Could Bitcoin Be Worth More Than $1 Trillion in 2024?
With Bitcoin (CRYPTO: BTC) up more than 125% this year, it's becoming increasingly possible that this high-flying crypto might surge through the $1 trillion valuation mark sometime next year. Given Bitcoin's circulating supply of roughly 20 million coins, a valuation of $1 trillion implies a price of about $50,000. This represents a 30% gain from today's price of almost $38,000.
That price target certainly seems possible, given that it wouldn't even require Bitcoin to regain its all-time high of almost $69,000. Could Bitcoin rally to $50,000 and top a $1 trillion valuation in the coming months? Let's take a closer look.
Bitcoin's current rally has been driven, to a large extent, by investor anticipation of the first-ever spot Bitcoin exchange-traded fund (ETF) for the U.S. market. In June, led the way with a spot Bitcoin ETF application. Within the span of just a few weeks, a handful of other large institutional investors were also lining up with their own spot Bitcoin ETF applications. The current thinking is that the Securities and Exchange Commission (SEC) could give its final approval for a spot Bitcoin ETF sometime in the first quarter of 2024.
Source Fool.com
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