Thomas Fahrer, co-founder of Apollo, a Bitcoin ETF performance tracker, boldly predicted a sharp increase in the price of Bitcoin on social media platform X. By 2030, according to Fahrer, a Bitcoin coin might cost $3.5 million. Furthermore, Fahrer’s bullish view is based on substantial growth projections for global assets and the growing acceptance of Bitcoin as a store of wealth.
Can Bitcoin Reach $3.5 Million?
Fahrer claims that BTC currently accounts for only 0.1% of global wealth. By the end of the decade, he expects this percentage to jump to 5%. His calculations are predicated on the idea that by 2030, the total amount of global assets—currently estimated to be around $900 trillion—will rise to $1,500 trillion.
Additionally, he mentioned that Bitcoin will account for 5% of all assets worldwide by then. Based on these numbers, Fahrer calculated the cost of a single BTC: 5% of $1,500 trillion divided by the 21 million maximum quantity of Bitcoin.
As a result, the price per BTC was almost $3.5 million. Conversely, Fahrer conceded that his prognosis was ambitious and might be considered cautious in some circumstances. He said that the 7% annual growth rate he used in his prediction will unlikely be exceeded by global asset inflation.
However, he acknowledged that Bitcoin’s market share could fall short of the anticipated 5% and only reach 1%. However, even if BTC can secure a 1% share, its price trend should still rise somewhat. Under this scenario, BTC may reach above $714,000, an incredible 866% increase over the previous top.
Fahrer’s observations were partly inspired by a recent talk by MicroStrategy inventor Michael Saylor. The presentation emphasized that the real estate industry rules the domain with a $330 trillion market size. Bitcoin’s current market value of $1 trillion lags far behind gold’s $16 trillion.
The trend of BTC Prices Right Now
Today, the price of BTC spiked, pushing it over $69,400. At press time on Monday, June 3, it was 2.19% higher at $69,394.41, with a $1.36 trillion market capitalization. In addition, during the rebound, the 24-hour trading volume of Bitcoin surged by 91.45% to $24.56 billion.
Furthermore, according to Coinglass, the open interest in BTC futures increased 3.99% to $35.73 billion the previous day. With $15.16 million liquidated, shorts led the liquidations. Given that these traders will probably buy back their holdings to reduce losses in light of the current spike, this could lead to another BTC price bounce.
In addition, a staggering 75,352 BTC have been removed from exchanges in the last week. However, today, nearly 300 BTC was removed from exchanges. These withdrawals might cause a supply shock, raising the price of Bitcoin.
