Bitcoin could be worth $1.5 million if it absorbs all fiat and gold holdings

23 Feb, 2019 | Updated: 23 Feb, 2019
by Richard Allen
News
Bitcoin could be worth $1.5 million if it absorbs all fiat and gold holdings

Chief Investment Officer at Ikigai, Travis Kling took to Twitter recently to remind the crypto community that it’s only a matter of time before Bitcoin takes on fiat currencies.

In his tweet is included an image from analytics provider Crypto Voices that touches on the division between Bitcoin and fiat currencies.

The Crypto Voices team explains in a thread on Twitter that the top 30 fiat currencies in the world are valued today at $19.6 trillion. The value of all gold in circulation is valued at $7.83 trillion. By comparison, Bitcoin was valued at a rather low $60 billion at the time of their report, which reportedly indicates that there is asymmetric upside potential for the apex cryptocurrency.

Thus, on a theoretical basis, if Bitcoin was able to absorb both gold and fiat, Bitcoin’s price could hit as much as $1,571,316 each. While clearly theoretical, there are some that argue that it isn’t insane to believe that Bitcoin could absorb some, if not most, of fiat’s value.

Venture capitalist and host of the Keiser report, Max Keiser recently stated that as digital cash, Bitcoin is “negligible,” but when looking at the cryptocurrency as digital gold, Bitcoin is “world changing.”

Read more: Max Keiser: ‘Bitcoin is peer-to-peer gold, fight me on this, go ahead'

WATCH: Elon Musk thinks Bitcoin is better than fiat! Why doesn't he buy more?!

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Read more about:Bitcoin (BTC)

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