How cryptocurrency analyst predicts that Bitcoin would eventually cost ‘millions of dollars per coin.’

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Willy Woo, an influential on-chain consultant, recently made some intriguing and somewhat optimistic long-term assumptions about Bitcoin.

His remarks were made on the third day of Real Vision’s “Crypto Gathering” function, at a panel moderated by Laura Shin.

Woo believes that by monitoring BTC outflows from crypto exchanges, we can see that we are on the brink of a Bitcoin supply crisis:

We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.

If you look back in the 2017 bull market, we saw like a five month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [level] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.

Woo consider the current Bitcoin to be still incredibly cheap and expects Bitcoin’s market cap to eventually become a lot higher than gold’s market cap (which is currently around $10 trillion):

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Once you get a glimpse of something that’s easy to access like Bitcoin without the trouble of holding assets like real estate, it’s going to take a big chunk out of that. There’s no way Bitcoin is going to stop at the market cap of gold, which is $10 trillion, it’s going to go a lot higher, which means that we’re going to be going into the millions of dollars per coin, which is hard to believe right now but if you look at the sheer fundamentals and stretch it off over the long term, that’s how cheap Bitcoin is today.

Woo expects Bitcoin adoption to grow very rapidly over the next few years:

This thing has been growing for 11 years nonstop and doubling every 12 months. That puts us at 4%, then 8%, and so forth. We’re currently on track for 1 billion people having exposure to Bitcoin as an asset class in the next four years. By 2025, 1/8th of the world population will have exposure to this monetary base. It’s happening very, very quickly.

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