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In one of the boldest forecasts, Mexican business magnate Ricardo Salinas Pliego said on Thursday that Bitcoin (CRYPTO: BTC) will increase by at least fourteen times and ultimately surpass gold in value.
Salinas reacted to gold’s historic feat as the first asset to reach a market capitalization of $30 trillion.
“Bitcoin will go up at least 14 times ( means $1.516 Million) to catch up with Gold — and then it will continue to outperform,” Salinas, Mexico’s third-richest person, projected. “Bookmark this post.”
Indeed, if BTC hits $1.516 apiece, multiplied by its current circulating supply of 19.93 million, its market value will exceed $30 trillion.
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However, to hit the price level that Salinas suggested, BTC would need to increase by almost 1230%. That’s roughly equal to its gains in the last six years.
The lofty prediction comes amid contrasting trajectories of the two assets. While gold reached fresh highs at $4,370 per troy ounce, Bitcoin fell further to $107,000 on Thursday.
Salinas, who has a net worth of over $5 billion, has 80% of his wealth tied up in Bitcoin-related investments, with the rest in gold. In an interview earlier this year, he considered allocating 100% of his portfolio to the apex cryptocurrency.
He revealed that the devaluation of the Mexican national currency, the Peso, during the 80s, due to what he regarded as "mismanagement," pushed him toward sound money. He became a gold bug and “did really well” in the subsequent decades before adopting Bitcoin in 2013.
Price Action: At the time of writing, BTC was exchanging hands at $$108,812.31, down 2.28% in the last 24 hours, according to data from Benzinga Pro. Spot gold was up 0.43% to $4,345.24 per ounce.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
