2024

bullish

Bitcoin

Gold

<ul> 
 <li aria-level="1">Peter Schiff claims buying Bitcoin in 2024 is too late, given gold’s market cap gain outpacing Bitcoin.</li> 
 <li aria-level="1">Schiff criticizes Bitcoin’s viability as digital currency, pointing out high transaction costs and slow processing times.</li> 
</ul> 
Bitcoin’s market value has reached $1.15 trillion according to CoinGecko. However, financial commentator Peter Schiff believes it is now too late to invest in Bitcoin.&nbsp; 
He <a href="https://x.com/PeterSchiff/status/1834309287989973442">notes</a> that the market cap increase for gold this year is five times greater than Bitcoin’s entire market cap, raising questions about Bitcoin’s growth potential compared to gold. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 With <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> trading at $2,557, its total market capitalization is $17.2 trillion, up $5.7 trillion so far in 2024. With <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> trading at $58,400, its total market capitalization is $1.1 trillion. That means gold's 2024 market cap gain is already 5x Bitcoin's total market cap! 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1834308989116710949?ref_src=twsrc%5Etfw">September 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In contrast, several financial analysts forecast a bright future for Bitcoin. Hedge fund manager Mark Yukso and Tom Lee from Fundstrat suggest that Bitcoin could climb to $150,000 by the end of this year. Mike Novogratz of Galaxy Digital also predicts that Bitcoin might exceed the $100,000 threshold within the same period.&nbsp; 
Furthermore, Cathie Wood from Ark Invest has set a long-term price target for Bitcoin at $3.8 million, contingent on institutional investors dedicating at least 5% of their assets to Bitcoin. 
On the other hand, Michael Saylor of <a href="https://www.ethnews.com/peter-schiff-warns-microstrategys-bitcoin-success-not-guaranteed/">MicroStrategy</a> has a more ambitious view, suggesting Bitcoin could reach $13 million by 2024. He argues that Bitcoin will capture 7% of global capital, though this is considered his moderate scenario; his most bullish case sees a potential rise to $49 million. 
However, Peter Schiff remains critical of Bitcoin’s functionality as a digital currency. He <a href="https://www.ethnews.com/will-bitcoin-burn-investors-peter-schiff-warns-against-michael-saylors-promises/">points</a> to the steep cost of a single transaction, which recently escalated to $128, as well as the transaction processing time, which now exceeds an hour. Schiff argues that these factors render Bitcoin impractical for everyday transactions. 
Interestingly, Schiff <a href="https://www.ethnews.com/gold-or-bitcoin-peter-brandt-and-peter-schiff-clash-over-which-is-the-better-investment/">proposes</a> that gold could become a viable digital currency through tokenization. He believes that if gold were tokenized on a blockchain, it could offer nearly instantaneous transactions at minimal costs, suggesting that in a digital format, gold could outperform Bitcoin. 
Despite the varied perspectives on Bitcoin’s future, the cryptocurrency continues to be a topic of intense debate among investors and analysts.&nbsp; 
As opinions diverge, the market watches closely, considering both the bullish forecasts and the critiques that suggest limitations in Bitcoin’s utility as an everyday currency. 
<h2 id="b-bitcoin-vs-gold-performance-analysis-over-the-last-5-years-b">Bitcoin vs. Gold: Performance Analysis Over the Last 5 Years</h2> 
<figure id="attachment_93100" aria-describedby="caption-attachment-93100" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-93100" src="https://www.ethnews.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-12_20-37-58.png" alt="BTCUSDT_2024-09-12_20-37-58" width="1737" height="744">
 <figcaption id="caption-attachment-93100" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
In the last 5 years, Bitcoin and gold have demonstrated distinct performance trajectories, each influenced by different market factors. 
<h3 id="b-bitcoin-performance-2018-2023-b">Bitcoin Performance (2018–2023)</h3> 
Bitcoin has exhibited high volatility and significant price appreciation. From 2018 to its peak in late 2021, Bitcoin surged by over 900%, reaching a high of $69,000. However, it also experienced steep corrections, including a 50% drop in 2022. Despite volatility, Bitcoin’s compounded annual growth rate (CAGR) during this period has been approximately 60%. 
<h3 id="b-gold-performance-2018-2023-b">Gold Performance (2018–2023)</h3> 
Gold, on the other hand, has been a relatively stable asset. It saw steady growth in response to economic uncertainties, particularly during the COVID-19 pandemic, reaching an all-time high of $2,070 in 2020. Over the last five years, gold’s CAGR has been around 8%. 
The post <a href="https://www.ethnews.com/could-bitcoin-really-hit-150000-this-year-what-experts-are-predicting/">Could Bitcoin Really Hit $150,000 This Year? What Experts Are Predicting</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Could Bitcoin Really Hit $150,000 This Year? What Experts Are Predicting

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