Economist Timothy Peterson made a bold prediction regarding the future price of Bitcoin.
According to Peterson, “Bitcoin's price is directly and exponentially proportional to the square root of the number of halvings BTC has undergone. A combination of adoption curve math and Metcalfe's Law pushes Bitcoin's price well above $500,000 by the next halving in 2028.” .”
According to Peterson, this translates into an annual rate of return of approximately 70%. Peterson also predicts that Bitcoin should be sustainably above $1 million approximately 450 days after the 2028 halving.
Supporting Peterson's optimistic view, data shows that holding Bitcoin is 98.5% profitable throughout its existence. In the 5,096 days since Bitcoin trading began, holding BTC has been profitable for 5,020 days based on the current price of approximately $66,500 per BTC.
Since August 17, 2010, when Bitcoin was priced at just $0.07, its value has skyrocketed by a staggering 94,999,900% to nearly $66,500.
The aggressive growth in Bitcoin's adoption curve is due to its limited supply of only 21 million BTC and ever-increasing demand.
*This is not investment advice.
