The co-founder and CEO of BTC China Bobby Lee, recently stated that bitcoin will surpass the market cap of gold and will be worth more than $1 million.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
Yesterday, Lee started a tweet chain in which he explained why he believes that in 9 years, the “flippening” will happen. According to him, this will cement bitcoin as the most valuable asset in the entire world.
He also stated that the global scale of money printing will be the main reason for the flippening. Countless financial experts have already confirmed that with the current rate of money printing, a new financial crisis is inevitable.
Currently, the global market cap of gold is worth just over $8 trillion, while bitcoin is hovering “just” around $160 billion. Lee seems to think that despite gold’s market cap being 50x larger, a reversal could happen in just 9 years.
Lee believes the flippening will happen after 2 to 3 more halvings
As with many highly optimistic bitcoin prophesies, Lee based his belief on the cosmic rise of bitcoin on the decreasing supply via the upcoming halving. In the next decade, the bitcoin released to miners each block will be cut by 50% 3 times.
This means that by 20 years, the new daily output will be -255 BTC, with a yearly inflation of less than 0.5%. The result will be that bitcoin will become more scarce than gold.
Of course, this is not the first time bitcoin and gold have clashed. A decade ago, people would simply laugh at someone suggesting that bitcoin might replace gold as a store of value.
Nowadays, this argument is more heated than ever as more and more people are beginning to realize that gold might actually be, a relic of the past.
According to @maxkeiser I’m an idiot because I think #gold is better money than #Bitcoin. He also claims China is about to launch a crypto currency backed by gold. This is bullish for gold and bearish for Bitcoin. A crypto backed by gold is much better than one backed by nothing!
— Peter Schiff (@PeterSchiff) November 1, 2019
Last week, one of the most well-known and universally disliked gold shills Peter Schiff, engaged in another argument in which he claimed that bitcoin was backed by nothing and is in fact worthless.
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