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Economist Timothy Peterson Gives His Expected Date for $500,000 and $1 Million in Bitcoin

Economist Timothy Peterson Gives His Expected Date for $500,000 and $1 Million in Bitcoin

BitcoinsistemiBitcoinsistemi2024/08/01 08:24
By:Mete Demiralp

Economist Timothy Peterson shared his interesting predictions about the Bitcoin price in his statement. Here are the details.

Economist Timothy Peterson made a bold prediction regarding the future price of Bitcoin.

According to Peterson, “Bitcoin's price is directly and exponentially proportional to the square root of the number of halvings BTC has undergone. A combination of adoption curve math and Metcalfe's Law pushes Bitcoin's price well above $500,000 by the next halving in 2028.” .”

According to Peterson, this translates into an annual rate of return of approximately 70%. Peterson also predicts that Bitcoin should be sustainably above $1 million approximately 450 days after the 2028 halving.

Related News Cryptocurrency Whales Have Been Hoarding This Altcoin For Two Days

Supporting Peterson's optimistic view, data shows that holding Bitcoin is 98.5% profitable throughout its existence. In the 5,096 days since Bitcoin trading began, holding BTC has been profitable for 5,020 days based on the current price of approximately $66,500 per BTC.

Since August 17, 2010, when Bitcoin was priced at just $0.07, its value has skyrocketed by a staggering 94,999,900% to nearly $66,500.

The aggressive growth in Bitcoin's adoption curve is due to its limited supply of only 21 million BTC and ever-increasing demand.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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