Jordan Fried, CEO and chairman of blockchain portfolio provider Immutable Holdings has projected that Bitcoin will hit the 1 million price target, especially when all the coins are mined.
Speaking to Kitco News, Fried indicated that Bitcoin is now the second version of gold, and its rise will see the asset surpass the precious metal cap to more than double.
He stated that the recent rise in Bitcoin is just the start noting that the asset has a large potential for the upside.
“Bitcoin is “gold 2.0” and will one day surpass gold’s market value of around $10 trillion. In fact, given that it is the next generation of gold, Bitcoin will likely double gold’s market value and hit $20 trillion or more, implying $1 million a coin if close to 21 million coins are mined, said Fried.
Fried also said that the Bitcoin market cap would surpass the entire United States economic output at some point. He attributes the projected rise in the asset to factors like increased adoption and the 21 million coins cap.