as he anticipates a comprehensive upward trend, including an increase in its price. He believes that Bitcoin’s inherent characteristics will drive a substantial rise in demand. Numerous crypto experts have echoed this sentiment, projecting that Bitcoin’s price is likely to break through the six-figure barrier in the near future.
19 Million BTC Mined
Recent reports reveal that there are now over 19 million Bitcoins in circulation within the cryptocurrency market, marking the highest level of Bitcoin availability to date. Analysts have noted that many of these coins have been securely stored in “cold wallets” over the years. Additionally, a portion of these Bitcoins is held by Bitcoin ETFs (Exchange Traded Funds). A Chinese cryptocurrency journalist has estimated that over 5% of all Bitcoins on the market are owned by Bitcoin ETFs, collectively valued at approximately $72.545 billion.
Conclusion
The cryptocurrency landscape is on the brink of transformation, with Bitcoin at the forefront of this revolution. As more investors and crypto enthusiasts turn their attention to Bitcoin, its potential to exceed traditional assets becomes increasingly likely. This predicted surge in demand, coupled with its finite supply, positions Bitcoin as a compelling asset for future growth.
