Perianne Boring, founding president of the Digital Chamber of Commerce, the world blockchain trading community, said in an interview with CNBC's Squawk Box program that she believes Bitcoin could rise to as much as $ 288,000 this year. He also made a prediction, comparing Bitcoin to gold.
According to a formula developed by a member of the Advisory Board of the Digital Chamber of Commerce, the value of the world's largest cryptocurrency today should be $ 72,000. Perianne Boring pointed out that this formula is used by a large number of technology investors these days to evaluate a network.
However, there is another model that the organization uses: the popular stock-to-flow model (developed by a famous analyst and investor known as Plan B for Bitcoin). Accordingly, the leading cryptocurrency should be priced at $ 100,000 or $ 288,000 in 2020.
Boring noted that using USD when evaluating Bitcoin through this model makes this model 94 percent related to BTC. Also, if you use gold in this model for Bitcoin, the model becomes 99 percent associated with Bitcoin.
The head of the Digital Chamber of Commerce also said that under the model mentioned above, one Bitcoin would be worth ten thousand ounces of gold by 2029.
Gold has been on the decline since August, when it reached an all-time high of $ 2,075 last year. It fell to $ 1.763 on November 30 and is currently trading at $ 1.739.
On Sunday March 14, Bitcoin rose to an all-time high of $ 61,800, followed by a correction to $ 60,000 on April 2. At the time of writing, BTC was trading at $ 58,650.
But Peter Schiff, who hates Bitcoin and is a gold supporter, believes that, unlike the market, this is a temporary issue for gold and that in the future investors will return to it, leaving bitcoin for good.
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