Crypto Blog
Social Capital CEO Chamath Palihapitiya recently predicted that Bitcoin will reach $500,000 per coin by the end of this year, based on he trajectory of previous halving cycles.
The ‘halving’ is a function in Bitcoin’s software that cuts its supply inflation rate in half every 210,000 blocks – roughly once every four years. Theoretically, these events help create a supply shock for BTC that drives up the asset’s price. Using Bitcoin’s performance after its third halving as a model, Palihapitiya projects that Bitcoin will reach $497,977 by October 2025. When applying an average of Bitcoin’s price performance between its second and third halvings, that projected price rises to $1.14 million.To drive demand, the CEO highlighted an “increasing body of countries” that may be aiming to adopt a dual currency standard, much like El Salvador.
“One when you’re transacting on a daily basis for random goods and services, and two, when you need to buy a permanent asset that needs to have residual value – you’ll use something like BTC,” he continued.
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