{"id":31664,"date":"2023-10-31T01:52:35","date_gmt":"2023-10-31T05:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31664"},"modified":"2023-10-31T01:52:35","modified_gmt":"2023-10-31T05:52:35","slug":"bitcoin-to-3-million-is-a-100x-from-today-and-you-are-still-early-crypto-advocate","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/31\/bitcoin-to-3-million-is-a-100x-from-today-and-you-are-still-early-crypto-advocate\/","title":{"rendered":"Bitcoin To $3 Million Is \u201cA 100X From Today\u201d, And You Are Still Early: Crypto Advocate"},"content":{"rendered":"

Luke Bryoles, a Bitcoin advocate who thinks the world\u2019s most valuable network will save people\u2019s energy, is bullish. On October 30, Bryoles\u00a0said\u00a0<\/a>the coin could rally to $3 million, and all it needs is to be \u201c100X from today.\u201d For this reason, the crypto supporter thinks users engaging with the coin are \u201cstill early.\u201d<\/p>\n

Is This The BTC Road To $3 Million?<\/h2>\n

The Bitcoin defender said the coin has \u201cindescribable future value,\u201d especially compared to other centralized finance (CeFi) market metrics like market capitalization. Bitcoin is changing hands at around 2023 highs, trading above the $34,500 level, with traders and coin holders expecting more gains.<\/p>\n

The expansion of last week saw the coin extend gains, lifting higher above the $32,000 level recorded in July. Considering the associated trading volume and resulting activity following the BTC jump, more supporters expect another rally in the next few sessions.\u00a0<\/p>\n

Bitcoin is down 50% from the November 2021 peak, when prices surged to approximately $70,000. However, the coin has more than doubled after dropping to as low as $16,000 in November 2022. At spot rates, BTC has more than 100% from 2022 lows, emerging as \u201cone of the top-performing assets.\u201d <\/p>\n

<\/a><\/p>\n

This stellar performance, Bryoles adds, is despite Bitcoin maintaining a market cap of around $500 billion in 2023 while remaining \u201cTINY in comparison to the world\u2019s largest asset classes,\u201d most of which include debt, equities, and gold.<\/p>\n\n

To support the hyperbolic prediction, the supporter pointed to the low Bitcoin adoption level of \u201c0.05% and 0.5%.\u201d An eventual increase to 10% means there will be 100X users, easily driving the coin to $3 million, though even this remains a \u201cmisleadingly pessimistic prediction,\u201d according to Bryoles. <\/p>\n

At this valuation, the analyst added that the coin\u2019s market cap will be \u201cunfathomable.\u201d Even so, all that is required is \u201c4% of the global adult population to demand 1 million sats to exhaust exchanges.\u201d<\/p>\n

Bitcoin Finds Support And Opposition: Will Bulls Win?<\/h2>\n

Bitcoin remains the world\u2019s most valuable crypto asset. At the same time, the United States Securities and Exchange Commission (SEC<\/a>) might authorize the first spot Bitcoin Exchange-Traded Fund (ETF). Analysts expect this to drive prices towards the 2021 high at around $69,000.\u00a0<\/p>\n

Meanwhile, Federal Reserve\u2019s Jerome Powell and SEC\u2019s Gary Gensler think the coin is a \u201cspeculative asset.\u201d These sentiments have also been shared by Senator Elizabeth Warren, who once said, \u201cBitcoin is a scam.\u201d<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Luke Bryoles, a Bitcoin advocate who thinks the world\u2019s most valuable network will save people\u2019s energy, is bullish. On October 30, Bryoles\u00a0said\u00a0<\/a>the coin could rally to $3 million, and all it needs is to be \u201c100X from today.\u201d For this reason, the crypto supporter thinks users engaging with the coin are \u201cstill early.\u201d<\/p>\n

Is This The BTC Road To $3 Million?<\/h2>\n

The Bitcoin defender said the coin has \u201cindescribable future value,\u201d especially compared to other centralized finance (CeFi) market metrics like market capitalization. Bitcoin is changing hands at around 2023 highs, trading above the $34,500 level, with traders and coin holders expecting more gains.<\/p>\n

The expansion of last week saw the coin extend gains, lifting higher above the $32,000 level recorded in July. Considering the associated trading volume and resulting activity following the BTC jump, more supporters expect another rally in the next few sessions.\u00a0<\/p>\n

Bitcoin is down 50% from the November 2021 peak, when prices surged to approximately $70,000. However, the coin has more than doubled after dropping to as low as $16,000 in November 2022. At spot rates, BTC has more than 100% from 2022 lows, emerging as \u201cone of the top-performing assets.\u201d <\/p>\n

<\/a><\/p>\n

This stellar performance, Bryoles adds, is despite Bitcoin maintaining a market cap of around $500 billion in 2023 while remaining \u201cTINY in comparison to the world\u2019s largest asset classes,\u201d most of which include debt, equities, and gold.<\/p>\n

To support the hyperbolic prediction, the supporter pointed to the low Bitcoin adoption level of \u201c0.05% and 0.5%.\u201d An eventual increase to 10% means there will be 100X users, easily driving the coin to $3 million, though even this remains a \u201cmisleadingly pessimistic prediction,\u201d according to Bryoles. <\/p>\n

At this valuation, the analyst added that the coin\u2019s market cap will be \u201cunfathomable.\u201d Even so, all that is required is \u201c4% of the global adult population to demand 1 million sats to exhaust exchanges.\u201d<\/p>\n

Bitcoin Finds Support And Opposition: Will Bulls Win?<\/h2>\n

Bitcoin remains the world\u2019s most valuable crypto asset. At the same time, the United States Securities and Exchange Commission (SEC<\/a>) might authorize the first spot Bitcoin Exchange-Traded Fund (ETF). Analysts expect this to drive prices towards the 2021 high at around $69,000.\u00a0<\/p>\n

Meanwhile, Federal Reserve\u2019s Jerome Powell and SEC\u2019s Gary Gensler think the coin is a \u201cspeculative asset.\u201d These sentiments have also been shared by Senator Elizabeth Warren, who once said, \u201cBitcoin is a scam.\u201d<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31664","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31664"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31664\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31664"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}