Bitcoin is experiencing its largest institutional presence since inception, and a market veteran has projected its price will go way higher.
Institutions are flocking to Bitcoin, mainstream adoption is at its all-time high, and market experts believe this is still early. Speaking at an appearance on CNBC’s Fast Money, Steve Grasso, the CEO of Grasso Global, has predicted further highs for the largest cryptocurrency by market cap.
Bitcoin Will Go Way Higher
Grasso stated that Bitcoin is maturing into a prominent asset class amid heightened traction. Backing this adoption is a conducive regulatory environment in the United States.
As a result, Grasso assures that Bitcoin would go higher as institutions continue to come around. With corporate and central banks’ adoption still around 2% and 3%, respectively, he projected that more capital would keep flowing into the industry.
For his price target, he predicted Bitcoin’s bullish uptrend through the lens of gold’s market cap. For context, he noted that gold’s current valuation stands at around $20 trillion and Bitcoin’s at $2 trillion.
If Bitcoin, widely known as “digital gold,” closes the gap on gold and claims at least 50% of its market cap, BTC would reach $500,000. However, he predicted an easy surge to between $250,000 and $350,000 in the near term.
Notably, he is not the first to predict Bitcoin’s price using gold’s valuation. Market enthusiasts like Galaxy Digital’s Mike Novogratz and Mexican billionaire Ricardo Salinas Pliego have projected a future where Bitcoin will rival gold and reach its market cap, driving prices much higher.
No More 80% Dips for Bitcoin
Furthermore, Grasso argued that Bitcoin will not see its early days of price inconsistencies again. Typically, Bitcoin has had four years in a bull cycle, with one of them marked by intense price correction to retest the previous cycle’s peak.
The veteran asserted that the days of an 80% drop are over for Bitcoin. He based this sentiment on the maturing crypto market fueled by institutional adoption.
“There’s [sic] too many people that are looking for the asset,” he added.
Interestingly, this echoes an earlier comment from staunch Bitcoin advocate Michael Saylor. He noted that the days of a Bitcoin bear market are long gone, and Bitcoin will not record a major correction until it gets to $1 million.