U.Today – Responding to a CNBC report that (BTC) could soon reach six figures regardless of who wins the US election, Samson Mow said that this is a bearish estimate. According to Mow's previous speeches, the price of the first cryptocurrency is not less than $1 million, and Bitcoin will reach this milestone.
However, as of now, the price of the leading cryptocurrency is $57,500, which is equivalent to five figures, and its all-time high is almost 28% higher, around $74,000 per BTC.
At this price, Bitcoin has a total market capitalization of $1.14 trillion. This figure places Bitcoin as the eighth-largest company in the world (above Warren Buffet’s Berkshire Hathaway (NYSE:)), ironically, since the Wall Street trading legend is a well-known crypto skeptic.
If Bitcoin ever hits $100,000, which is still a five-figure valuation, its market cap will be close to $2 trillion, which is more than Amazon (NASDAQ:AMZN), the fourth-largest company in the world.
However, if it does manage to hit the first seven-figure mark of $1,000,000 per BTC, then the cryptocurrency will have a market cap six times larger than Apple (NASDAQ:), and that’s just with the current supply of 19,753,159 BTC in circulation. What’s more, it will surpass gold, despite the precious metal currently being the most valuable asset in the world.
The question remains: is this a realistic goal for the largest cryptocurrency? For Samson Mow, it's a no-brainer; for someone like Peter Schiff, it's collective wishful thinking. Only time will tell who is right.
This article was originally published on U.Today
