- In a new episode of the “Fast Money” show hosted by CNBC, various Bitcoin bulls exchanged views on the further development of Bitcoin and the entire ecosystem.
- According to then, Bitcoin has the potential to reach 50% of the market capitalization of gold, more than USD 2 trillion.
- For that purpose Bitcoin would have to reach a price of USD 200 000 to 250 000.
Every Wednesday, the CNBC television channel organizes a kind of regulars’ round table in the “Fast Money” show, where leading experts from the financial sector meet and discuss current developments. This year’s event focused on gold and the potential of Bitcoin to compete with Gold in the long term.
Bitcoin can reach 50% of the market capitalization of gold
Bitcoin Bulle and analyst Brian Kelly is co-founder of Fundstrat Global Advisors and describes that Bitcoin is on its way to reach a new all-time high. He agrees with Tim Draper that Bitcoin can reach a price of 250,000 USD. As a possible time horizon he mentioned the end of next year, although he does not want to commit himself to the exact date:
When you look at this on a log basis, the idea that Bitcoin would get there would be consistent with the idea that it’s a generational trade.
I don’t know if 24 months is how long it would take. If it took five years, I think it would still be considered a huge, massive, surprising success.
Kelly further describes that an existing price channel in which Bitcoin has been in since 2013 indicates that Bitcoin could reach USD 250,000. However, further development must take place within this channel and BTC must not break out downwards:
If Bitcoin just stayed in this pattern — and this is normal analysis people do on all asset classes — if it just stayed that channel, the top of that channel’s around $200,000-$250,000.
If Bitcoin were to reach a price of USD 250,000, its market capitalisation would be just under USD 4.5 trillion, more than 50% of the world’s gold reserves. Kelly shares the view that Bitcoin can outpace gold, but it remains to be seen whether the predictions can actually be met.
The experienced trader “The Wolf Of All Streets” currently sees Bitcoin caught in a continuing sideways trend. In his opinion, Bitcoin will only rise significantly again when BTC can overcome the resistance at USD 7,800:
The rally from a few days ago still looks more like relief than reversal for now. Mixed TA depending on the timeframe. Real potential bullishness starts above $7,800 or so.
The full interview can be watched below.
— CNBC's Fast Money (@CNBCFastMoney) December 20, 2019
Bitcoin price moves sideways
The price of Bitcoin has moved sideways (- 0.04%) within the last 24 hours and stood at USD 7,167.75 at the time of writing. Bitcoin recently bounced off the important support zone of USD 6,500 and rose to USD 7,200 within a few hours. The bulls are currently showing no signs of taking the reins, so it remains to be seen when Bitcoin will show a trend reversal.