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With Bitcoin just soaring to a new all-time peak, several people are speculating about how much the world’s largest cryptocurrency will go. Bitcoin is more than just a digital currency. Indeed, many believe that Bitcoin has the potential to reshape the global economy into a significant overhaul of the current banking structure.
Willy Woo is one such supporter, recently declaring on the Unchained podcast, “We are all witnessing the birth of a new monetary system.” He continued,
“This destruction of fiat currency as Bitcoin starts to suck in that monetary base. I think what we’re witnessing here is the birth of a new monetary base — which is no longer based on fiat, it’s based on consensus agreement that this has value, and this thing is a value that can be stored online and digitally moved across borders within seconds. “
According to Woo,
“It’s [Bitcoin] a new internet-age monetary standard. And it’s one that is going to keep up with the world’s needs into this digital age.”
Peter Brandt agreed with him, as shown by his tweet about the depreciation of the buying power of the US dollar.
Woo went on to claim that since the launch of Bitcoin, public adoption of cryptocurrencies has grown, with “currently just barely above 2% of the world having exposure to Bitcoin… most people are holding it to get exposure.”
This pattern has been ongoing for 11 years, doubling every 12 months. According to his estimates, “that puts us at 4%, then 8%, and so on.” Furthermore, he said that “we are currently on track for 1 billion people to have exposure to Bitcoin as an asset class within the next four years.” As a result, by 2025, one-eighth of the global population will be exposed to this monetary base.”
Many supporters, including major corporations, have entered the race to embrace Bitcoin as a “alternative asset” in recent years, highlighting the cryptocurrency’s credentials.
The interview also shone some light on the ‘most-asked question’ about Bitcoin: What kind of uncertainty can we expect in five years, ten years?
Willy Woo was prompt to respond to this query. He responded,
“…..following a typical trend,an 80% pullback. $300,000 plus 80% pullback kind of brings us down into the $1 trillion range. And I can see right now the price discovery of Bitcoin is very, very strong in this zone, around $1 trillion.”
In fact, Woo was positive about the volatility drift over the past few bull market runs. He said,
“I think, actually, you know, like we’re due to start to drop down into the lower volatility range that well, I don’t have the charts right off of hands, but I think it will surprise a lot of people how low the volatility can drop. And beyond a certain size of capital base volatility drops to zero because it becomes the new monetary base.”