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South Korean Analyst's Bold Prediction: Bitcoin Price to Soar 642%
Reinout te Brake | 20 Aug 2024 09:52 UTC
bitcoin Price Growth Analysis by South Korean Analyst
A leading South Korean analyst has made a bold prediction regarding bitcoin's price growth in the coming decade. According to a report from Kim Yu-min, a researcher at Hanwha Investment & Securities, bitcoin could experience a significant surge of up to 642% from current prices.
Kim's analysis suggests that the future price of bitcoin could see a minimum increase of 84% and a maximum surge of 642% over the next ten years. If BTC prices were to rise by approximately 642%, the cryptocurrency could reach around 616 million won ($460,790) by 2034.
The researcher based this forecast on data related to gold and credit default swaps (CDS), highlighting bitcoin's value as a storage asset and its decentralized nature. Kim emphasized that bitcoin offers easier tradeability and storage compared to traditional assets like gold.
"In the modern era, a time when transactions between countries and individuals are increasing fast, [the crypto market] could potentially expand in size to outgrow the gold market."
- Kim Yu-min, Researcher at Hanwha Investment & Securities
Kim also pointed out that the discussion around using bitcoin as a national reserve asset by politicians is further increasing the likelihood of bitcoin's widespread adoption.
US Debt and BTC State Adoption – 'Key Factors'
In addition to bitcoin's potential price growth, Kim incorporated calculations concerning the increase in US government debt until 2034, estimating it could reach $600 billion by then. He suggested that bitcoin investments could serve as a hedge against the risks of a US government default.
However, Kim acknowledged the presence of other asset classes and stated that bitcoin's price appreciation could range from as low as 162% in the next decade. The analyst also highlighted the role of bitcoin adoption by countries with unstable currencies, which could lead to legal tender status for the cryptocurrency.
"bitcoin has the potential to lower remittance fees and increase accessibility to financial infrastructure."
- Kim Yu-min
If 10% of the annual $1.6 trillion M2 supply flows into bitcoin over the next decade, Kim believes that the cryptocurrency's upside potential could reach 642%. Economists commonly use the M2 metric to measure the amount of cash in circulation and short-term deposits in a country.
While regulators in Argentina and El Salvador have engaged in discussions about bitcoin adoption, El Salvador remains the only nation to have officially adopted bitcoin as legal tender. The implications of bitcoin's potential growth and adoption remain a topic of interest and speculation in the evolving landscape of digital assets.
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