Gold hitting a new high of nearly $4,000 on Monday has analysts predicting an astronomical value for Bitcoin ahead of its next halving in 2024.
Bitcoin could be worth half as much as gold by its next halving, slated for 2028, and the recent rise in gold prices would price the cryptocurrency at $644,000 in “equivalent value,” analysts say.
“We’ve been saying Bitcoin should reach half of gold’s market cap after the next halving,” Matthew Sigel, head of digital asset research at VanEck, said in an X post on Monday.
Gold futures hit a record high of above $4,000 per ounce as traders rushed to the asset, which has long been seen as a safe haven. Sigel said that its record price “implies an equivalent value of $644,000 per [Bitcoin].”
