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Institutional money influx could drive Bitcoin price to $ 500,000 in 5 years

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A renowned gold investor and Bitcoin bull, Dan Tapiero, has advocated for a Bitcoin price of $ 500,000 in 5 years. Speaking during a podcast with Anthony Pompliano, Tapiero said that $ 15 trillion could potentially flow into Bitcoin and push the price up to $ 500,000, which is 20-30 times the current price level of Bitcoin.

“In the next five years, I can see gold at $ 4,000, so that's double that. But if gold is at $ 4,000, Bitcoin is probably between $ 300,000 and $ 500,000, so that's 20, 30x. ", said.

Bitcoin and gold have been compared as stores of value and Bitcoin fans refer to it as digital gold. While gold has been around for centuries, Bitcoin has only been around for a little over ten years. Although gold is still widely used as an asset to store value, especially among older generations, Tapiero says that Bitcoin is superior when it comes to price appreciation.

As investors look for the easiest way to make a profit, the Gold Bullion International co-founder believes that institutional and financial investors will likely invest up to 15% of the $ 100 trillion market in Bitcoin in the next few years, which equates to $ 15. trillions.

Comparing Bitcoin to gold, he said that gold is just a store of value, while Bitcoin is a complete network with various uses and applications, making it more likely to succeed than gold. According to Tapiero, Bitcoin will certainly outperform gold as its market capitalization reaches the trillion dollar range, which will make institutional investors more comfortable investing in it.

Meanwhile, a senior CitiBank executive, Tom Fitzpatrick, has hinted that Bitcoin could reach more than $ 300,000 by the end of 2021. According to a document intended for the bank's institutional investors, the evolution of the price of Bitcoin in recent years is the premise for the price projection that involved a large amount of detailed and in-depth technical analysis.

Bitcoin's price currently sits at over $ 16,000, roughly $ 3,500 below the all-time highest price of 2017. Will the asset hit a new all-time high in 2020 or will it be booked for 2021?

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