Jordan Fried, CEO and chairman of blockchain portfolio provider Immutable Holdings has projected that Bitcoin will hit the 1 million price target, especially when all the coins are mined.
Speaking to Kitco News, Fried indicated that Bitcoin is now the second version of gold, and its rise will see the asset surpass the precious metal cap to more than double.
He stated that the recent rise in Bitcoin is just the start noting that the asset has a large potential for the upside.
“Bitcoin is “gold 2.0” and will one day surpass gold’s market value of around $10 trillion. In fact, given that it is the next generation of gold, Bitcoin will likely double gold’s market value and hit $20 trillion or more, implying $1 million a coin if close to 21 million coins are mined, said Fried.
Fried also said that the Bitcoin market cap would surpass the entire United States economic output at some point. He attributes the projected rise in the asset to factors like increased adoption and the 21 million coins cap.
The executive also believes that cryptocurrencies have become heaven against excess printing of money. According to Fried, the concept of scarcity in cryptocurrencies should be protected at all costs.
Furthermore, Fried said that the central bank’s printing of money should be stopped while suggesting cryptocurrencies are the way forward.
Software disrupting money
Fried also acknowledged that Bitcoin is leading the way to enhancing internet wealth, suggesting that cryptocurrencies will generally replace fiat money. He notes that Bitcoin will emerge as the bigger winner capturing the most value with the internet controlling transactions.
In this line, Fried stated that the emergence of Bitcoin and cryptocurrencies, in general, has resulted in software disrupting money.
Fried noted that the role of software in money emerged amid the coronavirus pandemic when most activities shifted online. He said that digital currencies are the manifestation of software’s role in disrupting money.