$5 Million Bitcoin Price Target Sparks Heated Debate Among Analysts
Financial analyst Gary Cardone recently called a $5 million Bitcoin price target 'stupid and irresponsible'. However, entrepreneur Jesse Tevelow pushed back against this view, arguing that Cardone's criticism is based on flawed logic.
The debate began when analyst Fred Krueger predicted that Bitcoin would become widely used for payments after reaching $5 million per coin. Krueger warned that people waiting for widespread payment adoption before buying Bitcoin would miss most of its price increase.
Cardone responded to this prediction by stating that a $5 million target is 'a pipe dream'. He based his objection on the implied market value of Bitcoin compared with gold today, which he claimed would be roughly $105 trillion - more than seven times gold's current market cap of $15 trillion.
However, Tevelow countered Cardone's argument by pointing out that the dollar supply has no cap and continues to grow through printing. This means that every Bitcoin becomes worth more dollars over time, even without any increase in Bitcoin adoption. Additionally, Tevelow noted that gold's supply is not fixed either, growing continuously as mining technology improves.