Bobby Lee: $500K Bitcoin Price ‘Flippening’ of Gold Will Come by 2028
William Suberg's original article for cointelegraph.com reduced by 46%
Bitcoin will surpass the market cap of gold and could ultimately be worth $1 million, well-known industry figure Bobby Lee has said. In a series of tweets on Nov. 10, Lee, who co-founded Chinese cryptocurrency exchange BTCC and now runs a Bitcoin wallet startup, became the latest voice in the expanding debate on Bitcoin versus gold.
His arguments chime with predictions by a well-established model charting the Bitcoin price - Stock-to-Flow. Lee also joined PlanB in predicting far higher Bitcoin prices in the latter part of the next decade or beyond. The idea of Bitcoin usurping gold as an alternative store of value still has its major detractors.
Among the most vocal is Peter Schiff, the gold bug who has become infamous for his social media slighting of both Bitcoin and its proponents. Last week, Schiff argued that China potentially backing its state-issued digital currency with gold was a "Bearish" sign for Bitcoin.
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Summarised crypto news.