Benzinga - Social Capital CEO Chamath Palihapitiya made a bold prediction for Bitcoin‘s (CRYPTO: BTC) future, suggesting the leading cryptocurrency could reach $500,000 per coin by October 2025.
What Happened: In a presentation, Palihapitiya referenced historical price patterns from Bitcoin’s previous halving cycles, noting periods of significant appreciation six to eighteen months after the halving event.
He pointed out, “After each halving, there are these crazy price appreciation cycles.”
NEW: #Bitcoin could potentially exceed $500K per coin by October 2025, based on the historical price patterns of cycles 2 and 3 @chamath @socialcapital pic.twitter.com/gFFg4nOBFZ— Simply Bitcoin (@SimplyBitcoinTV) June 3, 2024
According to Palihapitiya, Bitcoin’s price increased dramatically eighteen months after each of the first three halvings: 45x after the first, 28x after the second and nearly 8x after the third.
Palihapitiya’s analysis, conducted by his team member Quentin, focused on the average price performance following the second and third cycles.
He noted, “If you apply the averages of the last few cycles to the current price of Bitcoin, you start to see some really meaningful appreciation.”
Also Read: Bitcoin Spot ETFs On 15-Day Inflow Streak As Wisconsin Starts Buying Bitcoin
This suggests that Bitcoin could experience substantial growth over the next few years.
The potential for Bitcoin to replace gold and become a dual currency in various countries is another factor contributing to this optimistic outlook.
Palihapitiya stated, “There is an increasing body of countries that will become dual currency, using both their local currency and Bitcoin.”
He also emphasized the impact of commercializing Bitcoin and the role of Bitcoin ETFs in driving adoption.
“These ETFs are really going to allow Bitcoin to cross the chasm and have its central key moment,” he predicted.
What’s Next: For those interested in deeper insights into the digital assets landscape, including Palihapitiya’s predictions, industry leaders will gather at the Benzinga Future of Digital Assets event on Nov. 19.
Read Next: What The Ethereum ETF Means For Altcoins And Meme Coins
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.