Hedge fund manager James Lavish has predicted that Bitcoin could rise to $428,000 in some unspecified time in the future. He also mentioned what must occur for the flagship crypto to achieve such an ambitious price goal.
How Bitcoin Could Rise To $428,000
Lavish mentioned in an X (formerly Twitter) post that Bitcoin would rise to $428,000 when it becomes 1% of the $900 trillion investment assets worldwide. The hedge fund manager made this prediction while revealing that Bitcoin, at its current price, only accounts for 0.15% of the capital in these investment assets.
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The concept is that BTC will develop into widely adopted to the extent that it sees many of the global liquidity flow into its ecosystem. Such an inflow of recent money would undoubtedly spark an enormous rally for the flagship crypto, seeing how much invaluable assets like gold are currently value, due to their liquidity.
Interestingly, crypto pundit and Bitcoin maximalist Mark Harvey had previously shared an identical view to Lavish’s. Harvey predicted that Bitcoin could rise to $415,000 if it captured 1% of the worldwide assets. Meanwhile, he made an ultra-bullish case for Bitcoin, predicting that it could rise to $17 trillion if it managed to capture many of the monetary premium of asset classes.
The asset classes in query include gold, silver, equities, real estate, fiat money, and bonds. Harvey claimed that Bitcoin could steal an enormous chunk of the worldwide investment from these other assets because the flagship crypto becomes the most preferred option for people to preserve their money. The crypto pundit also described Bitcoin as a “superior type of property” to the remaining.
Indeed, a case will be made for BTC being superior to all other assets, considering the way it has outperformed the normal market during the last 14 years. NewsBTC recently reported that digital assets led by BTC have been the best-performing assets in 11 of the last 14 years. Bitcoin is again outperforming these traditional assets with a year-to-date (YTD) gain of over 50%.
BTC Could Well Be On Its Way To Achieving The ‘1%’ Status
Bitcoin is undoubtedly having fun with a broader adoption on this market cycle, especially due to the launch of the Spot Bitcoin ETFs, which can be found not only in the US but additionally in other countries like Hong Kong and Australia. Due to these investment funds, Bitcoin now has the eye of more institutional investors, who have gotten more inclined to the flagship crypto.
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Bitcoin will proceed to enjoy a formidable liquidity flow into its ecosystem as more institutional investors develop into bullish. Furthermore, Bitcoin’s being touted as a ‘digital gold’ has made it more attractive to investors since this narrative places it as a greater choice to gold. This has led to projections that Bitcoin could surpass gold’s market cap of $16 trillion.
Meanwhile, it’s value mentioning that governments worldwide could also play an enormous role in Bitcoin’s meteoric rise as they start to adopt the flagship crypto as a reserve asset. A rustic like El Salvador is well on this path, while the US could join soon enough, with Donald Trump promising to create a strategic national Bitcoin reserve if elected.
BTC price above $66,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com