The relationship between Bitcoin and gold is always a topic of conversation in the crypto market. Now, one of the best technical analysts has shared on Twitter how and when Bitcoin could share another characteristic with gold.
Equal to gold?
The truth is that, since its birth, Bitcoin has been compared and even measured against the behavior of gold.
Various analysts consider that they share key elements and, precisely that, is what has driven the adoption of Bitcoin as it is considered as digital gold.
However, as we reported in CryptoTrend, for some experts in the crypto community, cataloging Bitcoin as “digital gold” would imply the coexistence of both: a physical gold and an asset similar to gold but digital.
So for some, Bitcoin is destined to replace once and for all. However, this is a fairly long and complex debate that we will not address at this point.
A well-known technical analyst expert on Twitter, @davthewave, decided to use logarithmic-scale Bitcoin charts to propose a lengthening of market cycle theories to forecast when Bitcoin might equal the market capitalization of gold.
Right now, priced at $ 16,221, Bitcoin has a market capitalization of $ 300,717,848,821, according to CoinMarketCap.
It is difficult to get an exact figure for the market capitalization of gold, so regardless, the technical analyst projects that sometime between 2030 and 2040, Bitcoin will reach the market capitalization of gold.
However, he is not the first to point out this possibility. Anthony Pompliano, a few months ago, pointed out that Bitcoin’s market capitalization will be even greater than that of gold by the end of 2029.
It’s interesting how, somehow, both projections get pretty close to the dates when this could happen.
Pompliano’s comment provoked, as expected, comments and among them was Peter Schiff, who assured that with any luck in 2029 the capitalization of Bitcoin still exceeds that of a baseball cap.
However, that was not enough to make Pompliano doubt his projection.
Bear in mind that the precious metal’s market capitalization is approximately USD $ 9 trillion; As mentioned above, Bitcoin’s is $ 301 billion.
That is, assuming that the market capitalization of gold remains constant, Bitcoin would have to multiply its market capitalization by 30.