In a recent X exchange, Bitcoin skeptic Peter Schiff raised eyebrows with a provocative question. He challenged those who claimed they wouldn’t sell their Bitcoin even if its value plummeted by 99% to just $120. Schiff questioned the logic of holding an asset that could become the worst-performing investment, given that Bitcoin’s appeal is often touted as its track record of superior performance.
The discussion took a turn when analyst Willy Woo chimed in. Woo contrasted BTC’s volatile journey with gold, which has lost 99% of its value against BTC but still retains its allure for many. He argued that Bitcoin enthusiasts, being more numerous and informed than gold investors, are similarly steadfast in believing that Bitcoin will ultimately prevail.
Halvings.org questioned the rationale behind holding gold if it were to experience a 99% drop, suggesting that it’s supposed to be a stable store of wealth. Schiff countered, asserting that gold has never dropped by 99% and won’t in the future. He maintained that BTC, lacking intrinsic value and driven solely by price, could theoretically sink to any level.
Analyst Woo’s Value Predictions for Bitcoin
In a broader analysis, Woo thoroughly examined Bitcoin’s potential value. He noted that while no one can predict BTC’s ultimate price with certainty, simple calculations offer a speculative upper bound. Woo outlined that if BTC were to capture the total wealth currently held in assets, estimated at $500 trillion, each BTC could be worth $24 million before adjusting for future inflation.
In a diversified portfolio, he said that an ideal percentage of BTC could be between 1 and 3% although some organizations such as BlackRock suggest up to 85%. Woo approximated $700,000 per Bitcoin using this allocation.
Moreover, Woo also talks about the adoption. Additionally, he suggested that once BTC’s market cap exceeds all other fiat currencies, the price trajectory would become less important. As an alternative, investors would be concerned with investments that outperform BTC. He noted that economic incentives protect BTC instead of geopolitical conflicts and argued that BTC’s value proposition goes beyond traditional fiat measurements.
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