- Lark Davis says BTC price will grow 15x to rival gold.
- The prediction was a response to a tweet by Mexican billionaire Ricardo Salinas Pliego
- Also, Pliego called fiat fraud adding that his bank will soon accept bitcoin.
Bitcoin is the new gold, the gold for internet era. One of the world’s richest men Ricardo Salinas Pliego agrees https://t.co/3DBHuwxCYr
— Lark Davis (@TheCryptoLark) June 28, 2021
The billionaire called fiat fraud and revealed that he is working on making his bank, Banco Azteca, the first bank in Mexico to accept bitcoin. Also, Pliego believes that bitcoin is the new gold, only it’s more portable and easier to transfer.
However, to truly rival gold bitcoin needs to rise to $550,000 per coin. At the moment, the top crypto is trading at $34,594.55 after briefly dropping below the $30,000 mark within the last week. The price dip was due to recent market volatility.
While the crypto market has been volatile the last few weeks, Davis is one of several analysts who have remained bullish on bitcoin. In fact, Davis predicted that bitcoin would fall to $28,000 after the dreaded death cross. However, he stated that it was unlikely that the top crypto would fall lower. He added that bitcoin would use the $28,000 support level to rebound to higher highs.
It is still yet unclear whether the crypto is out of the woods yet. In fact, JPMorgan and DailyFX are calling the current market a crypto winter.
Taking a pivot from the uncertain market, Davis has focused on Bitcoin’s utility as a store of value. The crypto analyst declared bitcoin the superior store of value based on several reasons. For instance, Davis mentioned the lower transfer cost of moving bitcoin compared to gold. Also, Davis mentioned that Bitcoin is easier to verify thanks to the public nature of blockchain.
Gold on the other hand needs special machines to verify it. Finally, gold has an infinite supply while Bitcoin has a fixed maximum supply of 21 million. A limited supply keeps bitcoin deflationary and will boost its price as adoption rises.