Bobby Lee, a recognized cryptocurrency entrepreneur and figure, said that he believes Bitcoin (BTC) could overtake gold by 2028. He said that during an interview with Bitcoin Meister on November 18.
Bobby Lee Bullish About Bitcoin
During the conversation, Bobby Lee talked about the Ballet cryptocurrency wallet and how he is moving forward with this cryptocurrency project. Lee said that they have been starting on this company in order to build the ‘next generation’ cryptocurrency wallet for the mass market.
This wallet is a stainless steel card that looks like a credit card and that Mr. Lee calls the first non-electronic physical wallet with multi-currency support.
At the same time, he talked about Bitcoin and how the most popular cryptocurrency could surpass gold’s market capitalization of $8 trillion.
About it, he commented:
“One day, I truly believe that the total value of Bitcoin – which is $160 billion today – will reach and eclipse the value of gold. That’s the true flippening. […] I think Bitcoin will grow in value to overcome that of gold.”
In order for that to happen, Bitcoin would have to be traded at around half a million dollars. At the time of writing this article, the largest cryptocurrency in the market has a price of $8160 and a market cap of $147 billion.
Bobby Lee went on saying that Bitcoin will surpass gold in less than ten years considering that there will be three halvings in a period of 9 years.
In May 2020, Bitcoin will experience its third halving in history that will reduce the reward for miners from 12.5 BTC per block to 6.25 BTC per block. In the next two halvings Bitcoin’s rewards will fall to 3.125 BTC per block and 1.5625 BTC per block in 9 years.
This is the main reason behind Bobby Lee’s reasoning and how the cryptocurrency could surpass gold’s market capitalization.
Halvings are one of the most bullish features related to Bitcoin and how it could help the leading cryptocurrency expand in the world. If there is an increase in the demand for Bitcoin, a lower issuance of coins would have a positive effect on its price.
UseTheBitcoin reported a few months ago that the crypto analyst PlanB informed that Bitcoin could surpass $100,000 by 2021. This would represent a price increase of 1126% from its current values.
Nevertheless, this would not be enough for the cryptocurrency to surpass gold’s market cap.