By 2035, the “fair value” of the leading cryptocurrency is expected to reach $1 million, according to analyst and CMCC Crest co-founder Willy Woo.
On track for $1m per BTC as «fair value» by 2035.
That’s if we take the user growth curve as a guide for valuation. Remember I said fair value and not peak value in bull market hype.
— In the early days price was slow to catch up to user count, BTC didn’t even have a price… pic.twitter.com/bD7I55ymXD
— Willy Woo (@woonomic) May 2, 2024
«That’s if we take the user growth curve as a guide for valuation. Remember, I said fair value and not peak value in bull market hype,» he noted.
The expert recalled that in the initial phase of development, digital gold did not even have a price until it reached 1,000 users. By August 2011, the crypto industry had several trading platforms for a proper valuation of Bitcoin.
According to Woo, after 2012, the price of the first cryptocurrency was largely driven by the growth in the number of users.
In April 2024, the analyst described Bitcoin as scarcer than gold. Woo noted that technological advancements have allowed for increased extraction of the precious metal.
Analyst PlanB stated that the current halving cycle is no different from previous ones. In 2024, he expects Bitcoin to reach $100,000, and at its peak next year, $300,000.
Earlier, former BitMEX CEO Arthur Hayes predicted that the leading cryptocurrency would rise to $70,000 by the end of summer. He described Bitcoin’s recent 12% decline as a “necessary market cleansing.”