Famous cryptocurrency analyst and trader PlanB, also known for developing Bitcoin’s Stock to Flow (S2F) model, recently stated that “Bitcoin will be bigger than an asset.”
PlanB more convinced than ever about Bitcoin
In the May 1 interview with popular podcaster Peter McCormack, PlanB made clear their perception and belief about Bitcoin as a financial asset.
Arguing that Bitcoin is no longer a toy and that it is much more than just an asset.
“This thing is no longer a toy, and perhaps it is no longer an asset. It’s going to be much bigger than that. “
In the podcast with McCormack, PlanB highlighted Bitcoin’s early life as a proof of concept for a peer-to-peer cryptocurrency cash alternative.
In response to the comment, McCormack stated that, at that time, “it was a kind of toy”
PlanB agreed with this, but indicated that Bitcoin gained credibility as it gained value.
Likewise, PlanB also mentioned that the coin is approaching the fourth main phase of its history.
The first stage was no more than an experiment, the second stage reached the price of $ 1 and began to be treated as a parity with the US dollar.
With an increase in adoption and price, Bitcoin evolved to a parity with gold, thus entering its third stage.
Now on the brink of the fourth stage, the status of the first crypto is much higher.
It is far beyond the concept of digital money and digital gold, as it is now a financial instrument.
It is also totally unprecedented in terms of global financial assets. It would not surprise PlanB if a doomed nation decides to use Bitcoin.
New $ 288,000 prediction for Bitcoin
In a recent update to its Stock to Flow (S2FX) model, PlanB unveiled a new prediction for the price of Bitcoin. Where according to its projection Bitcoin will be bigger.
The analyst found that by taking into account the latest rebound in the price of gold and analyzing Bitcoin slightly differently, a new formula can be created.
For a “perfect fit,” he added a squared R of 99.7 percent.
According to PlanB:
“The new model estimates a next phase / BTC group market value of $ 5.5B. This translates to a BTC price of $ 288K, between 2020-2024. ”
The BTC price forecast is significantly higher than $ 55K than the original model’s forecast.
However, the PlanB itself comments: “Please note that the S2FX model is a first step that has not yet been replicated and reviewed by others. ”
Now with Bitcoin’s Halving around the corner, time will tell how the state of the coin will change in the coming days and perhaps in its future.