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Experts and analysts believe that BTC price growth has become possible thanks to the increasing adoption of Bitcoin by numerous firms.
Bitcoin (BTC) price is currently making impressive moves as the premier digital currency is seeing some of its greatest adoptions since it made an entry into the world back in 2009. According to a report from Express.co.uk, the belief that Bitcoin price could skyrocket to more than $1 million is championed by one of Bitcoin’s early proponents Max Keiser.
Max Keiser’s stance on the possible moon ride of Bitcoin price is predicated on the law of demand and supply of the digital currency. According to Keiser, Bitcoin is currently more in demand per day without a corresponding adequate supply, a move that has the potential of stirring increased runs in Bitcoin’s price.
“The demand for bitcoin is growing almost exponentially while supply is mathematically locked at 900 a day and in fact, in 2024, the supply gets cut in half again to 450 a day. This is why I think institutions that are buying bitcoin will do so directly from miners and the public won’t have a chance to buy any,” said Keiser to Express.co.uk, adding that “The public will be shut out as the price rockets to $1,000,000 (£752680.50) per coin.”
According to the expert, there are currently about 900 coins being mined on a daily basis and about 2600 Bitcoins are demanded. He noted that with institutional stock up of Bitcoin by the likes of MicroStrategy Incorporation (NASDAQ: MSTR) and Square Inc (NYSE: SQ) as we have seen in recent times, securing Bitcoin when the 21 million coins are mined will be out of the far reach of the general public.
The implications of this price shift according to Keiser will become prominent as the world power in terms of the richest men may shift dramatically from the current billionaires of today including the likes of Jeff Bezos, the Chief Executive Officer of Amazon.com Inc (NASDAQ: AMZN) to mention a few to Generation Z who were among the early adopters of Bitcoin and bought the coin at prices below $100. According to Keiser, these “will be the new global power elite.”
BTC Price Already Showing Big Moves
BTC started trading upon its debut back in 2009 at basically no cost according to a Wikipedia track of the coin’s price history. The price hit $0.003 back in March 2010, a price that with just a few dollars, anyone could stock up a significant amount of the coin that would have amounted to much to date.
Bitcoin began trading above $100 from April 11, 2013, when it sold for $266. The coin’s price has expressed significant fluctuations and finally hit its highest high on December 17, 2017, when it traded at $19,783.06. From that time, Bitcoin’s price has significantly plunged with a dogged effort to retest its highest price levels of all time.
Of recent, the move by Bitcoin to shoot up its price is beginning to pay off as the coin has traded close to the $19,000 resistance level in a bid to aim for new highs. Several experts and analysts believe that this move is stirred by the increasing adoption of Bitcoin by these highlighted Wall Street firms amongst others.