Chamath Palihapitiya, the billionaire co-founder of the venture capital firm Social capital, believes Bitcoin's (CRYPTO: BTC) price will hit $500,000 by late 2025. That's a lofty price target, but it isn't too surprising considering that Palihapitiya previously predicted Bitcoin's price could eventually hit $1 million in the future.

Bitcoin trades at about $58,000, so it would need to rally about 760% to hit $500,000 and more than 1,600% to reach $1 million. At $1 million, Bitcoin's market cap would exceed $21 trillion, eclipsing physical gold's current market cap of $17 trillion. It would also make Bitcoin more valuable than all of the Magnificent Seven companies combined.

Image source: Getty Images.

Continue reading

Source Fool.com