Bitcoin evangelist Tuur Demeester has shared his take on Bitcoin’s chances of reaching the long-anticipated $1 million level by 2028.
Unlike Samson Mow, Max Keiser and other radical Bitcoin supporters, Demeester is not as certain that the world’s flagship cryptocurrency will definitely be worth $1 million after the next Bitcoin halving takes place.
Bitcoin at $1 million in 2028? “I don’t know”
Quoting a tweet of investor @dotkrueger, where a chart shows that by 2028 Bitcoin should reach the $1,000,000 level, Demeester stated that he is not sure that this will be possible, since “every beautiful model is destined to be broken by Mr. Market.”
Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (and I agree this one ) is destined to be broken by Mr. Market.
Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (as is this one 🤌) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16
— Tuur Demeester (@TuurDemeester) February 2, 2024
Although he admitted that he liked the Bitcoin price surge model – “Bitcoin power-law corridor of growth” which was published in 2019 on the power-law blogging platform.
2028 is the year when the next Bitcoin halving is scheduled to take place, it will be the fifth one after the halvening that is expected to occur in April this year. Halving occurs every four years and it automatically reduced the supply of Bitcoin minted by miners per one block by half. Currently, BTC miners produce 900 coins per day. After the April halving this amount will be cut down to 450 BTC of daily minting.
Still, radical Bitcoiner Samson Mow, chief of Jan3, reckons that Bitcoin will ultimately achieve $1 million and he believes it may happen quite unexpectedly.
Bitcoin ETFs buying BTC like there’s no tomorrow
After the approval given by the Securities and Exchange Commission regulator to Wall Street companies, which greenlighted their spot Bitcoin ETF filings, these spot-based exchange-traded products launched and the ETFs began scooping up massive amounts of digital gold.
According to Bloomberg’s analytics data, these eleven spot Bitcoin ETFs, which include Fidelity, BlackRock, VanEck and Ark Invest, are accumulating 4,700 BTC per day, moving them into cold wallets. That is more than 5x than miners produce on a daily basis.
Several major Bitcoiners have drawn public attention to this fact on Twitter recently, including Gabor Gurbacs and Tuur Demeester. The latter believes that after the halving takes place in less than three months, the number of Bitcoins acquired by the Bitcoin ETFs daily is likely to surge 20x.
