Crypto Analyst Expects Bitcoin to Eventually Cost ‘Millions of Dollars per Coin’
Recently, prominent on-chain analyst Willy Woo produced a few fascinating and super bullish long term predictions about Bitcoin.
His remarks were made on on day 3 of Real Vision’s’ Crypto Gathering’ occasion in a board hosted by Laura Shin.
Woo States that by tracking BTC outflows out of crypto exchanges, it is easy to see that we can observe that we are heading to get a Bitcoin source crisis:
‘ We can see this from monitoring the streams of coins out of the exchanges, where typically people speculate or buy and sell their coins, plus they’ve a set inventory, some of which can be allocated for speculation. We have only seen an unprecedented quantity of depletion of this stock.
‘ If you look back at the 2017 bull market, we saw just like a five month congestion of inventory, which was sufficient to propel the bull market of 2017 right up to the $20,000 [level] out of what initially was roughly $1,000 to $1,500 when the stock depletion finished, and we’re in this zone of the Lehman’s 12 months of inventory depletion. ‘
Woo believe the current Bitcoin to become still amazingly economical and anticipates Bitcoin’s market cap to eventually become a lot greater than gold market cap (which is currently approximately $10 trillion):
‘ when you get a glimpse of something which’s simple to get like Bitcoin with no trouble of holding assets such as property, it is going to take a significant chunk out of that. There is no strategy Bitcoin will stop at the market cap of gold, which is $10 trillion, so it is going to go a great deal higher, meaning that we’re likely to be going to the millions of dollars a coin, that is tough to think right now but if you take a look at the sheer fundamentals and stretch it off over the long term, that is how economical Bitcoin is now. ‘
Woo anticipates Bitcoin adoption to rise very quickly over the Upcoming few decades:
‘ This thing has been around for 11 years nonstop and doubling every 12 months. That puts us at 4 percent, then 8%, and so forth. We’re currently on track for 1 billion people having exposure to Bitcoin as an asset class in the subsequent four years. By 2025, 1/8th of the world population may have exposure to the financial base. It’s happening very, very fast.