Bitcoin is suffering another correction as we speak, and at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $45,519.29.
It’s been revealed that Su Zhu, the co-founder and CEO of fund management firm Three Arrows Capital, said that an astronomical price prediction for the largest cryptocurrency by market cap.
In a new interview with UpOnly, Su Zhu compares Bitcoin to gold and said that gold is likely undervalued and that in the long run – Bitcoin is primed to take over a large portion of the precious metal’s market share.
“I mean, I think there’s an argument that gold itself is very undervalued. If it was the dominant store of value cause this thing was at like $1,700 years ago… and let’s say gold should have 5X’d if there wasn’t Bitcoin, when really we’re looking at a $50 trillion market cap,” he said as cited by the Daily Hodl.
Bitcoin to hit $2.5 million
He continued and said: “So then you’re already halfway there to $100 trillion, and that will get you to $2.5 million per BTC, and I think that that is definitely possible.”
The CEO also says that he expects BTC to jump up in sudden price surges along the way and, due in part to institutional investors, simply refuse to return back down to previous levels.
He also talked about DOGE and said that Elon Musk is shilling it.
“Elon [Musk is] shilling DOGE a lot, and he must have a plan for it. So it’s tough to say. It can go up high.”
Institutional investors are buying the dip, reports say
It’s been revealed more than once that institutional players are a key element in the crypto space when it comes to the mainstream adoption of digital assets.
Now, it’s been revealed that Bitcoin pioneer and Blockstream CEO Adam Back said that Square’s massive BTC purchase is a sign that institutions are scooping up Bitcoin amid the marketwide correction.