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.
Could #bitcoin hit $250,000 in the next two years? @BKBrianKelly and @fundstrat's Tom Lee help us break down longtime venture capitalist Tim Draper's bold call. pic.twitter.com/dGW4nJL86f — CNBC's Fast Money (@CNBCFastMoney) December 20, 2019
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.
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.
“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.
“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.”