A top analyst at the investment giant Fidelity thinks Bitcoin (BTC) is primed to take market share from gold.
Jurrien Timmer, Fidelity’s director of global macro, shares a chart on the social media platform X that examines the value of “monetary gold.”
[adinserter block="1"]The term refers to the gold that’s explicitly held by central banks and private investors as a monetary asset and isn’t used for jewelry or industrial purposes.
“This is an admittedly inexact science, but based on data published by the World Gold Council, I am guessing that the share of monetary gold is around 40% of total above-ground gold.
Based on the calculations outlined in my previous threads, I estimate that Bitcoin will eventually capture around a quarter of the monetary gold market. At 40%, monetary gold is currently worth around $6 trillion, while Bitcoin is worth $1 trillion.”
A quarter of $6 trillion is a $1.5 trillion market cap, which would equate to a price per Bitcoin of around $76,000. Timmer, however, also assumes that by the time BTC reaches that level of gold’s market share, the value of the precious metal will be “much higher,” suggesting that his estimated market cap for Bitcoin will be higher than $1.5 trillion.
Bitcoin is trading at $56,306, up over 9.30% in the last 24 hours.
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