If you still intend to buy Bitcoin in 2024, you are “very late,” according to financial commentator Peter Schiff.
Schiff has pointed to the fact that gold’s market cap gain is already five times bigger than Bitcoin’s total market cap this year alone.
The cryptocurrency is currently valued at $1.15 trillion, according to CoinGecko data.
Room for growth
Bitcoin is so far up 38.5% on a year-to-date basis, but some analysts believe that it could surge higher.
Hedge fund manager Mark Yukso and Fundstrat’s Tom Lee previously predicted that Bitcoin could end up reaching $150,000 as soon as this year.
Mike Novogratz of Galaxy Digital also sees Bitcoin crossing the $100,000 threshold this year.
Sky-high price targets
When it comes to long-term price targets, there are some pie-in-the-sky Bitcoin price targets.
Cathie Wood of Ark Invest sees Bitcoin potentially reaching $3.8 million in the long term. For this extremely optimistic prediction to materialize, institutional investors are supposed to allocate at least 5% of their assets to the crypto king. Wood did not mention the specific year when she expected the aforementioned target to be reached.
Meanwhile, MicroStrategy’s Michael Saylor recently predicted that the price of Bitcoin could potentially skyrocket to $13 million by 2024. During his recent CNBC appearance, Saylor doubled down on his forecast, predicting that the largest cryptocurrency is going to capture 7% of the world’s capital.
Notably, this is only his use case. Meanwhile, his bull case is as high as $49 million.
As reported by U.Today, Schiff recently took aim at Saylor, challenging the latter to have a debate about Bitcoin.