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An OG Bitcoin backer has made a bold prediction that demand for Bitcoin will increase rapidly in the near future, reinforcing estimates by some cryptocurrency experts that BTC is on a path to reach a six-figure level.
OG, short for “Original Gangster” or “Original Gangsta”, is a slang expression that refers to someone who is exceptional, unique, or “old school.”
The BTC supporter also suggested that the coin is moving in a direction that will allow the cryptocurrency to outperform gold, the US dollar, and other major assets soon.
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Rise above gold and the dollar
Eric Voorhees, CEO of ShapeShift, an early investor in Bitcoin, believes that… Cryptocurrency It will overtake major assets in the coming months, saying the currency has “high potential” to overtake core assets such as gold, the US dollar and even oil.
When demand for gold rises, more gold is produced.
When demand for oil rises, more oil is produced.
When demand for US dollars rises, more US dollars are produced.When demand for Bitcoin increases…
– Eric Voorhees (@EricVoorhees) October 29, 2024
Voorhees noted in his post that when appetite for gold rises, gold production will rise, while if demand for oil rises, more oil will be extracted. He added that more US dollars are being printed, once the demand for the US currency rises, saying that the supply of these assets will not run out in the coming years.
However, the founder of the Venice.AI project hinted that this is not the case with Bitcoin when demand for it increases. This is an indication that more Bitcoin cannot be produced because Satoshi Nakamoto, the creator of Bitcoin, designed the cryptocurrency to be limited to only 21 million coins.
The relationship between Bitcoin and gold
Earlier, another Bitcoin user, Max Keyser, believed that there was a relationship between the gold price and the Bitcoin price, saying that the Bitcoin price might rise because of it. gold.
For every $1 increase in gold prices, Bitcoin prices also saw a $20 rise, Keizer explained, adding that since gold prices have reached a record high, Bitcoin prices are likely to follow suit.
Expect Bitcoin to rise
Voorhees is already asking the cryptocurrency community to keep an eye on Bitcoin as he expects all aspects of the currency will move upward including its price.
The ShapeShift CEO noted that this characteristic of Bitcoin will be the main factor behind why demand for the currency will rise so quickly.
In the past few days, many cryptocurrency experts have already predicted the inevitable growth of Bitcoin, saying that its price will exceed the six-figure level.
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19 million Bitcoins mined
Reports have shown this Over 19 million BTC in circulation In today’s cryptocurrency market, it is an all-time high.
Analysts said that many of these coins have been stored in “cold wallets” for many years, saying that a portion of these cryptocurrencies are owned by BTC. Electronic funds transfer in Bitcoin.
One Chinese cryptocurrency journalist estimated that more than 5% of all Bitcoins on the market have Bitcoin electronic transfers with an approximate net worth of $72.545 billion.
Featured image from Pexels, chart from TradingView