Bitcoin performed well in 2023 after a difficult 2022 with plenty of bankruptcies. At this point, BTC, which has increased by approximately 160%, is at the level of $ 43,000 at the time of writing.
However, some names in the market think that BTC will experience even greater increases. One of these names was Perianne Boring, founder and CEO of the US cryptocurrency lobby group Digital Commerce Chamber.
Speaking to CNBC, Perianne Boring said that Bitcoin is expected to reach $ 1 million in 2029.
Stating that the current market price of BTC is between 100,000 and 210,000 dollars, the famous CEO continued his speech as follows:
“We use different valuation models to try to understand what Bitcoin is worth today.
We all know what price is… but the real question we need to understand, that investors need to understand, is: what should it be worth? At this point, we use four different valuation models.
According to these models, the real value of Bitcoin should currently be between $100,000 and $210,000.”
“Bitcoin Could Reach 1 Million Dollars in 2029!”
Boring, who also explained the details of his $ 1 million target for BTC, used the following statements:
“Approximately 40% of US households currently own some form of cryptocurrency.
We aim to reach 90% of this rate by 2029.
At this point, due to the limited nature of Bitcoin, once 90% adoption is reached, the value of each cryptocurrency will increase.
According to this calculation, Bitcoin can reach 1 million dollars.”
*This is not investment advice.