Raoul Pal, the CEO and founder of Existent Vision, believes the price of Bitcoin (BTC) tin attain $476,000 in the long term. Pal is not lonely in this belief, as hedge fund managers such as Morgan Creek Digital's Mark Yusko have too made similar predictions in the past.

Currently, the price of Bitcoin hovers at around $9,700, and loftier-profile investors such as Max Keiser and Mark Yusko believe Bitcoin can ascension to $500,000 in the long term under two unproblematic scenarios: One requires Bitcoin to overtake the golden market place, and the other stipulates that Bitcoin operates in a strong ecosystem.

Pal said:

If it becomes an ecosystem, and nosotros believe information technology will be and it will take the whole ecosystem with information technology as well, then yeah, I remember a $10 trillion number is easily achievable within that process.

Co-ordinate to data from CoinMarketCap, Bitcoin's current marketplace capitalization is $177 billion. The effigy is reached by multiplying the circulating supply of 18,377,331 BTC past the marketplace price.

The total market cap of gilt is estimated to be $8 trillion, meaning Bitcoin's market place capitalization is only ii.2% of gilt. This shows that Bitcoin is still in an early phase of growth.

Bitcoin vs. traditional assets. Source: howmuch.net

Why will Bitcoin compete against gold?

A growing number of investors, institutions and hedge fund managers are actively exploring alternatives to traditional assets to store wealth, and the United States Federal Reserve's aggressive financial policy continues to raise concerns most the time to come performance of the U.S. stock market.

Investors fright that over the long run, the Fed's current policy of printing record-high amounts of cash will lead to the devaluation of the U.South. dollar.

As an example, earlier this week Paul Tudor Jones, one of the top hedge fund managers in the U.S. with a net worth of over $4 billion, said that he is investing at to the lowest degree i% of his portfolio in Bitcoin as a hedge confronting inflation.

Veteran investors such as Peter Schiff frequently argue that gold is one of the best hedges against market volatility, and while this is true, at that place are limitations such as fungibility and the ease of transporting the asset.

By nature, Bitcoin is a blockchain network that is run past node operators, miners and developers. Every transaction that is settled on the network is like a piece of information that is confirmed and verified by miners.

Equally such, it is transparent, fast and like shooting fish in a barrel to ship transactions on the Bitcoin network to transfer value, whereas with gold, its physical attributes restrict transportability.

Industry executives consequence moonshot Bitcoin price estimates

In a recently published essay, Xapo CEO Wences Casares advised that medium- to large-size portfolios should have at least some exposure to Bitcoin.

In the long term, Casares said that the price of Bitcoin could reach a million dollars if more than 3 billion people start to use BTC.

Casares said:

My preferred way of guessing how the price of Bitcoin may evolve is much more prosaic. I have noticed over time that the price of Bitcoin fluctuates around ~ $7,000 10 how many people own bitcoins. And so if that abiding maintains and if 3 billion people ever own Bitcoin it would exist worth ~ $21 trillion (~ $7,000 10 3 billion) or $1 million per Bitcoin.

The predictions between $500,000 to $1 million consider a future where Bitcoin is widely best-selling as a leading store of value aslope gold and billions of people apply it on a regular basis to transfer value.