The leading cryptocurrency is trading around $38k per coin, but Circle's CEO is optimistic that its value will skyrocket in the coming years.
Circle founder and chief executive Jeremy Allaire told the Business Insider in a recent interview that he is bullish about the long-term outlook of the cryptocurrency market.
According to Allaire, Bitcoin's price would reach $1 million over the coming years, adding that its market cap would eventually surpass gold. Allaire said;
"I'm not a 'bitcoin maximalist,' but if you're looking for a price prediction, I think my own view is that we'll absolutely see a million-dollar bitcoin over time."
Allaire added that he doesn't like the comparison between Gold and Bitcoin as he believes the commodity is a relic. He said;
"I don't actually like the 'digital gold' analogy because gold is such a relic. It has extremely limited value as a form of exchange, and it's never had utility in modern society as a form of money. I think the demand for bitcoin is actually going to be much, much larger."
Bitcoin remains the largest cryptocurrency by market cap. It hit a market cap of $1 trillion in November. However, the market cap has dropped to the $700 billion level as the bearish trend continues.
Despite Bitcoin's status, some within the crypto space believe that it would be overtaken by Ethereum in the long run.
The Ethereum blockchain has more use cases than Bitcoin and was behind many revolutions such as initial coin offerings (ICOs), nonfungible tokens (NFTs), decentralised finance (DeFi) and more. Allaire commented on the battle, stating that;
"There is clearly significant competition between bitcoin and ethereum. Ethereum maximalists say that its monetary policy is superior, it's got a better deflationary mechanism, and it's more efficient."
The cryptocurrency market has been performing well over the past few hours, with the total market cap now above $1.7 trillion.