BTC Price: Apollo Co-founder Eyes Whopping $3.5M Per Bitcoin, Here’s The Reason
In a bold projection shared on social media platform X, Thomas Fahrer, co-founder of Apollo, a Bitcoin ETF performance tracker forecasted a dramatic rise in BTC price. Fahrer predicted that the Bitcoin price could reach $3.5 million per coin by 2030. Moreover, Fahrer’s optimistic outlook is rooted in significant growth expectations for global assets and an increasing adoption of Bitcoin as a store of value.
Will Bitcoin Hit $3.5M?
According to Fahrer, Bitcoin currently represents a mere 0.1% of the world’s wealth. However, he anticipates this share will soar to 5% by the end of the decade. He bases his calculations on the assumption that total global assets, currently valued at approximately $900 trillion, will expand to $1,500 trillion by 2030.
Furthermore, he noted that Bitcoin will hold a share of 5% in global assets by then. Using these figures, Fahrer deduced the price of one Bitcoin as follows: 5% of $1,500 trillion divided by Bitcoin’s maximum supply of 21 million.
This resulted in an approximate price of $3.5 million per BTC. On the contrary, Fahrer acknowledged the ambitious nature of his prediction, admitting it could be considered conservative in certain aspects. He argued that global asset inflation is likely to exceed the 7% annual growth rate used in his forecast.
However, he also conceded the possibility that Bitcoin’s market share might only reach 1% instead of the projected 5%. Nonetheless, even if BTC manages to grab the 1% share, a fair upside in its price trajectory can be expected. In this scenario, Bitcoin might attain a value of over $714,000, representing a staggering 866% gain from the recent peak.
Fahrer’s insights were partly inspired by a recent presentation from Michael Saylor, founder of MicroStrategy. The presentation highlighted that Bitcoin’s current market cap stands at $1 trillion, significantly trailing behind gold’s $16 trillion while real estate space commands the domain with a $330 trillion market size.
Also Read: Bitcoin Maxi Unveils Reasons Why BTC Outperforms ETH, SOL, XRP & Other Altcoins
Current BTC Price Trend
The Bitcoin price witnessed a rebound today, surging past $69,400. At press time, the BTC price 2.19% $69,394.41 on Monday, June 3, boasting a market capitalization of $1.36 trillion. Furthermore, the 24-hour trading volume for Bitcoin skyrocketed 91.45% to $24.56 billion amid the recovery.
In addition, the BTC futures open interest soared 3.99% to $35.73 billion in the last 24 hours, according to Coinglass. As shorts dominated the liquidations with $15.16 million liquidated, a further BTC price rally can be witnessed as these traders are likely to buy back their positions to curb losses owing to the recent surge.
Moreover, a whopping 75,352 BTC have been withdrawn from exchanges in the last seven days alone. Whilst, over 300 BTC were pulled out of exchanges today. These withdrawals could lead to a supply shock, potentially propelling the BTC price higher.
Also Read: 5 Top Catalysts That Could Propel Bitcoin Price Rally To $150,000
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