U.Today - Responding to a CNBC report that Bitcoin (BTC) could soon reach six figures regardless of who wins the U.S. election, Samson Mow said that this is a bearish estimate. According to Mow's previous speeches, the price of the first cryptocurrency is not less than $1 million, and Bitcoin will reach this milestone.
As of now, however, the price of the major cryptocurrency is $57,500, which is five figures, with its all-time high being almost 28% higher at around $74,000 per BTC.
At this price, Bitcoin has a total market capitalization of $1.14 trillion. Such a figure ranks Bitcoin as the eighth largest company in the world - higher than Warren Buffet's Berkshire Hathaway - ironically, as the Wall St. trading legend is a well-known cryptocurrency skeptic.
If Bitcoin ever reaches $100,000, which is still a five-figure valuation, its market capitalization will be close to $2 trillion, which is more than Amazon, the fourth largest company in the world.
However, if it manages to hit the first seven-figure mark of $1,000,000 per BTC, then the cryptocurrency will have six times more market cap than Apple, and that is just with the current supply of 19,753,159 BTC in circulation. What's more, it will surpass gold, even though the precious metal is currently the world's most valuable asset.
The question remains: is this a realistic goal for the largest cryptocurrency? For Samson Mow, it is a no-brainer; for someone like Peter Schiff, it is a mass delusion. Only time will tell who is right.