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In a bold projection shared on social media platform X, Thomas Fahrer, co-founder of Apollo, a Bitcoin ETF performance tracker forecasted a dramatic rise in BTC price. Fahrer predicted that the Bitcoin price could reach $3.5 million per coin by 2030. Moreover, Fahrer’s optimistic outlook is rooted in significant growth expectations for global assets and an increasing adoption of Bitcoin as a store of value.
Will Bitcoin Hit $3.5M?
According to Fahrer, Bitcoin currently represents a mere 0.1% of the world’s wealth. However, he anticipates this share will soar to 5% by the end of the decade. He bases his calculations on the assumption that total global assets, currently valued at approximately $900 trillion, will expand to $1,500 trillion by 2030.
Furthermore, he noted that Bitcoin will hold a share of 5% in global assets by then. Using these figures, Fahrer deduced the price of one Bitcoin as follows: 5% of $1,500 trillion divided by Bitcoin’s maximum supply of 21 million.
This resulted in an approximate price of $3.5 million per BTC. On the contrary, Fahrer acknowledged the ambitious nature of his prediction, admitting it could be considered conservative in certain aspects. He argued that global asset inflation is likely to exceed the 7% annual growth rate used in his forecast.
However, he also conceded the possibility that Bitcoin’s market share might only reach 1% instead of the projected 5%. Nonetheless, even if BTC manages to grab the 1% share, a fair upside in its price trajectory can be expected. In this scenario, Bitcoin might attain a value of over $714,000, representing a staggering 866% gain from the recent peak.
Fahrer’s insights were partly inspired by a recent presentation from Michael Saylor, founder of MicroStrategy. The presentation highlighted that Bitcoin’s current market cap stands at $1 trillion, significantly trailing behind gold’s $16 trillion while real estate space commands the domain with a $330 trillion market size.
Also Read: Bitcoin Maxi Unveils Reasons Why BTC Outperforms ETH, SOL, XRP & Other Altcoins
Current BTC Price Trend
The Bitcoin price witnessed a rebound today, surging past $69,400. At press time, the BTC price 2.19% $69,394.41 on Monday, June 3, boasting a market capitalization of $1.36 trillion. Furthermore, the 24-hour trading volume for Bitcoin skyrocketed 91.45% to $24.56 billion amid the recovery.
In addition, the BTC futures open interest soared 3.99% to $35.73 billion in the last 24 hours, according to Coinglass. As shorts dominated the liquidations with $15.16 million liquidated, a further BTC price rally can be witnessed as these traders are likely to buy back their positions to curb losses owing to the recent surge.
Moreover, a whopping 75,352 BTC have been withdrawn from exchanges in the last seven days alone. Whilst, over 300 BTC were pulled out of exchanges today. These withdrawals could lead to a supply shock, potentially propelling the BTC price higher.
Also Read: 5 Top Catalysts That Could Propel Bitcoin Price Rally To $150,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Bitcoin Halving is set to take place this week. Miners’ rewards will be cut in half from 6.25 BTC to 3.125. This event is expected to have far-reaching effects on the miners themselves, as they are bound to lose a significant amount of revenue once the halving occurs.
Bitcoin Miners Could Lose Up To $10 Billion In Revenue
According to a Bloomberg report, Bitcoin miners could lose up to $10 billion annually following the Bitcoin Halving. This is because these miners, who currently earn 900 BTC daily from validating transactions, would see their income drop to 450 BTC once the halving happens. However, it is worth noting that this projected revenue loss is based on Bitcoin’s current price.
Therefore, this revenue loss can be cushioned if Bitcoin’s price experiences a significant surge after the halving. These miners will, however, have in mind that reliance on Bitcoin’s price rise isn’t sustainable, considering that they will also encounter subsequent bear markets, which would lead to a price decline for the flagship crypto.
That is why miners like Marathon Digital and CleanSpark are reported to have invested in new equipment and have sought to weed out the competition by buying out their smaller rivals. Buying out the competition can reduce the number of miners competing for block rewards and cushion the drop in their daily revenue.
Bitcoinist also previously reported that Bitcoin miners were looking to diversify their operations in a bid to boost their revenue streams and earn additional income that could cushion the effects of the halving. The artificial intelligence (AI) sector is one of those areas in which these miners are actively seeking opportunities, considering that Bitcoin mining’s infrastructure is well suited for certain AI operations.
BTC Miners Facing Competition From Tech Giants
Bloomberg also reported that US Bitcoin miners are facing competition from the largest tech companies in the world for electricity to power their operations. These tech giants, who also happen to be high-energy consumers, are looking for as much energy as Bitcoin miners to power their data centers.
The report further noted that electricity constraints in the US, alongside the high demand for electricity among miners and tech giants, have led to a surge in electricity rates. This development is also making it harder for Bitcoin miners to run their operations smoothly in the country.
Tech companies are said to have an edge over them when acquiring power from utility companies due to their consistent revenue streams, unlike Bitcoin miners, whose success largely depends on Bitcon’s volatile price.
BTC bulls reclaim control | Source: BTCUSD on Tradingview.com
Featured image from Atlantic Council, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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