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Bitcoin, the world’s largest cryptocurrency, could skyrocket to an incredible $500,000 per coin, according to billionaire investor Chamath Palihapitiya. This bold prediction comes as Bitcoin continues to gain momentum following its recent halving event in April.
So what exactly is a Bitcoin halving and why does it matter? Basically, about every 4 years, the amount of new bitcoins entering circulation gets cut in half. Palihapitiya points out that in the past, Bitcoin’s price has gone up a lot in the 12–18 months after each halving.
He thinks a similar big jump could happen this time too. Based on how much BTC went up after previous halvings, Palihapitiya calculates it could potentially peak around $1.4 million. But he expects it to more likely reach the $500,000 mark by October 2025.
Chamath Palihapitiya explains how 1 #BTC could reach OVER $500k per coin by October 2025 pic.twitter.com/jQ8avhWafb
— Altcoin Daily (@AltcoinDailyio) June 3, 2024
A key reason Palihapitiya and others are so bullish on BTC is the growing demand for spot Bitcoin ETFs. These allow investors to buy BTC through the stock market. When the SEC recently approved the first spot Bitcoin ETFs, it helped drive Bitcoin to a new record high of over $73,000.
Bitcoin ETFs Record Massive Inflows
In the last few weeks alone, Bitcoin ETFs have seen massive inflows of $2.4 billion as more investors jump in.
🚨 $BTC #ETF Net Inflow June 3, 2024: +$105M!
• The net inflow has been positive for 15 consecutive trading days.
• Both #Grayscale (GBTC) and #BlackRock (IBIT) experienced the single-day net flow of $0.
• The highest inflow of the day belonged to #Fidelity (FBTC) with… pic.twitter.com/z9ILgWNk6Z
— Spot On Chain (@spotonchain) June 4, 2024
Analysts say this shows BTC is in an accumulation phase where investors are stocking up while the price is still relatively low. They see the pullback from Bitcoin’s $73,000 high as a temporary dip before the next big surge.
Palihapitiya believes if BTC can keep climbing to its predicted $500k level, it has a shot at replacing gold as the go-to safe-haven asset. He envisions it gaining more mainstream use for real-world transactions too.
Of course, no one knows for sure where Bitcoin is headed. Investing in crypto remains risky and highly speculative. But Palihapitiya and other Bitcoin believers are extremely optimistic that its best days are still ahead. They see the current moment as the calm before Bitcoin’s next explosive bull run.
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