Bitstein talks about “Bitcoin’s potential future value” which matters more than just market value. Determining the value of Bitcoin (BTC) is more complicated than simply looking at Bitcoin’s current market price. “Most Bitcoins already cost at least $ 100,000, but probably closer to $ 10 million,” said Michael Goldstein, also known as Bitstein, in an August 17th tweet.
Is it undervalued?
Bitcoin is around $ 12,000 at press time. Many people in the crypto industry estimate that the asset is likely worth a lot more. Of course, if someone buys a BTC for $ 10,000 but is not ready to sell it until it reaches $ 100,000, then the value of that bitcoin is much higher than its current market value. That then begs the question: How many Bitcoin is currently worth $ 100,000? At the beginning of the year, 64 percent of the Bitcoin supply in circulation since 2018 has been in the same wallets. This suggests that most of the BTC has a higher value than current market prices suggest. According to Goldstein, many of the people who have very large Bitcoin holdings estimate the asset to be between $ 100,000 and $ 10 million. These numbers are consistent with several price forecasts made by various authorities over the years.