President of Chamber of Digital Commerce believes that Bitcoin may reach from $100,000 to $288,000 this year, here are her reasons for this
Perianne Boring, founder, President of the Digital Commerce Chamber in her interview with CNBC’s Squawk Box, shared her belief that Bitcoin might soar this year as much as $288,000.
She also shared why Bitcoin eats away on the gold market.
“Bitcoin today should be worth $72,000 and this year it could hit $288,000”
The world’s most extensive cryptograph should today be valued at 72 000 $ in accordance with a formula developed by one of the Chamber of Digital Commerce’s Consultative Board members.
In these days, many technology investors have been using this formula to evaluate a network. Perianne Boring noted.
There is, however, another model used by the chamber: the well-known inventory-to-flow model, adopted by the famous analyst and investor PlanB for Bitcoin.
The model states that the flagship should be $100,000 or $288,000 for cryptocurrency by 2020. She said that the USD is 94% correlated to the BTC in the assessment of Bitcoin by the stock-to-flow model.
If gold for Bitcoin is used in this model, stock-to-flow is 99% correlated.
“Bitcoin’s gold food”
The Chairman of the Digital Commerce Chamber also explained what analysts mean by saying that Bitcoin consumes gold.
In the view of Boring, one Bitcoin is to be worth 10,000 ounces of gold by 2029, according to the stock-to-flow model mentioned above.
Since August of last year, when Gold managed to hit its always high of $2,075 it still cannot recover over $2,000 XAU. By Nov 30, it dropped to 1,763 dollars and is currently trading at 1,739 dollars.
On Sunday, March 14, Bitcoin rose to a new all-time high of $61,800, and then on April 2 retouched $60,000. BTC changes its hands at $58,650 as of press time.
Main Bitcoin hate and bug in gold However, Peter Schiff considers the gold issue to be temporary and that investors will return to it in future to dump Bitcoin for good.