cnbc bitcoin btc
CNBC Says Bitcoin Can Hit $250,000 While Taking 50% Of The Gold Market Share
December 23, 2019
cnbc bitcoin btc
CNBC Says Bitcoin Can Hit $250,000 While Taking 50% Of The Gold Market Share
December 23, 2019

Mainstream media CNBC says Bitcoin can reach $250,000 in the coming years while taking 50% of the gold market share.

On Dec. 20 CNBC in an episode of the network’s Fast Money segment, several well-known Bitcoin bulls collaborated to present a buoyant picture of the cryptocurrency’s future. 

Bitcoin Can Take 50% Of Gold Market Share

Analyst Brian Kelly joined Tom Lee, the co-founder of Fundstrat Global Advisors in arguing that in the mid-term, the sky-high price tag was both possible and even a reasonable aim.

bitcoin gold

Kelly sided with investor Tim Draper, who earlier in the week had claimed BTC/USD could hit the $250,000 as soon as the end of next year. Kelly highlighted the fact that those levels fit with a price channel Bitcoin had maintained since 2013.

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Kelly summarized:

“If Bitcoin just stayed in this pattern — and this is normal analysis people do on all asset classes — if it just stayed that channel, the top of that channel’s around $200,000-$250,000”

If Bitcoin gets there BTC would have a market cap around 50% that of the world’s combined gold supplies, or $4.5 trillion. As an investment, Bitcoin has already outperformed gold by several orders of magnitude this decade.

Kelly continued:

“I think Tim Draper thinks — and I certainly have some of his views — that Bitcoin is going to take market share from gold”

Even though Bitcoin’s predictions are nothing new, however, a mainstream media like CNBC and its willingness present a bullish view of Bitcoin after weeks of price decline marks a contrast with other mainstream outlets. 

On Dec. 18 the New York Post claimed Bitcoin prices had “collapsed during the holiday season.”

Source: Cointelegraph


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