The CEO and chairman of blockchain holding company Immutable Holdings, Jordan Fried, has revealed he believes that bitcoin could surpass the market capitalization of gold and hit $1 million per coin in the long run.
During an interview with Kitco News, Fried revealed he believes Bitcoin is a digital version of gold that could surpass the precious metal’s market capitalization of around $10 trillion and even double it. Per his words, BTC has significant upside potential as it’s “gold 2.0.”
He said:
Given that it is the next generation of gold, Bitcoin will likely double gold’s market value and hit $20 trillion or more, implying $1 million a coin if close to 21 million coins are mined.
The CEO also said the bitcoin’s market capitalization would one day surpass the entire economic output of the United States at one point, before criticizing monetary policies that inflate the money supply.
To Fried, the scarcity seen within the cryptocurrency space has to be protected as much as possible, and inflationary policies should be stopped. To him, fiat currencies will one day replace fiat currencies, with BTC leading the market.
During the interview, he claimed some of his contacts already prefer to get paid in the USDC stablecoin rather than in fiat currency because the stablecoin gives them access to lending opportunities within the cryptocurrency space, which leads to yield well above that seen in traditional financial institutions.
Fried also noted he believes that if the U.S. Federal Reserve were to launch a central bank digital currency (CBDC), it would need to have certain features, such as allowing users to transact at any time, instead of having to wait according to bank schedules.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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