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The OG Bitcoin advocate has made a bold prediction that the demand for Bitcoin will grow rapidly in the near future, which reinforces the estimates of some crypto experts that BTC is on its way to reaching a six-figure level.
OG, short for “original gangster” or “original gangsta,” is an expression that refers to someone who is different, different, or “old school.”
A BTC proponent also suggested that the coin is moving in a direction that will allow the crypto to surpass gold, the US dollar, and other major assets soon.
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Rising Above Gold, Greenback
ShapeShift CEO Erik Voorhees, the first investor in Bitcoin, sees that the cryptocurrency will surpass major assets in the coming months, saying that the coin has “tremendous potential” to outperform basic assets such as gold, the US dollar, and even oil.
When the demand for gold increases, more gold is produced.
When the demand for oil increases, more oil is produced.
When the demand for USD increases, more USD is produced.When the demand for Bitcoin increases…
— Erik Voorhees (@ErikVoorhees) October 29, 2024
In the post, Voorhees pointed out that when the demand for gold increases, gold production will increase while when the demand for oil increases, more oil will be produced. He added that more US dollars are printed, if the demand for greenbacks increases, he said that the supply of these goods will not end in the coming years.
However, the founder of the Venice.AI project pointed out that it is not like Bitcoin when its demand increases. It is an indication that more BTC cannot be produced because Satoshi Nakamoto, the creator of Bitcoin, only designed the cryptocurrency to not exceed 21 million coins.
Bitcoin-Gold Relationship
Previously, another Bitcoiner, Max Keiser, believed that there is a relationship between the price of gold and the price of Bitcoin, saying that the price of BTC can increase because of gold.
Keizer explained that for every 1 dollar increase in the price of gold, BTC prices also get an increase of $20, adding that as gold prices reach record highs, Bitcoin prices are more likely to follow.
Anticipated Bitcoin Rise
Voorhees is already telling the cryptocurrency community to keep an eye on Bitcoin because he predicts that all aspects of the coin will go up including its value.
The CEO of ShapeShift noted that this feature of Bitcoin will be the main factor that causes the demand for the coin to increase rapidly.
In the past few days, several crypto experts have already predicted the inevitable growth of Bitcoin, saying that its price will break the six-digit level.
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19 Million BTC Mined
Reports have shown that more than 19 million BTC are circulating in the crypto market today, the highest ever.
Analysts say that many of these coins have been stored in “cold wallets” for years, saying that half of these BTC are held by Bitcoin EFTs.
A Chinese cryptocurrency reporter estimated that more than 5% of all Bitcoins in the market are held by Bitcoin EFTs with an estimated total value of $72.545 billion.
Featured image from Pexels, chart from TradingView